INSIDE …

• Who forced the 30-day bankruptcy extension
• The reason Audacy is slow rolling its debt payments 
• The contentious issues the sides are focusing on now 
• Chances of an out-of-court settlement
• It will all come down to 1 of these 3 outcomes in early December

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INSIDE …

• The secret maneuvers to reward radio CEOs even as they are mandating cost reductions and employee RIFs.
• Audacy CEO’s retention bonus – where was he going to go?
• The reason Susan Larkin and J.D. Crowley stepped in it as part of an Audacy plot.
• Outrage over a Cumulus board motion recently passed.
• A c-suite heist as radio groups go into bankruptcy.

Read the full article now.

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See a complete scroll of my previous stories here

INSIDE …

• Now there is a time frame for the second Cumulus bankruptcy (it’s notable that we’ve called them all so far).
• Revenue way off so where’s the money coming from until then?
• A big decision on programming.
• A new wrinkle in the desperate sale of assets.
• The sudden cash burn.

Read the full article now.

Free samples of our work here.

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Talk to Jerry privately here.

See a complete scroll of my previous stories here

Watch David Field pull off Audacy’s bankruptcy.

Today, what we’re hearing on …

• That 30-day extension of a loan interest payment.
• The chance of a last-minute out of court reorganization with lenders.
• Pinpointing Audacy’s bankruptcy based on iHeart and Cumulus that went before them.
• A mini-bankruptcy?

The answers start here 

Click to read: Podcasting’s Reverse Effect on Radio Revenue …  Concern Over iHeart’s Earnings … Cumulus Q3 Revenue Reveal … The 2 Never-Mentioned Radio Bankruptcies … Changes in Musical Listening Habits … Greg Ashlock’s iHeart Demotion … Beasley Faces Stock Delisting … iHeart Investors Sensing Something Troubling …. Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On

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Just say it – iHeart and Cumulus still choking on debt are getting ready to go again, but this time will be very different.

Today, I’m laying out how bankruptcy the second time around will look …

• How another bankruptcy filing became a necessity.
• The major mistake Cumulus made in their first bankruptcy that they are paying for now.
• Notice how iHeart is eerily quiet these days – what that’s all about.
• The cost of kicking the debt down the road just got more expensive.
• Why investors are giving up on radio stocks.
• More concerning than missing revenue or sinking stock prices.

The answers start here 

Click to read: Changes in Musical Listening Habits … Greg Ashlock’s iHeart Demotion … Beasley Faces Stock Delisting … iHeart Investors Sensing Something Troubling …. Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback?

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Another one is getting ready to bite the dust – but this one doesn’t have the size or clout of the bigger consolidators to claw back …

Today, I’m getting into …

• Can they be the one radio group to survive a delisting death sentence?
• Does that mean bankruptcy is now baked in?
• An assessment of what’s gone wrong at Beasley.
• Their dominance over iHeart and Audacy in Boston and Philly.
• How easy it is to avoid a NASDAQ delisting but why everyone is so worried.
• Beasley’s ticking time bomb.

The answers start here 

Click to read: iHeart Investors Sensing Something Troubling …. Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks

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iHeart is awfully quiet these days – no more sideshows and promises of future business growth and even investors are worried …

Today  … what they’re worried about.

• Yes, debt is a problem but here’s a bigger, more immediate problem causing concern.
• Troubling metrics that keep investors awake at night.
• How iHeart can produce positive revenue for the next three years that’s still not enough.
• Unsettled issues surrounding iHeart on ownership, stock price, employees.
• The thing that is worse than filing bankruptcy again – and it likely will happen.

The answers start here 

Click to read: Modernizing Radio … What Audacy Bankruptcy Means for Employees … Calculating Audacy’s Bankruptcy Date… Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks … How Nielsen is Killing Audience Gains

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What about the employees – enough about Field and his favorites, what does their impending bankruptcy do to the people who work in radio …

Bankruptcies destabilize companies – some never recover, the ones that do never look the same.

