Radio giant iHeart Media is cutting hundreds of jobs

Hundreds of jobs will be cut at iHeart Media, the radio and podcast giant struggling under a crushing debt load, 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 streamlines its business and eliminates layoffs.

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

“Although in a company of 10,000 people very few jobs have been affected, there have been some and we never take this step lightly, no matter how few jobs it entails; every team member is important to us and has our respect and appreciation.”

The company began laying off employees Monday and the layoffs will continue Tuesday, which an iHeart employee called “sneaky.”

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

On X, some laid-off employees have already written about the cuts.

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

“Yes, I was caught off guard as I had just agreed to an extension,” he added. “That being said, I am eternally grateful for the opportunity! I have the utmost FAITH that next season will be just as rewarding. Thank you!”

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

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

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

However, the source also noted that Pittman and iHeart CFO Richard Bressler both still have access to a private jet. According to 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 most junior debt at iHeart now trades below 60 cents on the dollar, the source said. Revenue in the overall radio industry is down 10% this year, the source said.

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

“Due to company cutbacks, my position at @iHeartRadio has been eliminated. Thanks to everyone who listened to our show ‘The Press Box’, we had fun and once again local radio loses. Been through this before and will be back as always.”

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

In August, The Wall Street Journal reported that iHeart engaged the law firm Simpson Thatcher & Bartlett to conduct negotiations with creditors to restructure its heavy debt load. The law firm has not commented.

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

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

The Journal reported that iHeart faces a string of debt maturities in 2026, 2027 and 2028, which equates to virtually all of its $5.2 billion debt load.

The company reports profits for the third quarter on Thursday.