Radio giant iHeart Media slashes hundreds of jobs amid industry struggles

Company Overview - iHeart Media is facing significant challenges due to its $5.21 billion total debt and $4.85 billion net debt, which has led to job cuts as part of a business streamlining effort [3][4][6] - The company operates approximately 860 stations across over 160 US markets [3][4] Layoffs and Workforce Impact - The company has announced layoffs affecting less than 5% of its workforce, which amounts to hundreds of job losses [1][2] - Layoffs began on a Monday and continued into Tuesday, with some employees expressing surprise and disappointment over the timing of the announcements [2][5] Financial Performance - For the quarter ending June 30, revenues increased by 1% due to a rise in digital audio advertising, but adjusted earnings fell by 21.4% year-over-year due to rising expenses [7] - iHeart Media is facing a wave of debt maturities in 2026, 2027, and 2028, which will impact its ability to manage its debt load effectively [7] Strategic Moves - The company has engaged law firm Simpson Thatcher & Bartlett to assist in negotiations with creditors regarding its debt restructuring [6] - iHeart Media previously emerged from bankruptcy in 2019, reducing its debt from over $16 billion to less than $6 billion, but continues to struggle with cash flow [6]