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
- Audacy’s Hiring Problem
- iHeart Foreign Sale Still on the Table
- Westwood Done
- Cumulus Fires 9 in One Market
- The Fan-to-Fan Music Revolution
- San Diego Audacy Exodus Resumes
- Big Changes Coming to CHR
- New Cumulus Market Manager Mandate
- Cumulus to Regionalize Business Managers
- Podcasting Is Having Radio Trouble