Rush Limbaugh and iHeart Radio in Financial Jeopardy. The End is Nigh!

by pentupnrgy –

Limbaugh may finally be history! After all the consumer boycotts of products airing on Limbaugh’s nationally syndicated hate filled spew show, they may finally have worked:

The parent company of iHeartCommunications, which syndicates programs by conservative talk-show hosts Rush Limbaugh and Sean Hannity, appears to be headed toward bankruptcy. 

In a statement filed last week with the Securities and Exchange Commission, the federal agency charged with regulating companies that offer investments to the public, iHeartCommunications’ parent company, iHeartMedia Inc., said that it had “substantial doubt” that it would be in business by the middle of next year.

www.salon.com/…

Being in an expensive, dying and controversial industry isn’t good for stock prices, which is why in 2008, iHeartCommunications became a wholly owned subsidiary of iHeartMedia in a $24 billion stock buyout transaction initiated by Bain Capital, the investment firm for which past GOP presidential nominee Mitt Romney labored for many years.

That buyout option saddled iHeartMedia with a huge amount of debt, almost $350 million of which is about to come due.

www.marketwatch.com/…

iHeartMedia said on Thursday that it anticipates it will disclose “substantial doubt” in its next quarterly earnings report about its ability to continue as a going concern, because of its debt maturities and uncertainties around the swaps.

Buyout firms Bain Capital LLC and Thomas H. Lee Partners LP acquired iHeartMedia in 2008 for $24 billion.

www.reuters.com/…

The (iHeart) of the problem is Limbaugh himself. In my opinion, he’s an egregious, fatuous, hypocritical, racist, misogynistic, homophobic bigot who spews hate in order to line his pockets.

In recent years, Limbaugh has been dropped by several of his long-time affiliates, including some very powerful ones: He’s gone from WABC in New York, WRKO in Boston and KFI in Los Angeles, for example, and has in many cases been moved onto smaller stations with much weaker signals that cover smaller areas.

Five years after Limbaugh called Georgetown law student Sandra Fluke a “slut” on air, spurring a major boycott movement, most national advertisers won’t touch him and still refuse to advertise on his show.

Lets hope that Limbaugh brings down the whole “hate radio” platform and that he takes Hannity, Savage and Mark Levin along with Roger Ailes and Bill O’Reilly… into obscurity.

 

Reprinted with permission from Daily Kos