It’s not about more cutbacks – that, too.
This time regional market managers and some majors are going to get it.
Bob Pittman will not admit bankruptcy to them at this meeting but it is really the only choice he has left.
The critical reason why Pittman is trying to buy more time for any bankruptcy filing – it’s not really in his control, though.
When the regional market managers meeting will take place and what the obvious topic will be.
But what’s the not so obvious topic – the real reason for this pow-wow because Pittman will be working regional managers to pull off one more heist of the company’s assets.
The slight of hand trick Pittman has planned for that meeting – now you see it, now you don’t kind of thing.
Here’s why managers will think they are being asked to dig down deep again and cut costs when Pittman is really using them to set up the scariest move of his tenure running iHeart.
How market managers are becoming Pittman’s pawns in the move toward bankruptcy.
It would take a miracle for Pittman to avoid bankruptcy in 2015 but I believe he already has a buyer in mind after their lenders are screwed and they emerge almost debt free.
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Check out the topics for my upcoming Media Solutions Conference here
- Townsquare's Rescue Plan
- The Surprise Entercom/CBS Spin-off Buyer
- Less than 2 Months Cash Left at iHeart
- Crackdown on Cumulus Market Managers
- iHeart -- Low on Operational Cash
- Entercom-CBS DOJ Desperation
- Cumulus Cutting Employees’ Pay
- The Acquisition Entercom Does After the CBS Merger
- iHeart Concert Revenue in Jeopardy
- Debt Holders Not Buying Cumulus Turnaround