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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