Bertolucci Out at KFI

[michael hagerty]

Has Bob Pittman ever suffered any compensation consequences for Iheart's debt being so big?

During the bankruptcy, the filing disclosed that Bob would be getting his usual compensation and a $10.3 million bonus.

iHeartMedia Files for Chapter 11 Bankruptcy. CEO Gets a $10.3 Million Bonus.

After failing to pay off its debt, and as Digital Music News predicted one year ago, iHeartMedia has filed for Chapter 11 bankruptcy.

www.digitalmusicnews.com

So...no.

 

[TheBigA]

You know, BigA, for years here I’ve thought you worked in the industry. But if that or “scheduling” is what you think a major market talk PD—-especially Robin Bertolucci—-does, then I need to reassess that assumption.

You take me way too literally. I didn't say it's the ONLY thing she does. And I'm not saying she's unimportant.

I do work in the industry and at times have managed talk show hosts. Some you may even know. None at KFI.

 

[TheBigA]

During the bankruptcy, the filing disclosed that Bob would be getting his usual compensation and a $10.3 million bonus.

However, he (like other stockholders) lost millions of dollars in stock that he purchased during his time as CEO.

So factually he has suffered some compensation consequences. He now reports to the debt holders, not other stockholders. It's not all fun & games.

Normally these compensation agreements are built around meeting certain financial targets. It's likely these cuts are part of those.

As you know, he didn't create the debt. He inherited it from the Mays family.

 

[HerbNero]

Has Bob Pittman ever suffered any compensation consequences for Iheart's debt being so big?

Yes.

bonuses. so many bonuses.

where to put it all? it's a burden.

 

[Nearby]

I hope this move was made for all the right reasons. I'm pleased to see Don will continue at Premiere but having Robin out of the business is not good for this industry.

 

[Mediafrog+]

Article not paywalled for me: In L.A., A New Day For iHeartMedia | Radio & Television Business Report

 

[leethalweapon]

The local talk at KFI is really a function of the host, not the PD. The PD does scheduling. You can attribute the Sunday afternoon show with college kids to the local PD. But that decision doesn't have to be made in LA,

You are minimising the role of a talk PD. A good PD oaf locally focused talk station will keep talent focused and prevent a “sameness” about every shift. I have heard stations where the same story got rehashed in various dayparts. It sounds very boring by the 3rd go round. A good PD will prevent that.

 

[TheBigA]

You are minimising the role of a talk PD.

I've already responded to this. See post #22

 

[DToTheJ]

The chances of KFI or 98.7 getting Kennedy for middays just dropped

 

[leethalweapon]

I've already responded to this. See post #22

Then you would understand the value of a food PD, in stopping each show on the station from becoming a parrot of the previous show.

 

[TheBigA]

Then you would understand the value of a food PD, in stopping each show on the station from becoming a parrot of the previous show.

What's a "food PD?"

As I said in post 18, it's not that the job won't be done. Just not by her.

 

[davideduardo]

Lowry and his family caused this situation.

No, they did not. They sold a valid, viable group for a large sum. The buyers overpaid, particularly as they were confronted with a recession but they could not back out.

 

[davideduardo]

Has Bob Pittman ever suffered any compensation consequences for Iheart's debt being so big?

It was not his fault. The debt came from overpayment by investment bankers who bought from the Mays headed group.

 

[TheBigA]

No, they did not. They sold a valid, viable group for a large sum.

Maybe. It was the Mays family decision to take the company private. That caused the debt.

 

[davideduardo]

You know, BigA, for years here I’ve thought you worked in the industry. But if that or “scheduling” is what you think a major market talk PD—-especially Robin Bertolucci—-does, then I need to reassess that assumption.

Absolutely and totally. I was PD of KTNQ when it was tying KFI in 25-54 demos years ago, so I can speak to the job and the market.

I had 100% local live talent. I met with every weekend talent once a week for about an hour... and there were over 12 of them, ranging from a priest to a criminal attorney. The daytime shows had either a pre-show meet or a wrap-up meeting to go over station goals as well as subject research from ongoing callout.

Show promos, all of which had sound bites, were reviewed one by one with the production crew. I talked with call screeners at least twice a week to make sure they knew what was important, emphasizing age, gender and national origin balance.

Outside promotions were worked on with the promotion staff to make sure that we were hitting the right ZIP codes.

Bumper music was revised with our outside provider as we did all the bumpers "custom" using the station's audio logo.

Vacation schedules, sick day replacements or fills and other HR housekeeping took a lot of time, as did contract renewals and negotiations. Chats with Metro Traffic and the Mexican news service from Radio Centro took time, too. Calls from angry listeners, visits from community leaders and general audience issues consumed at least three or four hours a week.

At least once a week I reviewed what we were doing on the air in a sales meeting, and often met with sellers about endorsements and appearances.

I was in constant communication with engineering about special needs such as remote show broadcasts, studio configuration, and even things like audio processing.

Major news items would take up whole days, making everything else pile up.

Overall, between my 7 AM to 7 PM normal work day, I would spend at least 4 to 6 weekend hours at station events or monitoring live. I'd wake up at random times to check the overnight show "live". So it was a 70 hour a week job, even when I delegated a lot to my APD.

I aged 10 years in the 5 years that I was PD.

 

[davideduardo]

Maybe. It was the Mays family decision to take the company private. That caused the debt.

No, it was the Mays decision to sell to a third party who privatized the company. All the Lowry and Red interests did was set a price and accept the offer they got.

 

[TheBigA]

No, it was the Mays decision to sell to a third party who privatized the company. All the Lowry and Red interests did was set a price and accept the offer they got.

Any way you slice it, Mays got cash, the company got $18B in debt.

 

[davideduardo]

Any way you slice it, Mays got cash, the company got $18B in debt.

Yes, but this is no different than a family that sells their house for a big amount and then, the buyer discovers a year later that the new freeway a few blocks away will reduce the value by half. The seller did nothing wrong. The buyer, based on the recession, the introduction of the PPM and the launch of the smart phone, found their investment rapidly depreciated.

Lowry and Red got the cash. They did not start a recession, tell the ad agencies to push the PPM or get Apple to introduce the iPhone.

 

[Weiserguy]

Has Bob Pittman ever suffered any compensation consequences for Iheart's debt being so big?

I wonder how many Bertolucci-caliber iHeart employees might still have their job today if Pittman didn't? Seems like his salary+bonus+options could have paid for a bunch of them.

 

[michael hagerty]

You take me way too literally. I didn't say it's the ONLY thing she does. And I'm not saying she's unimportant.

I mean, did you forget that I like to make the screen go all wavy and harp music play?

The local talk at KFI is really a function of the host, not the PD. The PD does scheduling. You can attribute the Sunday afternoon show with college kids to the local PD. But that decision doesn't have to be made in LA