When is a loss actually a profit?
When Bob Pittman sells snake oil as part of Brother Love’s Traveling Salvation Show.
This happens quarter after quarter.
How does iHeart get away with it?
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- Why isn’t Pittman behind bars? Here is how he legally makes iHeartMedia profitable even when its debt is $20 billion – up $400 million to date this year and his local revenue numbers are questionable.
- How bad is it? The average station’s third quarter revenue was “up” by this amount. On the “bright” side, no bonuses.
- By comparison guess how much Pandora is up with no accounting tricks.
- Cash reserves are still safe, right?
- How Pittman made a 10% decline in billing at its all-important LA cluster disappear into thin air to the amazement of the LA cluster that dropped the ball.
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