I get into the effect of the Audacy bankruptcy on its people …

• What to expect when you’re expecting an Audacy bankruptcy
• What about the legacy Entercom employees vs. CBS
• Susan Larkin – stays or goes?
• Post-bankruptcy raises and layoffs
• Two scenarios – one if current management is allowed to remain in place, the other with a new CEO.
• Behind the scenes Cumulus employees say what it’s like to work in a post-bankruptcy company

The answers start here 

Click to read: Calculating Audacy’s Bankruptcy Date … Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks … How Nielsen is Killing Audience Gains …

Newstips here.

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At long last, it’s now possible to get a pretty good line on when Audacy will file for bankruptcy …

They’re just about screaming out loud “we are filing for bankruptcy” after years of denying it and lately warning of not being a “going concern”.

Important info you won’t want to miss …

• How to calculate Audacy’s filing date accurately
• The CEO’s current thinking about throwing himself on the mercy of the bankruptcy court.
• These revealing behind-the-scenes indicators
• The meaning behind their skipped $18 million interest payment
• If you own their stock …
• What happens to COO Susan Larkin post-bankruptcy

The answers start here 

Click to read: Horizontal Radio Monopolies … Relaxation of Ownership Rules is Back On … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks… How Nielsen is Killing Audience Gains … iHeart Fast-tracking AI at Stations …

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Just when I thought relaxation of ownership rules was finally off the table due to the FCC and iHeart’s reluctance, horizontal radio monopolies emerge that could shake the entire industry up …

Today, I’m going to get into it an escape plan that can help failed owners get back to making money or get out – or both.

You’ll read a few thoughts on …

• A way for debt laden owners to consolidate horizontally and grow vertically.
• Why even iHeart would like to get in on it (remember, they were against helping competitors own more stations).
• Money would be no problem.
• Chances this version gets past the FCC’s previous objections.
• See a frightening hypothetical that can actually happen for real.

The answers start here

Click to read: Relaxation of Ownership Rules is Back On … Audacy on the Clock … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks… How Nielsen is Killing Audience Gains … iHeart Fast-tracking AI at Stations …

You may also like: Blocking TikTok’s Knockout Punch to Radio … The Stakes in Audacy Bankruptcy Talks … Class of ‘27’s Changing Views on Radio … iHeart is Coming After Your Spot Revenue … A Radio Station That Got Music Discovery Right … The Meaning of the “White Noise” Podcast Boom … Music Radio’s Secret Weapon Against Streamers … How Consolidators Plan to Change Ad Sales … The End of the Market Manager … Bottom Feeder Buying Cumulus, Audacy Debt …

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Talk to Jerry privately here.

Hear Jerry on Michael Harrison’s podcast discussing today’s youth culture and its potential application in both the radio and music businesses looking to appeal to younger demos – Listen here

But why is the NAB pushing more consolidation when so many consolidators are going bankrupt?  Suing the FCC, angering their biggest group members …

Today, I’m going to spell out the irony and desperation that actually thinks more debt is worth fighting for and the dangers that come with it.

You’ll read a few thoughts on …

• Who benefits most if ownership limits are relaxed.
• And who gets hurt the most because there are groups that would be in harm’s way.
• The story behind iHeart’s rethinking of consolidation.
• What would expanding stations mean to Cumulus and Audacy both struggling to stay above water.
• We’ll go down the list: Urban One, Salem, Beasley and the mid-range groups, how does expansion help them.
• And the disaster that could hit Saga, yes Saga if they were allowed to expand in their current markets or add new ones.
• One more thing we’ll get into – what about Townsquare, they have the best financials doing “digital first”, do they get into radio deeper?

