They're also selling off properties. There is a listing in Panama City, FL on Loopnet.com for their studios on Lisenby Avenue.
1834 Lisenby Ave, Panama City, FL 32405 - Office for Sale | LoopNet
That would seem to be. It sold 311 Lexington in Ft. Smith last year for just under $500,000. iHeart, however, doesn't seem to be completely pulling its studios out of those markets. It Ft. Smith, it moved into a mixed use strip mall on the east side of town. If anybody closes its Ft. Smith office and consolidates, I expect it will be Cumulus moving those properties' studios to Fayetteville. It already has one GM over both markets, and most of the same people are programming the Cumulus properties in both markets.
I bet they would gladly sell all of those stations if someone made a reasonable offer.
With the exceptions of Jackson and Montgomery, iHeart has already tried to sell those markets. It actually had a buyer for Tupelo who took it over and operated it for several years only to end up selling it back. I was told on some of those under 100 markets, the private equity firms who bought Clear Channel only intended to keep those with a 30% margin. I don’t know how you achieve a margin that high doing small market radio, but, apparently, a few of them were accomplishing it. iHeart also considered Waco and Killeen/Temple one market, which meant both clusters did better than they would’ve appeared to have done at first glance.