IHeart Media and Cumulus - financial meltdown?

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IHeart Media and Cumulus - financial meltdown?

Postby Tom Jeffries » Fri Oct 14, 2016 3:26 pm

Video killed the radio star. Now, a massive pile of debt is threatening to bury it.
Cumulus Media Inc. and iHeartMedia Inc., the two biggest U.S. radio station operators, are grappling with creditors while online music services poach away audiences, advertisers and revenue. Losses and leverage are climbing, putting pressure on the broadcasters to cut a deal with lenders now, before the clock runs out. If they don’t, the two companies could slam headlong into a wall of debt coming due by 2019 that collectively tops $10 billion.
“They’re going to need some help,” said Avi Steiner, a JPMorgan Chase & Co. high-yield media credit analyst. “A better balance sheet would help deal with the secular changes in radio.”

Tom Jeffries
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