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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- Become Expert at Digital Media
- The CBS/Entercom Layoffs
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- Mike McVay & Cumulus
- Radio as the New Social Medium
- The Sale of iHeart’s First Asset
- Self-Confidence, Presentations & Working with Difficult People
- Lowry Mays & Fraudulent Conveyance
- New Found Radio Revenue