iHeart gets only pennies on the dollar for their available tower real estate in this deal.
Doesn’t even make a dent in their $20.4 billion debt.
Here’s why affected market managers are dreading the closing of this deal – absolutely dreading it.
After they take the cash and run, iHeart now has to pay rent on towers they are selling but you’ll be interested in the kooky arrangement Pittman and Bressler have cooked up on how the tower sites will be maintained going forward.
This hasn’t been addressed publicly but should iHeart sell any of these stations where the towers are being sold – how would that be handled going forward.
Things are so bad it’s either selling assets or this unthinkable option.
Let me be the first to just put it out there.
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