Anything iHeart does is important because the rest of the radio industry tends to follow their lead.
It looks like May is down 50%, June could be as bad causing concern about lagging revenue.
iHeart did a major firing in January well before COVID, another at the time of the virus and more nips and tucks – and 2020 is not even half over yet.
Under a plan being tested now, iHeart is going to force existing employees to take less while they continue to evaluate whose job will be on the chopping block next.
An area most vulnerable is sales where iHeart is testing radical new plans to cut compensation and at the same time set up some sellers for the next round of cutbacks.
All of this is likely to be rolled out systemwide in June with some unique exceptions in a handful of markets that would be tantamount to driving their best salespeople into the arms of competitors.
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