Inside Music MediaJerry Del Colliano

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.

Enough already.

How does iHeart get away with it?

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1. 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.
2. How bad is it? The average station’s third quarter revenue was “up” by this amount. On the “bright” side, no bonuses.
3. By comparison guess how much Pandora is up with no accounting tricks.
4. Cash reserves are still safe, right?
5. 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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