A few years back when we first informed you that Cumulus was seriously considering filing Chapter 11, Mary Berner went out of her way to publicly deny it – shortly after Cumulus filed for bankruptcy reorganization.
Same with iHeart – the word was out about their financial difficulties but their denial was followed by, you guessed it, bankruptcy.
Now in an industry facing the tough task of selling advertising in a recession COVID is acting as an accelerant to several years of previous revenue decline.
Some radio groups are burning through operating cash, others are also finding it hard to pay down debt from earnings and all have panicked into widespread furloughs, firings and layoffs.
Wall Street money people are not accepting radio CEOs happy talk about getting through these troubles and moving on.
They are baking in more bankruptcies – six to be exact – they know the radio groups, the timeline and the real reasons they will be forced into reorganizing.
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