March 14, 2018 at 11:27 pm #35461msndrspdxParticipant
News just breaking that iHeart has filed for bankruptcy tonight. What happens tomorrow morning? Might be worth it to check the iHeart Radio app in the morning. If you’ve got Comcast, you hsve it in the apps section of your cable program guide.
In San Francisco, iHeart has an all 80s FM station whose morning DJ is former MTV host Martha Quinn. Will she talk about this on air tomorrow? And of course, they own a significant group of Portland stations as well who are headquartered out in Tigard. What happens when everybody reports in for their morning shows? Could be an interesting day out there.March 14, 2018 at 11:39 pm #35462AndrewParticipant
It’s Chapter 11 – so it sounds like nothing much will change in the company’s operations quickly:March 15, 2018 at 10:47 am #35472Master of DisasterParticipant
This is being covered closely by Radio Insight, who reports they will continue to operate all their stations:
Previous coverage going back the last month or so indicated this was being negotiated with creditors well before being field.March 15, 2018 at 11:59 am #35475washnotoreParticipant
Does this mean Rush Limbaugh is out of job?March 15, 2018 at 12:58 pm #35478Alfredo_TParticipant
Rush Limbaugh signed a contract with iHeart that is effective into 2020. See https://www.nytimes.com/2016/08/03/business/media/rush-limbaugh-renews-radio-contract.htmlMarch 15, 2018 at 1:12 pm #35480
Too big to fail.
Who’s left to buy? Amazon, Comcast, Verizon? Sinclair shot its wad.
Still say iHeart is the best radio conglom in American broadcast history.March 15, 2018 at 1:51 pm #35482tombrooksParticipant
Sounds like a Pre-Package Bankruptcy – Creditors/owners/bond holders all have their ducks lined up so no surprises in court…I am guessing the $10 Billion will swap for equity – the big questions will they get more than 50% control – thats the big question…guessing no inside info from me…March 15, 2018 at 1:51 pm #35483Andy BrownParticipant
The long awaited train has arrived and it is in sad shape. The deal still needs approval from the court and some holdout creditors, and the company could hear again from John Malone’s Liberty Media LLC, which has said it wants a stake in the reorganized media giant.
The spin out there already is that this won’t effect anything. It will. The fact is they have filed the first round of paperwork. What their bankruptcy really will look like is yet to be determined.
Widespread layoffs at various iHeartMedia properties in Chicago, Detroit, Tampa, Cleveland, Cincinnati, Jacksonville, Sacramento, New Orleans, Grand Rapids, Florence, and Mobile, Alabama; Biloxi, Mississippi; and Canton, Ohio all were ongoing just last year as they reconfigured their payroll numbers preparing for this filing. To call these clowns “the best radio conglomerates in American history” is ludicrous. Frankly, they haven’t been around long enough to have that title bestowed upon them. Not too big to fail. Wait, you’ll see what emerges from this and it won’t be pretty.March 15, 2018 at 2:58 pm #35487
.52 share, up 8% since yesterday market close.
Market capitalisation: 47.576M.
52 week High / Low: .65 – .46.
Annual EBITDA earnings: approx. $6.12B USD.
Annual reported losses: approx. $1.02B USD.
P/E ratio: NA
Moody’s Credit Rating: Caa3 – Caa2.
According to the U.S. Bankruptcy Court filing, unsecured debtors may exchange half the approx. $20B debt for 87% IHRT assets.
There is sufficient cash flow to keep the Corp alive. Although not a ‘buy’, I remember APPL @ $3+ a share.March 15, 2018 at 3:17 pm #35488
A.C. Nielsen has a big problem. Yeah, I know, a holding company. But, who’s gonna believe their rating numbers?
I can hear street reps selling their clients, “Take a half share point off the iHeart stations. Nielsen owns part of the company.”March 15, 2018 at 4:18 pm #35492DanOregonParticipant
I wonder if Clay Travis will talk about this on his sports show. He was all over ESPN’s loss of cable subscribers.March 15, 2018 at 6:38 pm #35495Chris_TaylorParticipant
This has been predicted for a while now.March 19, 2018 at 9:16 pm #35560VitalogyParticipant
Bain Capital is on a roll. Toys R Us, Guitar Center, and now Iheart.March 20, 2018 at 2:17 pm #35576DanOregonParticipant
LBOs are doing wonders for the newspaper industry as well. The “collateral” that made the initial deals possible is consumed by the new owners who have little interest in growing the business. When the bills come due, the property is so decimated there is no more value for the lenders to re-coup.
I mean, if I use “your house” as collateral for a loan then burn it to the ground – that has to be some kind of crime right?
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