iHeart Lender Revolt

  • Why iHeart keeps extending the deadline for lenders to agree to their re-fi terms without sweetening it even once even though only 0.6% of their lenders are willing to take a haircut.
  • What happens to iHeart and its employees if they can’t get 80% of their lenders to agree to a pre-packaged bankruptcy?
  • What lenders know about the future of iHeartMedia.

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Inside Music Media returns Wednesday morning July 5th

Who the DOJ is Calling About the CBS Merger

If you listen to the unofficial hype surrounding Entercom’s CBS merger, you’d think that the DOJ is just going to rubberstamp it and move on.

But what’s really happening is that the DOJ is conducting the due diligence that is its job and now we’re getting a look at what their bone of contention may be.

I thought you might like to hear the questions their asking.

Even Entercom isn’t aware of what you’re going to read here.

  • Who the DOJ is calling and what they want to know.
  • Their surprising answers they are hearing about their concerns.
  • Chances that the latest DOJ concerns could slow up approval of the merger or change the terms.
  • Why is the DOJ snooping around this merger.
  • Could it be that the DOJ might trim back the merger as being too anti-competitive in an industry that is already dominated by two conglomerates.

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Eliminating Ownership Sub Caps

The fat cats, consolidated radio groups, Wall Street venture capital and radio’s very own lobby group, the NAB wants ownership limits relaxed so badly they can taste it.

Trump is perceived as favorable to their desires and Wall Street is ready with the money.

Is this really going to happen?

  • If the sub caps are removed and ownership limits are lifted, what does that look like for a radio industry that has its two biggest consolidated owners a sure bet for bankruptcy?
  • Will it lead to more jobs for the radio industry?  More diversity in ownership and format diversity?
  • Big question:  will relaxing ownership limits make the $17 billion radio industry a $25 billion business?
  • How experts see the chances of eliminating ownership limits.

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Katz Rep Shake-up

It must be nice for iHeart to have a monopoly on rep firms.

The parent company gets the best buys and then their competitors get everything left over.

But now that advantage is not good enough for iHeart.

They’re about to shake it up.

  • So why are major cutbacks coming.  It’s not like Katz isn’t sitting in the driver’s seat leaving everyone else no choice but to let their biggest competitor rep them in national sales.
  • What Katz salespeople see coming that is turning them sour on the industry’s dominant radio rep firm.
  • How the national revenue of Katz client stations will be affected by this shake-up.

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iHeart Bankruptcy Cover-up

iHeart has been on the brink of bankruptcy for a long time.

And no one is denying it. 

In fact, Bob Pittman is embracing it publicly.

So then why are they plodding along doing everything they can to avoid it?

  • It doesn’t make sense but it reportedly has nothing to do with business and everything to do with a cover-up.
  • Who are they protecting and why?
  • Ironically any iHeart bankruptcy now has a “drop dead” date – literally.  I’ll explain and you’ll never look at the threatened iHeart bankruptcy the same.
  • If overwhelming interest rates, declining revenue and low operating cash is not enough to trigger an iHeart bankruptcy, then what is?

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Competitors Plan Attack on iHeart, Premiere & Seacrest

INSIDE …

  • It happens next week – details on how ugly it’s going to be.
  • Big money is on the line – how big?
  • The 3 competitors that are forming a consortium to carry out the attack.
  • How this first time ever initiative turns iHeart, Premiere and Seacrest’s strengths into a major liability.
  • Why iHeart’s monopolistic Katz rep firm is being caught flat footed.
  • This is a national effort but the same concept would work for local stations – here’s the plan of attack.

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Newstips

The Entercom Station Trust

INSIDE …

  • Will Entercom set up a trust to hold stations awaiting further deregulation or  sell them when the merger closes for money.
  • How lenders want Entercom to handle the extra stations.
  • Is Lew Dickey still in as a spin-off partner?
  • Which buyers does Entercom look to as safe for selling spin-offs.
  • Which current Entercom stations are likely to be sold and to whom?  We name them and their markets.

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Newstips

Entercom Ready to Spin AND Buy

INSIDE …

  • We’ve got a report of Entercom turning down a high-priced deal for one of their currently owned radio station – here are the details including price.
  • That doesn’t mean they’re not entertaining other offers – see where.
  • What is the one thing on the calendar that is pushing Entercom to consider selling some stations even before the DOJ approves the CBS merger.
  • Rule number one that will absolutely never be broken is that David Field will never, ever do what? Here it is and you can bet on it.
  • Which potential buyers Entercom favors.
  • And this! Entercom may be a buyer out of the box once the CBS merger closes – look at this station and this market first.

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Newstips

Entercom After the CBS Merger

INSIDE …

  • Who will run daily operations?
  • Is there a place for Scott Herman post merger?
  • Will Entercom start its own rep firm?
  • How will Entercom fight the rate cutting that is destroying iHeart and Cumulus?
  • Programmatic buying – are they on board to cut sales costs and commissions?
  • Programming plans revealed.
  • Future expansion possibilities.
  • Debt strategy to avoid becoming buried in red ink like iHeart and Cumulus.
  • Their digital plans together.
  • David Field’s job security (the Fields own less than 30% of the new entity).

Read the full article now.

Newstips

Beware of a Cumulus/Dickey Deal

INSIDE …

  • The compelling evidence of a Cumulus/Lew Dickey deal.
  • What might that deal look like?
  • Why it now behooves Cumulus to help Lew Dickey get back in the radio business.
  • What Lew Dickey could have that Cumulus badly needs.
  • Why Cumulus is so afraid of what Lew is up to that they would rather deal with him.

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See a list of previous stories here