You had to see this coming.
Bob Pittman is getting ready to stick the knife in CFO Rich Bressler’s back.
After delivering a God-awful revenue performance in the fourth quarter Pittman is “promoting” Bressler to also take on the position of Chief Operator Officer.
Here’s Pittman’s knife:
“In the last year we have made incredible strides, and Rich has played an important role in operations and finance, as well as strategy, for all of iHeartMedia.”
And here are the “strides”:
iHeart’s consolidated net loss totaled $762 million for 2014 compared to a consolidated net loss of $584 million in 2013.
$178 million higher.
That was due mostly to higher interest rates the company needs to refinance debt and avoid bankruptcy.
Fifty shades of red ink.
In other words, Pittman (co-owner Bain’s man at iHeart) is throwing Bressler (co-owner Lee’s man) under the bus while he gets set to distance himself from an abysmal performance once again.
It’s actually worse than you know.
Why they won’t reveal what they made from selling their interest in the Australian Radio Network.
Why their half billion tower sale is in trouble and iHeart is willing to pay much more to lease back the towers than it would have cost them to keep them.
What market managers have been told to do against their will.
How anyone being paid severance or doing business with iHeart is in jeopardy.
Access this story now …
“Attracting 2 Million To Your Website the WTOP Way” has just been added to one of the 13 topics to be covered at my Media Solutions Conference in Philadelphia March 18th. (Plus, 32 million pages views all in the month of January).