What a screwed-up business we’re in.
Back when radio groups were reeling in the free cash flow, few of them were rolled up into bigger or separate companies.
Now when they are undervalued and susceptible to takeover, interest intensifies.
iHeart looks like it has another buyer at the ready.
But this time instead of fighting it, iHeart appears to be changing the rules that protect their most important assets – Bob Pittman and Rich Bressler.
This indicates the situation is now changing because iHeart is running out of operating cash at a time when revenue for the year could be down 30-40% and now their future is in flux.
Why is a company so burdened with problems attracting so much interest – especially now.
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