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iHeart begins slashing jobs ahead of earnings report

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mkeys@thedesk.net

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The San Francisco office of iHeartMedia. (Photo via Wikimedia Commons)

Radio broadcaster iHeart Media has begun eliminating hundreds of jobs at its local stations across the country, just days before the company is set to disclose its revenue for the third financial quarter of the year.

Around five percent of iHeart Media’s workforce will receive layoff notices over the coming days, and some have already been notified that their jobs have been eliminated, according to numerous reports published this week.

On Monday, on-air hosts and behind-the-scenes workers in Philadelphia, Chicago, Boston, San Francisco, Houston, Des Moines and Cleveland were among dozens of employees who were told they no longer had a job.

In a statement, a spokesperson for iHeart Media confirmed that the company employed around 10,000 workers at its local broadcast stations and national audio divisions, and characterized the layoffs as affecting “very few jobs.”

In addition to its traditional radio broadcasting business, iHeart Media operates digital advertising and podcast units.

iHeart Media is expected to report its Q3 earnings on Thursday. Three months ago, the company said it had more than $5 billion in overall debt, and earned just $929 million in net revenue, which was mostly flat when excluding political advertising spend.

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About the Author:

Matthew Keys

Matthew Keys is the award-winning founder and editor of TheDesk.net, an authoritative voice on broadcast and streaming TV, media and tech. With over ten years of experience, he's a recognized expert in broadcast, streaming, and digital media, with work featured in publications such as StreamTV Insider and Digital Content Next, and past roles at Thomson Reuters and Disney-ABC Television Group.
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