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• Who is likely to unload some major market stations very soon.

• The one notable exception -- not selling!

• The thing group owners are doing to drive their own station values down. 

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Your new annual subscription includes access to every article in the past year and our entire 13- year archive like these (scroll through/latest first). 

Inside Music Media is deadly honest, informative and insightful.  Contains no advertising.  Accepts no corporate money or consideration.  And is beholden only to subscribers.

Saga has no debt – zero – but struggles against the same headwinds its debt-loaded competitors must navigate.  Their plan has been in effect for years.  Are they better off?  Worse off?  We break it down and look at why they need a turnaround with no debt. 

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Why is Beasley stock ($15.27) worth more than iHeart ($4.76) when the too-small-to-compete radio group is headed to a reorganization with no future of a turnaround.  We go deep into why they are getting a pass and iHeart isn’t.

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Despite the "whopping" 9.6% revenue jump reported a few days ago, iHeartMedia’s Q1 2026 results reveal a company on a treadmill moving fast but struggling to gain ground on its massive debt and investors are onto it – they know something.

Why it’s important

Traditional radio is seeing revenue gains that are "expensive."  High expenses for marketing and "non-cash trade" (barter) are inflating top-line numbers while hollowing out the margins.

• The 9.6% consolidated revenue increase ($884.2 million) was not a broadcast radio miracle; it was a digital rescue mission.

• Podcasting is the Engine:  Podcast revenue surged 26.9% ($147 million), while the broader Digital Audio Group rose 18%.
• The Multiplatform Mirage:  While the Multiplatform Group (traditional radio) reported a 4% revenue increase ($493 million), its profitability collapsed (segment Adjusted EBITDA for traditional radio fell 33%).

Is iHeart in danger?

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The giant of digital radio advertising is Townsquare – they reported 1^st quarter revenue yesterday.  Digital drove it as expected.  But it’s complicated with five areas being overlooked that scream “warning”.

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• Radio's lifeline or foreign takeover?

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• Billionaires are still anxious to get into the linear media businesses like cable, broadcast TV and radio and it’s not digital that attracts them.
• People like The Ellison’s who agreed to buy Warner Discovery and Comcast and Netflix who tried and let’s not forget George Soros who likely would love to own more “dying” linear media if they could get it past Trump.
• There is a metric to tell which radio group will go into bankruptcy, so why do investors keep buying their stock?

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• How the biggest losers became the richest winners.
• Radio CEO’s “Greatest Hits” boosting a compensation heist during dire times.
• Pittman, Berner, Field, Beasley, Townsquare and Saga CEO executive pay strategies revealed and explained (if that is possible).

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• The results that contradict their turnaround story.
• The broader crisis that has already started third bankruptcy talk.
• Why the solutions they cited to greenlight their second bankruptcy are designed to distract from what new owners and perhaps a new CEO are most likely to do next.

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