INSIDE …

• Overwhelming new intel that poses a serious problem for radio’s coveted drive time audiences.
• The ways radio audiences have changed in the past year off.
• The likely replacement for traditional morning and afternoon drive for listeners reluctant to get back in the car and drive to the office.
• Radio groups are making drivetime slippage worse – here’s how.

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• Advertisers are confused – their 2 biggest dilemmas.
• The dirty little secret rarely talked about – collections.
• The 2 things local AND national radio advertisers will pay a premium for right now that most groups cannot or will not deliver.
• The advertising return to radio will be less than promised – for Saga, Townsquare and Salem MORE – why?

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INSIDE …

• Jerry, wait a minute!! What about Scott Shannon’s contract at CBS-FM in New York?
• Their latest idea for knocking off expensive air talent and more options to replace them.
• The way they are going to handle expiring talent contracts from now on.
• The reaction of advertisers – local and big spending national – to losing their live read and live promotional appearance talent.

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INSIDE …

• What’s eating a total of 15 of their employees (including 10 salespeople) so much that they quit another Audacy major market over the past 7 months – not fired or pushed out.
• An exodus of 10 critical salespeople including a GSM who walked away, not fired.
• We’ve studied a list of those who quit – an update on their current status, how many are still looking for work.
• The employee who “preemptively” quit Audacy to work for Cumulus – no pay for six months to join their competitor.

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INSIDE …

• The reason owners now want more format changes and less brand building.
• What happens to all the “brand managers” that are multiplying like cockroaches under consolidated owners.
• They’ve been practicing on AM stations that don’t matter to them until now – what it will look like as FM formats do more flipping.
• The fate of morning shows, old school PDs and which current formats will remain “protected brands”.

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INSIDE …

• New fallout after the 28^th employee since 2018 exited last week.
• Self-inflicted moves to hurt revenue documented.
• Toxic F-word workplace accusations (among others) aimed at employees – reportedly uttered in public.
• Allegations about manipulating sales commissions.

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INSIDE …

• How about 4 radio stations including 2 FMs sold for cash you could probably raise in less than 30 days – it happened again.
• Today’s current REAL value of an FM station – but with 4 hurdles that must be met first.
• The way desperate sellers are structuring deals to unload unwanted stations (and yes, we’re talking FM stations too).
• For sellers who can’t find a buyer, their outrageous plan to shrink the stations.

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INSIDE …

• Damn! Radio employees are finally fighting back -- one forced out Audacy seller exposing alleged verbal abuse in this memo to none other than David Field himself – his reaction.
• Direct quotes including the actual abusive language used against employees in emails distributed to staff. (Can Russia delete them otherwise Audacy is caught red handed on their server).
• What an account exec claims she was forced to do to placate her market manager’s ego.
• iHeart, don’t laugh – some of YOUR employees are now quitting faster than you can fire them too, details.

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INSIDE …

• This iHeart officeless masterplan has some clues about who they might consider essential and who is expendable.
• What speaks volumes: who gets an office and who works remotely – like it or not.
• What they’re going to do with local management and sales.
• This new minimalist office does not look like a radio station you’ve ever worked at – some pictures may help.

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INSIDE …

• 27 departures in one market alone – confirmed by name and job, kept under the radar by Audacy.
• And while David Field is reading this today, he will learn that a 28^th is walking into the market manager’s office and, you guessed it, giving their notice.
• We’ve studied where these people landed – you tell me if they improved their situation (one went to work at Costco, here’s where the others wound up).
• One pregnant seller on maternity leave fixed Audacy’s ass for her alleged treatment.

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INSIDE …

• Matt Drudge scooped the story to the general public while the happy talk radio trade press looked the other way – until now.
• iHeart caught red-handed practicing reverse racism – the inflammatory email that started the controversy.
• Here’s how this blunder happened -- and the consequences for their predominantly “non-diverse” work force.
• The effect on further iHeart hiring.
• How not to apologize for a gigantic blunder – avoid what iHeart did.

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INSIDE …

• CEO’s are out promising a killer 2^nd quarter but it all depends on what the meaning of killer is.
• What we’re learning about collections, bundling, rates and radio resistant advertisers.
• Did digital and podcasting help make up for radio ad shortfalls?
• There are definite unexpected constraints that have popped up even though they are now discussed publicly.
• What some group heads privately think will really happen – they dare not say it in public.

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INSIDE …

• Everywhere in the U.S. economy there is a shortage of workers except radio – how those private equity greedy bastards are now doubling down to keep it that way.
• One radio group is hiring more than they are firing but it sounds better than it is.
• Audacy and iHeart have the most sophisticated job killing ideas of any radio group – what they’re up to next.
• The coming end of “brand managers” – already.
• What’s a “content distributor” – the hottest, hard to get job coming to a radio station near you.

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INSIDE …

• It’s iHeart’s “Manhattan Project”, has a name and an initial timetable.
• What about those “cookie cutter” studios they are starting to build so they can bail on expensive leases or sell real estate – where do they now fit in with direct-to-tower?
• Here’s where they are going to roll this out first – the markets that have priority.
• Over 25% of iHeart’s total revenue comes from fewer than ten big markets – do they dare do direct-to-tower there – the surprising answer.
• Oh wait, this direct-to-tower cost efficiency disproportionately affects the future of certain employees who are presently thought to be safe – care to guess who this next extinct category is? Then multiply by every market that goes direct-to-tower.

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INSIDE …

• You don’t think any of these newly minted Rush replacements are going to survive, do you? Neither do the major radio consolidators.
• Take a look at their Plan B – better look at it twice because you may not believe it the first time.
• A bigger question -- what happens to hundreds of news/talk stations if these Rush replacements fall flat on their face.
• And by the way, here are some examples of talk station ratings since Rush died – notice how they’re keeping this real quiet.

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• Cumulus declines are more staggering than they’re letting on

• Their “voluntary” paydown of debt was deceiving 

• The Cumulus bankruptcy was not necessary

• The fact-based reason for Cumulus’ financial decline

• The consequential effect of selling Cumulus stations

• The tower land grab explained

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• “Incumbent Audio” instead of terrestrial or broadcast
• The unbundling of radio
• Private equity is the reason radio has become a dirty word
• Even radio groups are backing away from the term radio
• Local radio is the distinguishing term

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