Radio giant iHeart Media cuts hundreds of jobs amid industry struggles

Hundreds of jobs will be cut at iHeart Media as the debt-laden radio and podcast giant is squeezed out of music streaming, The Post has learned.

The company led by CEO Bob Pittman has cut less than 5% of a workforce of more than 10,000 employees, a source with knowledge said, amounting to hundreds of job losses as the company improves its business and eliminates redundancies.

Wendy Goldberg, an iHeart spokeswoman, confirmed the layoffs. She noted that the company is focused on expanding its Gen Z audience and that its broadcast radio audience has “more listeners than 10 years ago.”

“Although very few jobs have been affected in a company of 10,000 people, there have been some and we never take this step lightly, however few jobs it brings; every member of the team is important to us and has our respect and appreciation.”

The firm began laying off workers on Monday and the layoffs will continue on Tuesday, which an iHeart employee called “despicable.”

“They want to bury the bad news during the presidential election,” the source said.

At X, several laid-off employees have already posted about the layoffs.

“Today was my last @SportsTalk790as iHeart executes nationwide layoffs,” Stan Norfleet, host of Houston’s SportsTalk 790, tweeted late Monday.

“Yes, I was taken by surprise, as I had just agreed to an extension,” he added. “That said, I remain forever grateful for the opportunity! I have the utmost confidence that next season will be just as rewarding. Thank you!”

The company, which operates approximately 860 stations in over 160 U.S. markets, has approximately $5.21 billion in total debt and $4.85 billion in net debt, the firm said in its second-quarter earnings report.

“I’ve heard that iHeart is going through a major restructuring,” a senior radio executive who doesn’t work at iHeart told The Post. “They need to show their lenders that they are improving earnings.”

“I hear there’s a lot of pressure on Pittman to stem the tide.”

The source also noted, however, that Pittman and iHeart CFO Richard Bressler both still have access to a private jet. According to securities filings, iHeart leases planes at a cost of $42,000 a month.

“You’ll know they’re serious when they fly commercial,” the source said.

The newest debt at iHeart is now trading below 60 cents on the dollar, the source said. Revenues in the overall radio industry are down 10% this year, the source said.

“Great way to start a Monday, a little ‘life’ news,” Marty Bannister, a local talk show host who focuses on college and pro sports in Ohio, wrote on X.

“Due to company cuts, my position at @iHeartRadio has been eliminated. Thanks to everyone who listened to our ‘The Press Box’ show, we had fun and once again local radio misses. I’ve been through this before and it will come back like it always does.”

Other cuts included Jay Recher and Zac Blobner, who co-hosted the Tampa Bay radio sports show on 95.3 WDAE. Both men posted about the cuts, with Blobner saying he was “blindsided” by being laid off.

In August, the Wall Street Journal reported that iHeart hired law firm Simpson Thatcher & Bartlett to lead negotiations with creditors to restructure its huge debt load. The law firm did not comment.

San Antonio, Texas-based iHeart emerged from bankruptcy in 2019 after reducing its debt to less than $6 billion from more than $16 billion. But the company continues to struggle with generating enough cash to pay off debt.

For the quarter ended June 30, revenue rose 1% due to an increase in digital audio advertising, although adjusted earnings fell 21.4% year-on-year, driven by higher expenses.

The paper reported that iHeart faces a slew of debt maturities in 2026, 2027 and 2028 that total nearly all of its $5.2 billion debt load.

The company reports third-quarter earnings on Thursday.