This is unprecedented – no radio group has ever greenlighted such massive cutbacks.
That $50 million figure is directly from iHeart and it means more massive firings are on the way. This is not my number which I think is even higher.
And in addition to more firings above and beyond the 1,000+ already enacted, there will be a major shakeup in the way iHeart stations will run on what amounts to a shoe-string budget.
The role of an iHeart program director is about to change for those surviving the cutbacks but to accomplish $50 million in savings, iHeart will now have to rethink who gets fired.
Oh, and did I mention that their $50 million cost savings is just for this year. They’ve budgeted another $50 million by 2021 for a total of $100 million in cutbacks.
Now that they own the number, we get the first accurate look at how drastically iHeart will change.
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