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Breaking News: IHeart absolute Bloodbath across US Today

B

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.
 
BostonRadioListener said:
Dont know what the impact on Boston is..
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So far nothing as far as I've seen.
BostonRadioListener said:
$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.
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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.
 
TheBigA said:
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.
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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.
 
PTBoardOp93 said:
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.
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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.
 
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.
 
sacredcod said:
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.
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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.
 
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."
 


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