//iHeartRadio proprietor lays off dozens together with well-liked hosts

iHeartRadio proprietor lays off dozens together with well-liked hosts

Dozens of well-liked radio personalities throughout the U.S. have been laid off as station proprietor iHeartMedia introduced a serious “reorganization” this week.

IHeartMedia, which describes itself as “the number one audio company in America” and owns greater than 850 radio stations, introduced the reorganization as a technique 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 enable the corporate to modernize its operations and infrastructure.

Ticker Safety Final Change Change %
IHRT CC MEDIA HOLDINGS INC 17.00 -0.30 -1.73%

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“IHeart is the uncommon instance of a serious 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 property alone, greater than another media firm,” Pittman mentioned.

Mason Lafayette the afternoon host of Cell, Alabama’s MIX 99.9 (WMXC) is likely one of the iHeart cuts. He was additionally the station’s Sr. Vice President of Programming.

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 an inventory of dozens of iHeartMedia workers 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 have been eradicated, however advised 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.

Singer-songwriter Taylor Swift performs on her 30th birthday at Z100’s iHeartRadio Jingle Ball 2019 at Madison Sq. Backyard on Friday, Dec. 13, 2019, in New York. (Photograph by Evan Agostini/Invision/AP)

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IHeartMedia additionally named 9 senior executives on Wednesday who will function division presidents below 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.

WKRD sports activities discuss Afternoon hosts John Ramsey and Mike Rutherford at the moment are out, not again after the iHeart layoffs

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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.

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