The iHeart IPO

With iHeart, it’s all about changing the subject.

Bob Pittman’s much-touted multimedia platform that collapsed into bankruptcy was designed to take your eyes off of their $20 billion in debt.

Podcasting is promised as the future moneymaker to make up for slipping spot revenue  but it has never produced cash positive results for anyone.

“All Podcasting All the Time” stations were supposed to show iHeart putting their stations where their mouth is except they put it on only 1 out of 848 stations – in iHeart’s Allentown market on an AM station guaranteed not to attract the money demo, but still – it changes the subject from the poor job iHeart has done of managing lenders and shareholders money.

Now, they’re back selling radio like this -- “Consumers listen to the radio because the voice on the other side sounds like a friend” – their actual words in its filing from the company that brought you layoffs, voice tracking and less live and local. 

All this begs the question what kind of investor would support an IPO for a sinking ship in stormy waters?

No radio group has been able to do an IPO for years, why does iHeart think they can?

What happened to Apple and Liberty – often mentioned as wishing to takeover a terrestrial radio company.

How will iHeart stations be managed and operated if this IPO is successful.

And what if it’s not?

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The Decline of Average Quarter Hour

Nielsen doesn’t like to release numbers that are not favorable to its radio clients.

But a stealth look into forbidden PPM figures indicates trouble.

Not just a decline in average quarter hour.

Worse – far worse.

And now it can be documented and explained with evidence you’re not supposed to see. 

How can 250 million people a week be listening to radio for so little time.

Who is ramping up to take advantage of this?

How do you stop the decline of AQH?

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FCC Investigating Entercom

Lawyers are involved.

There appears to be a lot of fast talk but the last thing Entercom needs is to pull out a gun and shoot itself in the foot again.

The stock is 39 cents shy of the $4 range – unthinkable when the CBS merger was announced and Entercom stock was flying high at $16.

Investors are concerned with impairment charges that Entercom is writing off to reflect the new, lower valuation of its assets.

And a fear that more impairment charges are coming as Entercom fails to put its CBS merger on track and is stifled by the same revenue decline that has affected other radio groups.

Now there is this new development …

  • How the FCC caught Entercom red-handed.
  • Entercom’s shocking defense.
  • How a disgruntled CBS employee may have dropped a dime to turn them in. 
  • The offense was bogus until the FCC sniffed around and found something else. 

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The Cumulus Ratings Collapse

  • Mary Berner says Cumulus is turning around.
  • She’s on a victory lap based on financials and ratings.
  • Investors are now questioning their ratings performance.
  • Leaked documents about their top ten markets.
  • Blunders, missed opportunities, flat out incompetence documented.
  • And in the one market where Cumulus hit it out of the park, they did the unthinkable to ruin it all making investors nervous.
  • Is it finally Mike McVay’s fault?
  • What’s the plan -- investors are now “woke” for answers.

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Why So Many Bidders Want Universal Music

  • A handful of new, powerful buyers have emerged in addition to Liberty Media – the rundown.
  • Why so much interest in owning one of the big 3 record labels.
  • How radio could be disrupted and upended if some buyers on the list above control some or all of Universal.
  • What happens to the media business if a cellular carrier buys Universal.

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