Breaking News: IHeart absolute Bloodbath across US Today

[BostonRadioListener]

Dont know what the impact on Boston is..but a couple of markets I’m familiar with just got hit and essentially wiped out of local talent . Maybe the most devastating day in radio history nationally from what I’m hearing.

The Quad Cities Iowa cluster is 4 stations, strong stations with a long history. The legendary WOC (one of first licensed stations in US employed Reagan), KUUL FM, KMXG, and WFXN. I’m told all of the on air staff was let go. A similar story down the road in Des Moines.

Worcester/Springfield MA was hit hard too.

$50 million in cuts to get under the gun before terrible 6/30 quarter end earnings. On top of $100 million already implemented or planned this year.

 

[TheBigA]

Dont know what the impact on Boston is..

So far nothing as far as I've seen.

$50 million in cuts to get under the gun before terrible 6/30 quarter end earnings. On top of $100 million already implemented or planned this year.

They may be announcing the cuts before the end of the quarter, but they'll continue to pay RIF'd employees severance through the end of the year.

 

[KilowattKat]

The top 10 markets have been spared so far from the latest RIF's.

 

[BostonRadioListener]

The top 10 markets have been spared so far from the latest RIF's.

Looks that way. The axe fell in a devastating way, elimination of local talent, in a number of mid and small markets.

 

[PTBoardOp93]

They may be announcing the cuts before the end of the quarter, but they'll continue to pay RIF'd employees severance through the end of the year.

Maybe for selected high profile employees who were either long-tenured or had a more generous employment contract.

I believe in the January 2020 RIF, iHeart paid severance at a rate of 1 week per year of service, which would only be through the end of the year if someone had 25+ years of service.

 

[Theater of My Mind]

I believe in the January 2020 RIF, iHeart paid severance at a rate of 1 week per year of service, which would only be through the end of the year if someone had 25+ years of service.

Those days are gone except for SAG-AFTRA talent or those with good contracts. Anyone else will be lucky to get three months no matter how many years of service they gave to the company.

 

[sacredcod]

Very sad news for those around here who are now out of work and also very bad news for those who are left behind to pick up the pieces in these small markets. I am sure this will just make more work for those left in the Boston stations too. Cruel how often they keep doing this to people. And they wonder why people do not want to listen when it is just the same on every station.

 

[secondchoice]

Very sad news for those around here who are now out of work and also very bad news for those who are left behind to pick up the pieces in these small markets. I am sure this will just make more work for those left in the Boston stations too. Cruel how often they keep doing this to people. And they wonder why people do not want to listen when it is just the same on every station.

The big 3 and a bunch of other radio operators that wall street and private equity loaded up with debt are just debt paying organizations. They can't maintain their revenue even with digital so axing people is the only way to pay the debt. The real problem with digital is low cost of entry. Any one with a laptop can do just about anything they can do.

IMHO only the organizations that can produce compelling content will survive in the digital space.

 

[crainbebo]

It seems like all local talent was eliminated in Spokane as well.

But boy do they have MILLIONS to spend on that iHeart Radio Festival, the iHeart Awards, the iHeart this and iHeart that...

The pink-slipped talent sure aren't 'i-hearting' the loss of their jobs...some for over 30 YEARS!!!

"Guaranteed human" my a$$. Give it a year, and they will have "AI" talent in small-mid markets. "Guaranteed made by a human using a computer and fingers to type on a keyboard."

 

[TheBigA]

But boy do they have MILLIONS to spend on that iHeart Radio Festival, the iHeart Awards, the iHeart this and iHeart that...

Those are sponsored NATIONAL events. They make money on them. Local advertising money is drying up because of national retail chains.

 

[BostonRadioListener]

There is no company I hate more than IHeart.

It seems like all local talent was eliminated in Spokane as well.

But boy do they have MILLIONS to spend on that iHeart Radio Festival, the iHeart Awards, the iHeart this and iHeart that...

The pink-slipped talent sure aren't 'i-hearting' the loss of their jobs...some for over 30 YEARS!!!

"Guaranteed human" my a$$. Give it a year, and they will have "AI" talent in small-mid markets. "Guaranteed made by a human using a computer and fingers to type on a keyboard."

There’s no company in earth I hate more than IHeart. Ruthless, pathetic company that’s just raped this industry. They are gutting entire markets now. Long term dedicated lifetime employees and all of their colleagues in entire markets—eliminated yesterday.

It is not hyperbole: the industry exists today TO SERVICE ITS DEBT. IHeart is the poster child. A living example of everything that’s wrong with radio.

 

[TheBigA]

It is not hyperbole: the industry exists today TO SERVICE ITS DEBT. IHeart is the poster child. A living example of everything that’s wrong with radio.

FYI, iHeart has been laying off staff regularly for almost 20 years. Almost none of that money went to service corporate debt.

The reason staffs in these markets are gone is because the local advertising no longer is enough to cover their salaries. Costs keep going up, while revenues stay about the same.

This isn't about servicing debt. This is about shifting resources from a declining broadcasting business to a growing digital business.

Podcasts Help Brighten iHeart Quarterly Earnings Report

iHeart Media's quarterly results reveals the strength of podcasting to its bottom line.

www.forbes.com

 

[freqlost]

Jameson is done at WZLX

 

[BostonRadioListener]

FYI, iHeart has been laying off staff regularly for almost 20 years. Almost none of that money went to service corporate debt.

The reason staffs in these markets are gone is because the local advertising no longer is enough to cover their salaries. Costs keep going up, while revenues stay about the same.

That may be the single craziest thing I ever read.

Let me inform you what’s going on.

IHeart lives for the sole purpose of servicing its debt. Period.

IHeart Debt totals $5.04 BILLION.

Thats 50% more than its annual REVENUES.

IHeart’s cash flow BARELY services the interest on its debt. Debt service is every penny they make.

It literally exists to service debt. Dollar for dollar And it can only do that NOW by extinguishing entire markets ….every employee in the building.

IHeart represents everything wrong with free enterprise.

 

[TheBigA]

That may be the single craziest thing I ever read.

So you believe that the advertising revenue these stations make is enough to cover all of the increasing costs of rent, salaries, insurance, etc?

Read the Forbes article:

iHeartMedia reported Quarter One 2026 results on May 11, 2026, showing a 9.6 percent revenue increase to $884 million driven by a 26.9 percent surge in podcast revenue ($147M). However, adjusted EBITDA fell 11.4 percent to $93 million due to soft ad markets, and the company announced further cost-cutting, posting a $96 million net loss.

Soft ad markets. That's where the money comes from to pay local talent. Here's more from Forbes:

While traditional radio ("multiplatform") revenue has faced challenges, iHeart’s Digital Audio Group—led by podcasting—has shown strong, consistent growth. One of iHeart’s competitive advantages is that it can leverage local sales by utilizing its massive local sales force of over 1,000+ people to monetize podcasts locally, which has been a major factor in their revenue growth.

People are using digital media. That's what you're doing right now.

IHeart’s cash flow BARELY services the interest on its debt. Debt service is every penny they make.

Once again, that's not what the problem is. The problem is local advertising revenue isn't enough to keep up with rising costs.

The big markets, such as Boston, are paying for the smaller markets.

Their digital business is where the growth is. By next year, iHeart's digital revenue will exceed broadcasting. So this is about shifting expense to where the growth is. Every business has debt. There is nothing iHeart can do that will change people's behavior from using their phones to using radios. So they need to transfer their staff to where the audience is. That's not broadcast radio.