THIS is why.
Bankruptcy is inevitable.
And it would be best, not only for those holding iHeart’s immense debt, but for all the non-iHeart stations in every market in which they compete.
Because being this desperate for every dollar has led to excessive cost-cutting, as well as to under-pricing their own inventory.
iHeart stations simply cannot afford to lose any business.
As occurred in the airline industry, this technically insolvent company forces every other radio company, including those who are solvent and which could be doing very well, to match their pricing.
It’s not Bob Pittman’s fault. It’s certainly not the fault of iHeart employees who are struggling mightily to survive, to do all the jobs they’re forced to shoulder now.
We’re past the point of blame.
It may not be this year, but for all of Radio’s sake, the sooner the better.
At least as far as those of us who care about and are in charge of the product are concerned.