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• Uncovering the lies the NAB and politicians are spreading about AM.
• The bullying tactics being used to force automakers to keep AM in cars that likely will backfire.
• How auto manufacturers are playing with the NAB – their real radio plans revealed.
• Tricks consolidators are using that hurt AM’s chances to remain as standard equipment in the dash.

Publishing note:  With July 4^th in the middle of the week, most music and media execs are taking all or the majority of this week off – have a safe and happy Fourth and we’ll see you next week.

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• Why a multi-year extension, huge pay raise and shiny new title to this particular programmer?
• Did Soros Management Fund sign off on this since they don’t officially have a stake in the company.
• The Audacy trend of promoting people who are not in danger of leaving.
• The political capital David Field is gambling on 6-weeks before new investors get to make decisions.

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• The 7 radio owners most likely to sell stations in spite of what they say publicly.
• 4 of the 7 are not currently on anyone’s list – but that may soon change.
• The pros and cons outlined for cherry picking each of these groups.
• Cumulus turned down almost $20 a share and now they’re worth a little more than a dollar – why they refuse to sell.

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• David Field’s cheapness is arguably why the CBS merger failed – how it’s now threatening the outcome of their lifeline bankruptcy.
• And the prospect of even more budget cuts than Soros had planned.
• Documented evidence that Audacy lied about legitimate expenses.
• Audacy’s chutzpah:  Seeking to get reimbursed for back lawyers’ fees and other expenses for negotiating in bad faith.
• How resolving it could eat into the $50 million Audacy told the bankruptcy court that it needs for operations when it emerges.

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• What to expect for day one of new ownership – August 18^th
• The new approach to cutting costs at Audacy.
• The first job category to get trimmed and the last.
• The closest thing to job security at Audacy (at least for now) is this position – no question.
• The difference if Field stays or if he goes.

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• Why does the same company that recently offered Paramount $26 billion have to suddenly fire radio staff making less than $100,000 a year.
• Look who is breathing down their necks now and forcing their hand.
• Does this cost cutting affect the status of that Cox-Audacy rollup?
• With mounting debt, is selling even an option?

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• Why radio’s most expensive stock and only company with no debt is signaling trouble ahead.
• What they are going to do about it.
• How did the radio group with the highest stock price start declining.

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• The big city multi-market cluster for sale at “make-me-an-offer” prices.
• How radio groups are finding buyers in a market where few exist.
• The method they use for raising quick cash to avoid default.
• So why hasn’t Cumulus been willing to sell standalone KABC-AM?
• Stations with sports rights contracts appear off limits – here are the easier ones to sell.

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• The best-case scenario for Cumulus to stay solvent.
• What happens if they go under a second time.
• The savior who could rescue Cumulus in bankruptcy.

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• The troubling signs that their creditors have started preparing for Chapter 22.
• What it means to the iHeart we know today.
• The most important trigger to keep an eye on.

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• How they are becoming tax deadbeats.
• Tactics being used to bully creditors.
• A pathetic 9-minute audio clip that shows how low Audacy is willing to go to burn anyone in the way of their bankruptcy.

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• How they made out compared to radio groups
• The group that blatantly refers to its tower deal on their balance sheet as “financial liability” – their words.
• How the tower fire sale specifically affected iHeart, Audacy, Cumulus, Townsquare, Beasley and Cox.
• The group most likely to go under first under the weight of a bad tower sale.

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• How this revelation might affect FCC’s approval to emerge from bankruptcy.
• What Audacy is claiming about their longtime suburban Philly headquarters.
• The effect on their balance sheet if they are ordered to pay up.
• Repercussions if this claim is allowed to play out in Pennsylvania courts.

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