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• Widespread firings in these 2 job categories.
• As close as you will get to job security for the next 12 months in this job category.
• Which one of these three leftovers will get fired next – McVay, Walker or Milner?
• Which format changes to expect.

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• Three options remain – all of them bad or impossible.
• Talk of a merger.

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• Will the recent sale of their live events division stop the bleeding?
• Is Townsquare closing in on acquiring some iHeart stations as it is promising publicly?
• The bankruptcy watch – when does time run out.
• The one thing that could fix everything if they have the cujones.

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• 10 key CBS employees fired – is David Field done yet?
• BUT, raising eyebrows by who they just promoted while firing more qualified managers. 
• Faux promotions.
• Hiding CBS firings – how Entercom is trying to fool the public while continuing its war on CBS managers.
• Why has Weezie Kramer turned a blind eye toward so many of her CBS comrades.
• Lawsuits? 
• What shareholders know that the public doesn’t that is driving them to sell Entercom.

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• Already, questions about the debt.
• Will Mary Berner version 2 keep McVay, Milner & Walker.
• Deep problems at Westwood One hidden by increase in remnant ad sales.
• Lew Dickey is lurking – here is his estimated time of arrival for a takeover.
• The new, most unsecure jobs at Cumulus after it emerges

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• Entercom is complaining about traffic compensation then does this.
• What’s going sour with their U.S. Traffic Network relationship.
• Why David Field is rebuking another CBS deal that was working fine.
• The new plan.
• Why employees are holding their noses.

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• Another major CBS Radio executive is popped.
• Is Entercom done firing CBS employees.
• The targets for Entercom’s coming $110 million in cost synergies.
• Are even Entercom employees immune from being fired as revenue tanks.
• Next victims.
• Two fortunate CBS execs likely to survive – for now.

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• The company is no longer operable with the present setup – what is expendable.
• The new operational plan to prepare iHeart for sale after bankruptcy.
• What coming changes mean to employees currently in limbo – market managers, sellers and programming people.

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WHAT YOU WILL READ …

1. Cumulus employees out their CEO on how her spin is being used to impress the soon to be installed new board. 
2. Direct quotes on how Berner is manipulating the revenue numbers to make large losses look better.
3. 3 markets that are killing Cumulus revenue – expect shakeups.
4. True pacing figures for the present quarter direct from Cumulus but without the Berner spin.
5. Things are going to change very soon and here’s what it will mean for the new Cumulus.

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1. Here’s the math – proof positive that Entercom is on its way to $4 a share – or less by year’s end.
2. How much Entercom shareholders lost as of last week due to the CBS merger.
3. The amount of value that has been destroyed in just 3 months of Entercom at the helm.
4. The chance Entercom could find itself in a bankruptcy situation.
5. Why previously bullish analysts are running for the exit now.
6. EBITDA is down 50% in the first quarter alone, revenue off 7.5% – here’s where Entercom is with 6 weeks left in the second quarter.

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1. Liberty is the only bidder with real money on the table to buy iHeart, what’s holding up a deal.
2. The strength of Liberty’s interest in buying iHeart at this point.
3. Why Liberty doesn’t want to pull a “David Field”. 
4. Is Liberty’s $1.1 billion offer for 40% negotiable. 
5. What if there is no Liberty deal – where does that leave iHeart after bankruptcy.

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1. How investors are now looking at Townsquare’s future.
2. With virtually no options to sell, how will Townsquare now operate.
3. They’ve been acting like the company is off the market – is that true?
4. Something is fishy with expenses at Townsquare – here’s what’s scaring investors and lenders.
5. Three radio groups that could be acquired ahead of Townsquare – in order of availability making Townsquare’s exit options almost impossible.

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1. You know a merger is in trouble when you do this – what radio’s money people say Entercom is doing that doesn’t bode well.
2. Not U.S. Traffic, not 6 format flips – what’s wrong with Entercom/CBS that it is losing money already.
3. David Field is still blaming the CBS stations – the detrimental effect it is having on revenue.
4. Will the merger pay off by mid-2019 when Entercom will have operated the CBS stations for one full year.
5. Heads could roll – some could be shockers.
6. What Entercom is now saying about cost synergies last promised at $110 million.

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1. Sources close to Cumulus say lenders expecting a new beginning when bankruptcy ends in June are in for a rude awakening – here’s why.
2. Amazing as it may seem, how even the bankruptcy judge is reportedly not aware of the rapidly declining EBITDA problem.
3. The evidence as to why a second bankruptcy will be necessary even if a new owner takes over.
4. The status of the Lew Dickey hostile takeover bid as of last week.
5. The one scenario under which Mary Berner can save her job and keep the company – it comes down to this.

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1. Over 700 bonuses in a scheme to mislead the bankruptcy court.
2. Which iHeart employees are among the lucky 700.
3. Cumulus just got away with the same thing – what are iHeart’s chance of getting a bankruptcy court to go along with their ruse.
4. iHeart is a company that hasn’t give raises in many, many years – here’s how they changed their tune in a court document.
5. What happens to the lenders, unsecured bondholders, vendors and others who are facing large losses in bankruptcy.

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1. Entercom’s quarterly revenue is scaring the stock market and Entercom employees.
2. David Field blames U.S. Traffic Network for their revenue problems – is he right?
3. Now will Field unleash the nuclear option he has threatened in the past?
4. What’s behind Entercom shunning CBS minds and opting to go with a not-ready-for-primetime group of Field cronies.
5. A $4 Entercom stock was predicted a month ago, will that happen and wreck both CBS stations and Entercom?
6. How CBS Radio employees are going to pay for Entercom’s mistakes.

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1. The surprise doom and gloom scenario Mary Berner’s CFO is now offering after initially assuring a reasonable turnaround.
2. Just how bad is the latest Cumulus financial outlook.
3. How did the court ignore these draconian predictions and approve the Berner Plan anyway and why unsecured creditors have returned to court to object.
4. What’s real and what isn’t with Cumulus revenue – here are the confidential pacing’s as of last Friday.
5. What happens to Lew Dickey’s takeover attempt?  His “blank check” loan expires if no Letter of Intent is signed by mid-November – then what?

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1. Why David Field just took a position in USTN instead of buying the whole thing – how much did he buy.
2. Is buying all of USTN still on the table for Entercom.
3. Field has complained that USTN killed its revenue in the previous quarter, here’s how Entercom renegotiated the deal originally done by CBS pre-merger.
4. How stable is USTN’s future.
5. Westwood One or some other syndicator – Entercom needs one, will they buy one.

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1. Disturbing rules restricting personal behavior – here’s a sampling, all true.
2. Tons of rules – even on how and when to dispose of birthday balloons (you can’t make this stuff up).
3. Lamps, work stations, how to behave – new rules for these things and more.
4. We break into the iHeartMedia Design Guide and share.
5. Why and how iHeart employees are pushing back and calling management “dumb bastards”.

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1. A painful reckoning is coming at the end of the second quarter.
2. The real EBITDA (and value of the company) is … (no more “adjusted” numbers).
3. The new value of Cumulus and how much is debt after bankruptcy– don’t even try to guess.  You’re wrong.
4. Berner’s next surprising idea to raise much needed cash.
5. The lenders got most of the equity but they are in ill-humor – here’s why.
6. What their quick emergence from bankruptcy means for any takeover bidders.

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