Inside Music MediaJerry Del Colliano

They NEED this money.

It’s $400 million for the equity owners who need to get out of their investment.

Already, there is a troubling pattern emerging in the wake of the anticipated sale of iHeart towers and real estate.

Here’s what we’re hearing.

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1. The unbelievable multiple the buyer is willing to pay.
2. How iHeart is basing that multiple on revenue – ever hear of a broadcast tower earning revenue (it’s the station!).      
3. The odd closing anticipated for this deal if it goes through.
4. How Bain is looking to custom design the revenue figures to bend the deal to be most favorable for them – how Bain wants them to treat tower painting in the end deal.
5. Market managers in numerous iHeart markets are shaking in their boots due to a directive from corporate after closing.
6. Finally, the reason iHeart would be good with paying tower rent from now on in all of their markets and give up the rental income.

The answers start here.

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