The number 1 and number 2 largest radio networks in the USA are about to go out of business.The truth of the matter is that radio sucks so badly that no one is listening any more. I have not listened to a radio station in my car in seven years. I do not believe I am unique in this regard. People young and old are abandoning radio, even though it is FREE to listen, because it so awful they can't even give it away.
A key group of creditors rejected iHeartMedia Inc.'s latest debt restructuring proposal, and countered with their own deal that requires the company to file for chapter 11, the company disclosed on Thursday.The industry is trying to pretend that these networks are going down because of competition from the Internet, but they owe SO much money. According to the article, iHeart owes $15.5 BILLION dollars right now. That's like a squadron of B2 bombers.
The latest development in long-running restructuring negotiations at iHeart, the largest radio network in the U.S. by number of stations, comes a day after Cumulus Media Inc., the second-largest, filed for bankruptcy, succumbing to billions of dollars of debt and competitive pressures from digital platforms.
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