Inside Music Media

iHeart CEO Bob Pittman appears to be cheating on “audio” by doing a nominal video deal with Netflix that is testing his real commitment to audio over video and at the same time showing how desperate his business is for revenue.

The Netflix deal covers the video version of some popular iHeart podcasts and retains all audio rights for their platform.
The Deal: iHeart will license the video versions of hit podcasts like My Favorite Murder, The Breakfast Club, and Chelsea Handler exclusively to Netflix for one year as a test to gauge demand – pulling content from YouTube.
These personality-driven shows—including popular titles like Stuff They Don't Want You to Know and 3 and Out with John Middlekauff—are highly brand-safe and valuable inventory for Netflix's growing ad-supported subscription tier.
The deal is not expected to be a revenue bonanza for a company facing an unmanageable $5.1 billion plus debt – around $1 million under the right circumstances and only a one-year trial while Netflix decides whether it is worth it.
What is significant: Pittman’s easy switch to the importance of video that other executives in other businesses have already embraced (ask any college student where they get their podcasts if they listen to a podcast and video, not audio, will be a first choice).
Real issues ahead: how many more podcasters will succeed by sitting around with mics in their faces essentially doing what you do on radio – talk.

What it means

Pittman calls it an "exciting new category—video podcasts," positioning it as an expansion of the fastest-growing medium.
iHeart vacates YouTube to do this just at the moment when linear TV is moving toward it – the timing is little noticed.
iHeart trades broad, ad-supported reach on YouTube for guaranteed, exclusive licensing revenue from Netflix -- a crucial monetization decision.
iHeart is separating its product: free audio everywhere and premium video only on Netflix prioritizing subscription revenue and guaranteed licensing fees over the unpredictable, competitive environment of open-platform video.

The bottom line: The Netflix license is a non-disclosed financial footnote dwarfed by iHeart's $5.1 billion-plus debt.

Jerry Del Colliano is a professor at NYU Steinhardt Department of Music and Performing Arts Professions Music Business Program. His background includes Clinical Professor of Music Industry at the University of Southern California, TV, radio, program management, publishing and digital media.

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Cumulus told investors on its Q3 2025 earnings call that it expects to complete the sale of its Nashville property for $10.5 million in Q4, alongside roughly $2 million from New Mexico land tied to an earlier tower deal to keep the wolf away from the door – offering up what’s left to keep the lights on.

The Midtown Nashville parcel that currently houses Cumulus’ local operations, sold to an affiliate of Endeavor Real Estate Group which also owns the nearby Whole Foods/Broadway building.
This follows Nashville real estate it sold in 2021 for $34 million.

Between the lines

Cumulus has repeatedly said its strategy is to monetize non-core real estate and other assets to de-lever, enhance liquidity and increase “strategic and financial flexibility” -- the exact language they used when they sold other Nashville land in 2021.
They are focusing on real estate in the top bucket of structural cost actions, along with contracts and general efficiencies as revenue continues to plummet and debt restructuring remains critical.
In the past five years Cumulus sold other land including a parcel in Maryland to Toll Brothers for $74 million.
There was a 2020 deal to sell some 250 broadcast towers across 32 states to Vertical Bridge for about $213 million with Cumulus entering a long-term leaseback.
BUT, the leaseback reportedly costs Cumulus $13 million a year on a ten-year contract renewable with 5 additional 5-year leaseback options – an ongoing expense in exchange for quick cash.
In addition, they’ve sold stations to raise cash usually at a huge discount giving away previous equity in the properties.

What it means

Cumulus says selling assets is for reducing debt among other things but the real motivation may be to keep the ship afloat -- revenue is drastically down as of the third quarter, not expected to recover due to the economy, the declining state of radio and other factors.
Cumulus’ new Nashville sale isn’t a one-off; it’s the latest chapter in a multi-year strategy of stripping out land, towers, and marginal stations to raise cash and chip away at leverage suggests those Nashville proceeds will ultimately serve the same purpose.
The financial pressures that lead to a going-concern conclusion coming up in early 2026 are the same pressures that drive Cumulus to monetize assets like land, towers, and stations.
Almost anything is available for sale – trouble is, buyers are scarce, even bargain hunters.
Insufficient liquidity for the next 12 months, high leverage relative to cash flow, upcoming maturities that may not be refinanced, reliance on asset sales to stay compliant are among the conditions forcing management to look for immediate cash sources.

The bottom line: Asset sales aren’t strategy — they’re survival.

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FREE SAMPLESJerry Del Colliano

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