Mandeville, LA – I have been telling people this for a few years now that the destruction of the radio industry began in earnest in 1994 when the TeleComm Act signed by Bill Clinton made radio nothing more than a commodity for money lusting manipulators to exploit for billions then discard its corpse. That day is upon us and Mr Cowen’s analysis only applies to the parasite but it does apply. From the WSJ:
A key group of creditors rejected iHeartMediaInc.’s latest debt restructuring proposal, and countered with their own deal that requires the company to file for chapter 11, the company disclosed on Thursday. The latest development in long-running restructuring negotiations at iHeart, the largest radio network in the U.S. by number of stations, comes a day after Cumulus Media Inc., the second-largest, filed for bankruptcy, succumbing to billions of dollars of debt and competitive pressures from digital platforms. “The industry’s best days are behind it, even though it’s going to be around for years,” said Lance Vitanza, managing director and analyst at Cowen Inc.
The CRUSADE To Keep The CRUSADE Channel Going Just Got Real: iHeart Radio Is About To Fold
iHeart Radio and Cumulus Media will both fold their tents soon as the process of returning radio back to a much smaller but more robust vocation begins and that’s why you should listen to and support my CRUSADE Channel. It doesn’t get more independent and vocation oriented than us. Click the link to listen FREE, 24/7 and click here to become a member.