IHeartMedia, which describes itself as “the number one audio company in America” and owns greater than 850 radio stations, introduced the reorganization as a approach to group its markets “by common needs and characteristics” into three divisions. CEO Bob Pittman mentioned in a press launch Tuesday that iHeartMedia’s transfer will permit the corporate to modernize its operations and infrastructure.
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“IHeart is the uncommon instance of a significant media firm that has made the profitable transformation right into a 21st century media firm — one with unparalleled scale, reaching 91 p.c of People every month with our broadcast belongings alone, greater than another media firm,” Pittman mentioned.
The corporate didn’t point out the layoffs related to the reorganization, however Billboard reported Tuesday that one staffer described it as “a massacre.” RadioInsight compiled a listing of dozens of iHeartMedia staff who misplaced their jobs within the company reshuffling, together with on-air expertise, producers and administration at stations throughout the nation.
An iHeart spokesperson didn’t specify the variety of jobs that had been eradicated, however informed FOX Enterprise that the quantity is comparatively small due to the corporate’s worker base of 12,500.
“That said, we recognize that the loss of any job is significant; we take that responsibility seriously and have been thoughtful in the process,” the spokesperson mentioned.
IHeartMedia additionally named 9 senior executives on Wednesday who will function division presidents beneath the brand new organizational system.
“It’s an exciting time at iHeart as we launch our new markets group structure to capitalize on our unparalleled reach and groundbreaking technology to create one-of-a-kind platforms and services for our employees, partners and listeners,” Greg Ashlock, president of iHeartMedia’s markets group, mentioned in a press launch. “Our nine division presidents bring a complementary portfolio of knowledge, leadership and diverse functional expertise that will position us well as we continue to transform and modernize as the leader in the audio space.”
IHeartMedia’s inventory value was up shut to three p.c Wednesday afternoon.
The strikes got here as Division of Justice officers have been contemplating whether or not to dam Liberty Media’s plans to purchase iHeart, The New York Post reported. Liberty, which owns SiriusXM satellite tv for pc radio, additionally has a 4.eight p.c stake in iHeart. It has reportedly caught the attention of antitrust officers with its not-yet-official plans to purchase the radio large.
IHeartMedia emerged from chapter final yr after in search of safety to scale back its debt by greater than $10 billion in 2018.