The business must generate approximately $120 million in cash operating profit JUST TO KEEP THE LIGHTS ON and not burn cash.
But with $7.4 million EBITDA in Q1, they will fall tens of millions of dollars short of that goal as 2021 real EBITDA will likely be closer to $75 million so they’ll continue to burn cash.
One of several hidden gems we discovered buried in the 8K SEC filing after announcing a bone-jarring 24% decline in first quarter advertising revenue with overall revenue down $57 million or 19%.
Here are some tidbits you won’t find David “Killing” Field (for killing off radio for audio) talking about.
Do you have information you want to share with Jerry confidentially? Email him privately here
- Format Flips Are Alarmingly Increasing
- Townsquare Crushing iHeart in Miller Kaplans
- Ex-Audacy San Diego Employees Tell All
- Sellers Are Virtually Giving Away Their Stations
- Ex-Employee Outs Abusive Workplace at Audacy
- Owners Bailing on Radio as a Standalone Business
- The New iHeart Office Plans for 50% Staff Reduction
- 27 Audacy Employees Exit in One Market Alone
- iHeart: White People Need Not Apply
- Local Ad Growth Warning