What would the world be like for American conservatives if Rush Limbaugh, Sean Hannity, Mark Levin and Dave Ramsey were suddenly no longer on the airwaves?
Sadly, we just might be about the find out following the First Quarter 2017 report announced Thursday by iHeartMedia, formerly known as Clear Channel Communications. After warning investors it would include the dreaded “going concern language”—a sign that company questions whether or not it will be able continue in the immediate future—the troubled media giant offered a very bleak outlook, indeed.
“Our consolidated revenues, operating income and OIBDAN declined in the first quarter,” iHeartMedia President, COO, and CFO Rich Bressler said. “Adjusting for sales and foreign exchange, however, our revenues increased. At the iHeartMedia segment, this quarter marked the 16th consecutive quarter of year-over-year increases in revenue. We remain focused on balancing financial discipline with investments to grow our businesses while continuing to work on our capital structure.”
The might sound like good news, but iHeartMedia faces a $20 billion debt load that it’s still been unable to shake off, and much of that debt is about to come due. With only $365 million cash on hand, it has a structured $350 million debt payment due later this year, and another $8.3 billion that will come due in 2019.