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1. Will Cumulus emerge from bankruptcy this spring as promised.
2. Why iHeart is acting awfully nice to John Malone’s Liberty but refusing its takeover bid.
3. How Cumulus is misleading lenders and unsecured creditors about the financial health of the company.
4. Why iHeart employees are being given a false sense of security about the future of their jobs. 

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1. What Connoisseur is doing that Alpha and Townsquare absolutely refuse to do.
2. Where Alpha’s attempt to sell more stations is right now and what their options are.
3. Why Townsquare is buying even as they try to sell the entire company.

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• Mary Berner’s Job Security
• iHeart’s Massive Station Selloff
• Townsquare’s Future
• The New Cumulus Board
• iHeart Under Liberty Media 

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1. The likelihood of Berner being retained as Cumulus CEO when bankruptcy ends.
2. How long will the new board give her to finally turn the company around.
3. Why she continues to pound away at “toxic culture” 2½ years after taking control.
4. Can she survive a planned hostile takeover.

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1. Forbes is claiming iHeart will conduct a massive selloff of stations after it emerges from bankruptcy – what do they know.
2. Other major changes coming post-bankruptcy.
3. If Liberty Media wrestles control of iHeart, how will the company be different.
4. If current owners emerge with a second chance, what will that look like.
5. How the advertising model drastically changes. 

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1. With so many radio stations on the market, two of the largest groups in bankruptcy and more to follow, where is Townsquare headed.
2. What to make of a $17 million station acquisition just yesterday.
3. Is Townsquare still on the market as it was last year.
4. What about their chief backer, Oaktree, that has wanted out for sometime.
5. Watch for Townsquare’s “Hail Mary” detailed here.

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1. Who is likely to run iHeart under Liberty management – some unexpected choices.
2. What happens to the Katz rep firm.
3. Is Liberty buying iHeart to retain Premiere and traffic.
4. Their plans for SiriusXM combined with terrestrial radio.
5. Will iHeart remain an 850 station group or will Liberty move to downsize.

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1. The correct status of Mary Berner’s millions in bonus money.
2. Why Cumulus MUST convince a bankruptcy court to give them another four months for exclusive rights to strike a restructuring deal.
3. Why the Cumulus bankruptcy was unnecessary from day one – and why they chose to do it anyway.
4. How Liberty Media’s continuing presence in an iHeart restructuring affects the Cumulus outcome.
5. New confidential revenue numbers that are scaring the hell out of lenders and unsecured creditors worried about the future of Cumulus.

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1. In spite of the hype, the undeniable sign that Entercom is in trouble already and missing their numbers.
2. Next cuts and renegotiations – here are three big areas and one Entercom is eying.
3. What recent corporate decision is not sitting well with investors.
4. How is confidence in Entercom’s programming ideas compared to the CBS stations they are inheriting.
5. Growth plans that have little to do with radio.

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1. If the deal Bob Pittman struck with lenders cuts their $20 billion debt by $10 billion, why did iHeart have to file for bankruptcy.
2. What about Liberty Media’s $1.1 billion offer to buy 40% of iHeart – here’s the status of Liberty’s takeover bid now that iHeart is in Chapter 11.
3. Odd tactic – why is Clear Channel Outdoor being held out of the radio group bankruptcy.
4. Already lawsuits are being threatened – here’s the effect they will have on how long iHeart will be in bankruptcy.
5. Once the litigation finally ends – here is the likely new owner of iHeart.

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1. Their latest ploy to make expenses seem less.
2. Why it is focused on new business only.
3. How this is the ultimate kick the can down the road maneuver.
4. How it affects Cumulus stations and employees.
5. Here’s why this is being done after 30 months of Mary Berner’s tenure as CEO.

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1. How Entercom plans to change the rules for CBS employees.
2. Unexpected negatives under David Field’s new setup.
3. And, these unexpected positives under CBS – will soon be history.
4. Why CBS employees hate the many format flips Entercom has started doing.
5. $10 million has been added to the Entercom cutbacks – here’s where to look for them.

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1. Is Cox looking to sell more stations or remain in the radio business.
2. The chances of Cox being an acquirer.
3. What Cox will be selling.
4. The line on whether the Cox family will remain in the media business.
5. What Cox clusters will look like from here on out.

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1. Phantom or uncollected billing that will terrify Cumulus lenders – the secret is revealed.
2. How much Cumulus is writing off in bad advertising debt months after they claimed it as revenue growth.
3. Why Cumulus is asking their bankruptcy judge for another 4 months of exclusive negotiating rights with lenders and bondholders who are increasingly concerned about current management.
4. Two tricks that make Cumulus operating revenue seem higher – exposed here.
5. What recent events may force lenders to not agree to a restructuring of Cumulus.

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1. Why David Field keeps publicly slamming CBS employees.
2. Ways Entercom is starting to disappoint investors.
3. How much Field is going to up the cost cutting – a third time – and who is going to get the brunt of it.
4. Why Entercom’s newly switched formats are already in trouble.
5. What if Entercom stock continues to slide – is Entercom a bankruptcy waiting to happen.

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1. What creditors are accusing Cumulus CEO Mary Berner of trying to pull off.
2. Why “Berner Bucks” are getting approved to the CEO instead of going to buy WLUP and WKQX.
3. What happens to the thousands of bonuses paid to employees not named Mary Berner.
4. The lower employee commission rates that came after iHeart’s Bob Pittman and Rich Bressler’s bonus grab.
5. What about future Cumulus bonuses – here’s what Cumulus is trying to get away with.
6. How Cumulus’ actual EBITDA is getting creamed by new problems their lenders may not be aware of.

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1. Why the Cumulus bankruptcy from hell never needed to happen in the first place.
2. They lost The Loop dicking around over price – what’s the chance that they also lose Merlin’s WKQX.
3. The unforeseen consequences of a bankruptcy that could have been prevented.
4. How Cumulus now has to deal with revenue shortfalls they can ill afford.
5. How Cumulus risks lender lawsuits over mismanaged expectations.

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1. How employee security and toxic workplace issues are debasing the company.
2. Their cure for sagging morale and what they are threatening to do about it.
3. How the tenuous situation with Cumulus vendors is becoming a potential worry.
4. Drastically falling EBITDA that will be a rude awakening to lenders who are currently in the dark about actual figures.
5. Why lenders and bondholders may be concerned about Berner’s stewardship of Cumulus – and what that means to the company’s future.
6. Evidence of eroding revenue sources and close calls.

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1. What David Field plans to do if his CBS employees don’t shape up soon.
2. Meet the future head of Entercom programming for the merged companies.
3. What formats Entercom has in the pipeline against the advice of savvy CBS programmers.
4. What’s pressuring Field to come down so hard on only the CBS employees.
5. Panic is setting in – Wall Street has a drop-dead date to judge Entercom. Here it is, and here’s what they expect.

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1. Not one, two, three, four but 5 sexual harassment complaints by women – how Cumulus handled it.
2. A sixth victim complained outside the cluster -- would you believe an advertiser.
3. The creepy details.
4. Who Cumulus HR believed – the accuser or the alleged perpetrator in each of the complaints.
5. Also impropriety issues at headquarters close to Mary Berner.

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