Why Audacy Continues to Deny Bankruptcy

  • What Audacy fears even after iHeart and Cumulus succeeded in bankruptcy
  • How employees are being played for fools
  • Proven employee advantages of bankruptcy
  • “Thoughts from CEO David Field on the iHeart Bankruptcy Filing” that checks off all the boxes for an Audacy bankruptcy

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Previously: Late-Stage ConsolidationExpanded Firings on the Table at AudacySaga Off the Sales BlockNow It Can Be Told About Lowry MaysAudacy & Lenders Reportedly Lawyering UpUncertainty at SiriusXMiHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with Commercials

You may also like: A Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to AcquireAudacy Weighs More LayoffsSaga Cashing Out Why Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises Revealed

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Expanded Firings on the Table at Audacy

  • Their cost-reduction pledge to lenders 
  • Why new debt reduction measures are coming
  • The stalling tactics up next 
  • Evidence that firing is backfiring on David Field

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Previously: Saga Off the Sales BlockNow It Can Be Told About Lowry MaysAudacy & Lenders Reportedly Lawyering UpUncertainty at SiriusXMiHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with CommercialsA Hail Mary for AudacyThe Truth About Radio Performance Royalties 

You may also like: A Warning About All Those Audacy Bankruptcy DenialsSaga Wants to AcquireAudacy Weighs More LayoffsSaga Cashing Out Why Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed ChristianAudacy Rethinks its 5% Layoff Promise 

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Audacy & Lenders Reportedly Lawyering Up

  • Legal chatter heard on the street
  • What debtors and creditors fear will happen
  • A concern about what wounded management could do next
  • The fate of the Fields and current management

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Previously: Uncertainty at SiriusXMiHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with CommercialsA Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …   

You may also like: Saga Cashing Out Why Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed ChristianAudacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Uncertainty at SiriusXM

  • Can they maintain a good cash flow business 
  • Changing listener attitudes becoming evident
  • SiriusXM danger signals
  • A bright spot and headwinds ahead 
  • The solution to SiriusXM’s biggest problem

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Previously: iHeart’s Newest Way to Fire Without FalloutHow Audacy Lost $1 Billion in 3 YearsAn Unexpected Development at SagaWhat Would Make Young Demos Put Up with CommercialsA Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing Out

You may also like: Why Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed ChristianAudacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists…  The Big Revenue Source Cumulus is Hiding 

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

How Audacy Lost $1 Billion in 3 Years

  • The mistakes killing Audacy’s chances of survival 
  • 3,500 employees are left – what’s the new number
  • The expected but painful remedies
  • A heads up for over 1,000 part-time employees

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Previously: An Unexpected Development at SagaWhat Would Make Young Demos Put Up with CommercialsA Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New Owners

You may also like: Unexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed ChristianAudacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff Revealed

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

What Would Make Young Demos Put Up with Commercials

  • The thing young demos want most 
  • The tradeoff – these 2 things for more commercials 
  • Radio “sampling” by the young has increased, but … 
  • Positive signs that youth is open to radio reinvented

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Previously: A Hail Mary for AudacyThe Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises Revealed

You may also like: Saga After Ed ChristianAudacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

A Hail Mary from Audacy

  • A desperate move to save the company from bankruptcy
  • What happens to David Field
  • Coming changes in programming and operations
  • The best-and-worst case outcomes

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Previously: The Truth About Radio Performance RoyaltiesA Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian … 

You may also like: … Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen Tickets

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

The Truth About Radio Performance Royalties

  • Is the radio industry safe from rights fees for another year (or not)?
  • The deal that the NAB walked away from 
  • Why the music industry must have a deal with radio now
  • Why $100 million is the key

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Previously: A Warning About All Those Audacy Bankruptcy DenialsSaga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff Promise

You may also like: … iHeart’s Plan to Take 100% Local BuysLarkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing Audacy

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

A Warning About All Those Audacy Bankruptcy Denials

  • What to expect when Audacy is expecting bankruptcy
  • Fears that the Field’s have “lost the room”
  • The staff memo that blames others for Audacy’s financial troubles
  • How much time do they have left?

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Previously: Saga Wants to Acquire …  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  

You may also like: Larkin’s Audacy CutsThe Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will Do

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Saga Wants to Acquire

  • Here’s the radio group Saga wants to buy 
  • Just how much cash does Saga have to spend on acquisitions
  • Saga secrets that change everyday operations 
  • Who owns the most Saga stock now – are THEY buyers?

