iHeart is being pillaged even before it exits bankruptcy.
This is the story of Bob Pittman and 100 junior executives running off with the spoils to the tune of $82 million or more in future bonuses (not counting what was already awarded).
Publicly, Pittman is acquiring companies as if when iHeart emerges from bankruptcy current ownership will be around to manage the whole thing.
Privately, Pittman is planning an exit and the company is going to be sold but the real damage will be to the radio industry that remains.
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Brutal Entercom Firing
Pittman & Bressler’s Removal From iHeart
Efficacy of iHeart’s New “Breeze” Format
iHeart’s Troubling Bankruptcy Board
Cumulus Closer to a 2nd Bankruptcy
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