iHM Memo Rallies Staff, Reorganization Hearing Delayed

RADIO ONLINE | Thursday, December 6, 2018 | 10:57pm CT

iHeartMedia Chairman/CEO Bob Pittman and President, COO and CFO Rich Bressler have sent a memo to its employees in advance of the company's emergence from Chapter 11 bankruptcy on how to interpret press and public reaction to the company's restructuring. In the memo, they write, "there continues to be a lot of press around our restructuring so we wanted to send you an update to give you some perspective on it." They went on to cite a number of facts to bolster the company's image. These included:

• Being "the number one audio company in America" with "greater reach than any media property in the U.S., including Facebook and Google," or abount 91% of Americans each month
• An audience "twice the size of the next radio competitor and seven times their size in digital audience" and twice the "social footprint" of Netflix
• "The number one commercial podcasting company by a wide margin"
• "A consumer master brand that stands alone in the audio space"
• "A unique position on smart speakers"
• "The only audio company that has a significant presence on Youtube and Snapchat"
• Data analytics, programmatic, and attribution tools equal to digital players

The memo concluded, "When you hear that people are interested in iHeartMedia in any form, take it as a compliment. It's validation of our strong operating business and the unique position we have in the media business, and how our value increases once we have fixed our debt issues. We are truly a one of a kind company, and let's never forget that we've gotten here through hard work and great thinking from you and everyone else on our team."

In related news, a stipulation submitted to U.S. Bankruptcy Court reveals that iHM and major creditor Wilmington Savings Fund Society are still working out iHM's emergence from Chapter 11. As a result, the hearing date for the reorganization plan was moved from December 11 to a future unspecified date.

NAB Urges FCC to Modernize Local Ownership Rules National Association of Broadcasters (NAB) The National Association of Broadcasters (NAB) has filed comments with the Federal Communications Commission (FCC) in the agency's 2022 Quadrennial Review, calling for the elimination or relaxation of long-standing local broadcast ownership limits, with particular emphasis on radio deregulation. In its More

Civic Media to Acquire WNOV 860, Milwaukee Courier Civic Media Civic Media has agreed to acquire heritage Urban News/Talk WNOV (860/106.5) in Milwaukee along with the weekly Milwaukee Courier newspaper, assuming responsibility for station programming and newspaper publication on January 1. As part of the transition, current WNOV owner Mary More

Dan Bongino to Exit FBI, Signals Return to Radio Dan Bongino Dan Bongino, previously one of the most prominent conservative spoken-word voices in U.S. media, has confirmed he will leave his role at the Federal Bureau of Investigation in January, a move that points to a potential return to national radio. Bongino announced his departure Tuesday on social media More

MIW Sets Management 101 Leadership Webinar Jan. 15 Mentoring and Inspiring Women in Radio (MIW) Mentoring and Inspiring Women in Radio (MIW) has announced an upcoming professional development webinar, Management 101: Becoming an Impactful Leader, scheduled for January 15 at 2pm ET. The one-hour interactive session will bring together senior executives from across the audio and media industry to More

Study: 76% Buy After Podcast Host Recommendations Audacy Insights A new study from Audacy Insights highlights the measurable impact audio creators have on consumer purchasing behavior, particularly in podcasting and radio. According to Audacy's Audio Creator Impact Study, 76% of podcast listeners say they have purchased a product or service after hearing a recommendation More

Saga Communications Repurchases 184,215 Shares Saga Communications Saga Communications has completed a privately negotiated stock repurchase, buying back 184,215 shares of its common stock for approximately $2.1 million, or $11.50 per share. The repurchased shares represent about 2.8% of Saga's outstanding common stock, based on 6,556,621 shares More