iHeartMedia, the world's largest broadcast company, has initiated significant layoffs affecting hundreds of employees from its 10,000-strong workforce. The company cites the need to eliminate redundancies and streamline operations as music streaming continues to dominate the industry.

Company spokesperson Wendy Goldberg confirmed that while the cuts affect "less than 5%" of employees, the impact is significant. The company maintains its broadcast radio audience has grown over the past decade and emphasizes its focus on expanding its Gen Z audience.

Key developments:

• Radio industry revenue is down 10% this year
• iHeart's junior debt is trading below 60 cents on the dollar
• The company remains the leading podcast publisher
• Employees criticize the timing of layoffs during election week

Despite these challenges, iHeartMedia continues to position itself as a digital media leader, claiming to be "five times the size of the next largest digital-radio service" and maintaining its status as the top podcast publisher in the market.

Related Articles

Previous Articles