Last week’s reduction in force at iHeart stations – at least their fourth of the year – hit hundreds of victims by surprise, but it’s not the big one.
You may remember me saying that when the year started iHeart had somewhere around 12,000 employees remaining with the intention of cutting it down to around 5,000 for now.
COVID was a convenient ally for Bob Pittman and Rich Bressler because iHeart’s first 1,000+ reduction in force took place earlier this year before the virus shutdown the economy.
iHeart is going to eliminate, consolidate, regionalize and centralize in one major cost efficiency.
All markets are vulnerable to the “Big One” and previously untouched jobs are at risk that iHeart believes they can now eliminate.
The pieces are in place, the goals are massive and the timing is becoming apparent.
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