Despite the streaming app, the iHeartRadio Music Festival, and such, iHeartMedia isn’t flourishing we’d like to think. Bob Pittman, the visionary who created MTV, has had less success with iHeartMedia, the radio network formerly known as Clear Channel. The multi-platform company is $21 billion in debt, and industry experts don’t see how Pittman can turn it around. Jerry Del Colliano, of Inside Music Media, says, “I’d be surprised to see Pittman at the helm . . . when it files for bankruptcy . . . Look at his résumé, and you’ll see that when the going gets tough, Pittman gets going — out the door.” SEC filings show Pittman, a perennial at the Burning Man festival, will get a $7.5 million golden parachute when he exits. The documents also show that his corporate perks include $900,000 in aircraft usage (Pittman is an accomplished pilot), $160,000 for security and $140,000 in car services. Calls to iHeartMedia were not returned. (via Page Six) What could the company do to turn it around? There’s so many other companies out that specialize in the same areas that it is almost impossible to compete. It will be interesting to see how Mr. Pittman handles this though.
