Think about it this way.
If iHeart fired everyone but Bob Pittman and Rich Bressler, they would barely make a dent in their $20.4 billion debt obligation.
I don’t care how good Los Angeles performs in the future or how much advertising improves, they are just too far in a black hole.
But one thing has to happen first before iHeart execs will enter a bankruptcy court – this is how you’ll know if and when bankruptcy is coming. Watch for it.
And once it does, what happens to contracts and negotiated union agreements already in place?
Not that you may care – but bankruptcy affects everything – even what happens to the schlubs who are holding that $20.4 billion in debt.
Then there is a plan to liquidate programming as we know it – the first pieces are already in place. They have their man in place ready to do this.
And as incredible as it may seem, iHeart may try to actually run up more debt before they file for bankruptcy. Here’s why.
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- Entercom’s Secret Aspen Meetings
- The New Cox Media Group
- Changes to Cumulus Operations
- Townsquare’s Non-Turnaround
- Pittman’s Blueprint for iHeart
- Entercom’s Accelerated Layoffs
- The Sale of Universal Music Group
- What Cumulus is Hiding
- Numbers Tell a Sobering Story on Entercom
- iHeart Firing Employees for Its New Owner