The answers start here

Click to read: Audacy on the Clock … Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks … How Nielsen is Killing Audience Gains … iHeart Fast-tracking AI at Stations … Blocking TikTok’s Knockout Punch to Radio …

You may also like: The Stakes in Audacy Bankruptcy Talks … Class of ‘27’s Changing Views on Radio … iHeart is Coming After Your Spot Revenue … A Radio Station That Got Music Discovery Right … The Meaning of the “White Noise” Podcast Boom … Music Radio’s Secret Weapon Against Streamers … How Consolidators Plan to Change Ad Sales … The End of the Market Manager … Bottom Feeder Buying Cumulus, Audacy Debt …  The Audacy Reorganization Talks

Report newstips or suggest a story here.

Talk to Jerry privately here.

Hear Jerry on Michael Harrison’s podcast discussing today’s youth culture and its potential application in both the radio and music businesses looking to appeal to younger demos – Listen here

Don’t buy the hype -- Audacy didn’t just skip an $18 million interest payment to facilitate restructuring their debt, there’s a better reason … 

What’s going on here?  You can’t believe Audacy but there is now clear evidence of what they are up to with this move.

You’ll read thoughts on …

• Does skipping payments presage the end or the beginning?
• If you want to know exactly when this either gets resolved once and for all or hits the bankruptcy courts, it’s now all as clear as can be.
• Remember how I’ve stressed that Audacy hired the same bankruptcy advisors that Cumulus used before filing – based on that, here’s what will happen.
• We will get into the exact date of a bankruptcy or pre-packaged deal and tell you which one it will be – and you can take that to the bank.

The answers start here 

Click to read: Potential Buyer Awaits Audacy Bankruptcy… New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks … How Nielsen is Killing Audience Gains … iHeart Fast-tracking AI at Stations … Blocking TikTok’s Knockout Punch to Radio … The Stakes in Audacy Bankruptcy Talks …

You may also like: Class of ‘27’s Changing Views on Radio … iHeart is Coming After Your Spot Revenue … A Radio Station That Got Music Discovery Right … The Meaning of the “White Noise” Podcast Boom … Music Radio’s Secret Weapon Against Streamers … How Consolidators Plan to Change Ad Sales … The End of the Market Manager … Bottom Feeder Buying Cumulus, Audacy Debt …  The Audacy Reorganization Talks … Shockers Ahead from iHeart, Audacy

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Talk to Jerry privately here.

Yes, the CBS merger assets are so attractive that at “clearance prices” a welcomed Audacy shakeup could happen …

This is about the behind-the-scenes negotiations to save Audacy or at the very least clear out the current administration and start over.

You’ll read thoughts on …

• The thing Audacy has on its side that could get lenders off their backs and let them continue to run the company.
• The potential buyer who is waiting with investment capital to be part of the solution – we’ll name him.
• The scenario in which David Field is retained by Audacy, paid more money BUT a new CEO is brought in– a possibility lenders have on their side.
• Which page from the Cumulus bankruptcy playbook is Audacy focusing on.
• Let’s be honest here from what those familiar with the situation know – how unhappy are Audacy lenders, wanting new-blood angry or second-chance angry.

The answers start here 

Click to read: New SiriusXM … What’s Stalling the Audacy Reorganization … Is Radio Ready for a Comeback? … Younger Demos Want These Radio Changes … Surge Pricing for Radio … Stupid On-Air AI Tricks … How Nielsen is Killing Audience Gains … iHeart Fast-tracking AI at Stations … Blocking TikTok’s Knockout Punch to Radio … The Stakes in Audacy Bankruptcy Talks … Class of ‘27’s Changing Views on Radio …

You may also like: iHeart is Coming After Your Spot Revenue … A Radio Station That Got Music Discovery Right… The Meaning of the “White Noise” Podcast Boom … Music Radio’s Secret Weapon Against Streamers … How Consolidators Plan to Change Ad Sales … The End of the Market Manager … Bottom Feeder Buying Cumulus, Audacy Debt …  The Audacy Reorganization Talks … Shockers Ahead from iHeart, Audacy … What’s for Sale at Audacy

Report newstips or suggest a story here.

Talk to Jerry privately here.