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Previously:  Audacy Weighs More Layoffs …  Saga Cashing OutWhy Millennials Reject RadioAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys … Larkin’s Audacy Cuts 

You may also like: The Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year …  Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75% 

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell

Field’s Ironic Words on iHeart’s 2018 Bankruptcy

EDITOR’S NOTE:  Audacy took exception to my recent article that emphasized the irony of David Field’s own words that were critical of iHeart and Cumulus when they filed for bankruptcy.

I also pointed out how Audacy, and then Entercom, were better for not making the same mistakes as their two biggest competitors. Audacy further took exception with my bankruptcy prediction, which I continue to stand by.

Audacy also complained that the article was behind the paywall. I have therefore decided to make the entire article available for everyone to see — his words, the claims, the context, the irony and a link to Field’s entire memo to staff that he asked them to circulate in 2018 so today everyone can decide for themselves:

In David Field's Own Words

On March 19, 2018, Audacy CEO David Field wrote a commentary for his employees on the iHeart bankruptcy – it included references to the Cumulus bankruptcy and what got his two biggest competitors into trouble but by his standard he has also confirmed Audacy’s bankruptcy.

The facts:  Field thought he was setting the record straight (“Since there seems to be a considerable amount of misinformation and inaccurate speculation floating around, I thought it would be constructive to share some facts and thoughts to help clarify the situation.” and invited everyone to share his reporting with “friends, colleagues, partners, and customers”.)

  • The memo which you can read here, is a premonition of things to come as Audacy heads into bankruptcy next year.
  • Several years ago, using his two competitors as examples of mismanagement, Field has now checked off all the same boxes that apply to his company now.

Why iHeart & Cumulus went bankrupt

  • Field: “First, iHeart and Cumulus went bankrupt because years ago prior management teams made ill-advised decisions to place too much debt on their companies.  Period, full stop”.
  • “We did not make the mistake of overleveraging ourselves and yet we still emerged as one of Radio’s two largest companies with the scale, brands and capabilities to compete to win”.
  • Audacy is overleveraged with almost $1.8 billion in debt that can barely be covered by quarterly earnings making it what Wall Street calls a “zombie company” existing to pay debt and not grow which explains their 54 cent stock price, delisting threat and baked in expectation of bankruptcy next year.

Famous last words:  Audacy will have the strongest balance sheet

  • Field: “And even after our competitors come out of bankruptcy, we will still have the industry’s strongest balance sheet, providing us with the financial strength to build and grow and invest and play offense for the years ahead.”
  • The truth: The value destruction he’s overseen has already dwarfed Cumulus CEO Berner’s disaster.
  • Approximately $2.5 billion of equity value destroyed since the CBS merger.
  • The debt value destruction is well over $500 million putting the total over $3 billion. 

Tell advertisers about iHeart’s problems  

  • “Let’s make sure we get the word out so that our advertisers, partners, and other key influencers understand the facts and don’t come away with any false perceptions.”
  • Advertisers and others are already getting the message that Audacy was no different from other radio groups that got in trouble and filed for bankruptcy making his words appear like arrogance when reflected on.

My deadly honest POV

  • I get the feeling that Field doesn’t play well with others – Audacy is his company and every decision has been his which means the low stock price, botched CBS Radio merger, out of control debt and the need to file bankruptcy is all on him.
  • A responsible board of directors would have replaced management - now they’re going to ride it over the cliff to Chapter 11. 

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Jerry Del Colliano is a professor at NYU Steinhardt Department of Music and Performing Arts Professions Music Business Program.  His background includes Clinical Professor of Music Industry at the University of Southern California, TV, radio, program management, publishing and digital media.


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Previously: Audacy Weighs More LayoffsSaga Cashing Out Field’s Ironic Words on iHeart’s 2018 BankruptcyAudacy’s Lenders to Become the New OwnersUnexpected Drama at Saga Audacy’s Pre-Layoff Raises RevealedSaga After Ed Christian …  Audacy Rethinks its 5% Layoff PromiseiHeart’s Plan to Take 100% Local Buys …  Larkin’s Audacy Cuts …   

You may also like: Details of Apollo Cox Selloff RevealedApollo Explores Selling Cox Radio How Employees Would Fix Audacy …  $5,000 Springsteen TicketsPlunging Morale is Costing AudacyWhat iHeart Will DoAudacy & iHeart Undercutting Ad rates by 75%  … The Cox Radio Sales Finalists …  The Big Revenue Source Cumulus is Hiding …  Audacy Faces Bankruptcy Next Year

Journalism is printing what someone else does not want printed.  Everything else is just public relations --  George Orwell