Radio is on track to taking a 65% decline in revenue due to the coronavirus.
Entercom is in survival mode and that’s not being overly dramatic.
Stock closed at $1 yesterday.
Can’t repay their debt and won’t be able to when it comes due.
Entercom is now a Zombie company – one that earns just enough to keep operating and service debt but unable to substantially pay it down or off.
Entercom is now working for its lenders.
Their big question is how do their planned cutbacks save $75-100 million more without irreparably damaging the company?
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