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iHeartMedia to Save $200M Annually Through Cost Cuts, Embrace of Technology
iHeartMedia's earnings showed that the radio giant will save $200 million via cost cuts and technology improvements.
“The transaction support agreement marks an important step in our effort to optimize our balance sheet, and it provides the company with the flexibility to remain focused on iHeart’s transformation.” The disclosure about cost savings and revamped debt comes days after news broke that iHeartMedia had laid off dozens — hundreds, according to one report — of staffers from radio stations around the country. Pittman called the layoffs part of iHeartMedia’s “modernization journey” that will create a flatter organization, eliminate redundancies and make it easier to do business with the company.
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