Liberty Media already owns a significant amount of iHeartMedia’s debt that will translate into equity.
Liberty will be the new controlling owner of iHeart unless the DOJ gets in the way and that isn’t expected.
The more than 1,000 iHeart “dislocations” were just the start of a massive downsizing that will be more in line with how Liberty runs SiriusXM and Pandora.
From 12,500 employees (including part-timers) before the “dislocations” to an estimated 6,000 or fewer setting it up for Liberty Media to run.
This affects their new philosophy on part-timers, talent (especially revenue producing morning shows), local programming and the people who oversee it, cluster and regional management and a new direction in sales.
Not to mention what will happen to all their studios – Liberty has a plan for that, too.
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