Now we know what Pittman and Bressler are going to do and when.
Just as important, other groups like Entercom and Cumulus that almost always follow iHeart’s lead will likely adopt the same strategy.
It’s critical because every radio company is in short pants right now looking for ways to reduce expenses and cut their workforces.
There are benefits to furloughing people from an accounting standpoint and there are disadvantages as well.
Bad quarterly revenue reports are expected from all radio groups with losses for the year between 40-50% due to coronavirus and the recession that we have learned started in February ahead of COVID impacting radio.
We get a good look at the iHeart furlough and firing situation for the rest of 2020 again keeping in mind that iHeart dictates the strategy for most major groups.
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- The Hole in the Market for Radio
- No Rush to Pay iHeart’s Debt
- What Soros Wants by Buying Audacy’s Debt
- Young Demos and Podcasting
- SiriusXM Is Retreating from Cars
- Investors Turn Negative on Cumulus
- Investor Trying to Block Audacy Bankruptcy