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• Non-profit EMF’s financial revenue revealed.
• How much they pay their CEO to run 1,000 signals.
• The system they use to dictate their buying price.
• 97% of their revenue comes from donations – how much they spend on fundraising.
• EMF is doing the same thing private equity did after consolidation – with one exception.

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• Whispers that a major shakeup of top executives is coming.
• How iHeart’s current spring cleaning of staff is different.
• How iHeart reportedly tried to play an on-air talent with a raise on the back of firing his air partner – and it blew up.
• What to expect as iHeart, Audacy and Cumulus are changing their layoff policy.
• Case study: slimy, hurtful iHeart firing details.

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• A second bankruptcy has always been on the table, but here is a scenario that Cumulus management is waiting for.
• A sale? Why Cumulus is vehemently opposed to that.
• The current chances for another bankruptcy.
• How Berner is posturing for the best deal to sell the company.
• What’s in it for her if she does.

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• How is Salem not already in bankruptcy.
• Their humiliating station giveaways to of all competitors EMF.
• EMF’s unique pricing formula that forced Salem to say “uncle” and sell.
• Who is the next EMF, a ready and willing buyer of radio stations.
• The new tactic Salem and others are using to buy time.

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• The percentage of bankruptcies that succeed (vs. fail or file a second time).
• The bankruptcy problem no one says out loud.
• Proven indicators of whether a radio bankruptcy will work.
• Retaining the management that caused the bankruptcy – right move or wrong?
• What we’re hearing about the radio groups closest to filing Chapter 11 next.

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• All but 2 radio groups have become zombie companies unable to pay their loans and grow at the same time.
• What it means at the station level.
• What Audacy (soon to emerge from bankruptcy) is now calling “accelerated performance”.
• Where’s all the promised digital revenue – it’s booming everywhere but radio, but why?
• How zombie companies will change the radio industry over the next 18 months.

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• How soon will Audacy’s new lenders-turned owners oust David Field.
• The Soros play to takeover Audacy – their intentions revealed.
• The old board gets dismissed -- this is what replaces them.
• What we’re watching – things to worry about like a hostile takeover.
• They’re short on cash already, the incredible place where they are looking.

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• Two things converging on Cumulus putting it in danger.
• Why the extension for a debt buyback.
• Bankruptcy 2.0 talk.
• Market managers dish on the company’s strange behavior lately.
• How Wall Street is reading the mixed signals.

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• Despite the denials, how Cumulus will get sold.
• Whose knocking on the door and why they’re not answering.
• The exit plan – here’s the number it will sell for.
• Case study of another radio group sale that Cumulus may follow.
• The Cumulus exec accused of “corporate malfeasance” – and it’s not who you think it is.

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• Under-the-radar plans to shrink the three largest troubled radio groups.
• The two most radical on-air savings in the works.
• And two most notable off-air savings being targeted.
• Say hello to the new daypart known as “Death Valley” – details.
• The one line even a desperate radio group still will not cross – yet.

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• Why activist vultures are increasingly circling Cumulus.
• The debt Cumulus never talks about publicly.
• 3 years of expense cuts.
• The latest “Hail Mary” to lock in current management.
• Devolving into an executive compensation scheme – details.

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• The activist investors pestering Cumulus.
• The investor who has put Cumulus on notice that they intend to acquire more stock and take an active role in the company’s management.
• What Soros is up to buying cheap Audacy debt that even Audacy doesn’t realize.
• How a hostile radio takeover will work.
• Why the sudden interest in radio even as revenue continues to trend down.
• A different kind of consolidation coming.

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• Soros’ anticipated influence on Audacy programming.
• The other groups Soros would like to roll up with Audacy.
• The first thing to change when Audacy emerges from bankruptcy with Soros as main owner.
• The born-again David Field – here’s some evidence of the new man.
• Why Mary Berner is worried about the Soros-Audacy connection.

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• How they plan to target Audacy and Cumulus for future growth.
• How they are going to handle their $5.2 billion debt albatross.
• That second baked-in bankruptcy.
• In or out on programmatic buying?
• What’s behind their claim of podcasting growth.

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