My 30 years in radio were fun and rewarding, however as we move farther into the new millennium the actions by the Big 3 Radio operators continue to amaze me. In their third, joint amended Chapter 11 plan filed this week, iHeart's massive 400-page document said some crazy things.
First, they said that Cumulus got to wipe out half their debt in a Bankruptcy re-organization, so they should get to do the same. Second, they said that their revenue will decline due to market predictions. Finally, they said any delay in the bankruptcy plan's approval could cause them to have more losses. iHeart had said it hopes to wipe away $10 Billion or HALF of their $20 Billion in debt.
I ask you, why can't they wipe away half the clueless executives who were at the wheel destroying this company all these years? The definition of insanity is doing the same thing over and over and hoping for a different result! When will the madness end?
The first two of the Big 3 Radio companies have already ruined 2 companies, hundreds of radio stations and thousands of lives! Next, Entercom was all too happy to think they can build a better radio mousetrap and already we are seeing cracks in their armor! So why can't radio, with 93% of listeners every week, make money?
It is not massive dept loads, weak revenue predictions or social media and digital advertising. It's WEAK leadership from the top. The problems at Cumulus, iHeart and now Entercom/CBS can be traced to their leaders and their poor decisions. Why can't these companies re-invent themselves like McDonald's, Apple, Netflix or Amazon?
I can tell you why. They do not value employees or customers and they don't listen much to either of them. Instead they make decisions in corporate offices with little regard to what their listeners or local advertisers need! No matter how much debt iHeart cuts away their broken business plan will NOT succeed!
Therefore, we work with independent radio operators! They value employees and listen to their input. They work with local businesses to get the results they want and do not try to convince them that they are looking at the wrong problems! They develop fun ideas within their communities that make them unique.
If you are from a Big 3 Radio company don't even call us, we won't take your call. We will be working with the independent stations in your market! Lucky for us you are slowing down because you already know that revenue WILL decline!
Call the Media Store today and we will show you how to cash in on the $50 Billion in growth from digital between now and 2021!