They’re kidding, right?
The company that maintained and grew a $20 billion plus debt for years, is now preoccupied with lowering its debt.
iHeart just did another refinance that they claim is at lower interest rates – remember, iHeart’s kick the can down the road strategy came with a high interest rate price.
Then dropped $200 million on dubious podcasting investments last year and paid for it this year with over 1,000 employee job “dislocations”.
Liberty is slow rolling iHeart on taking majority ownership but they are the buyers in waiting and Pittman knows it.
This obsession with debt reduction is the canary in the coal mine about iHeart’s advanced warning of danger ahead.
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