What lessons did we learn? Are we ready to stay one step ahead and convince advertisers, national and local, of radio’s power? Is radio ready? Most broadcasters have been here before.

None of these situations guarantee another 2008 for the economy, but it appears iHeart is preparing for the worst.

This would protect financial institutions from a “run on the bank.” In the wake of Silicon Valley Bank and Signature Bank cratering, Bloomberg reported The Mid-Size Bank Coalition of America sent a letter to Treasury Secretary Janet Yellen, the FDIC, the comptroller of the currency, and the Fed on Saturday asking for a two-year suspension of the FDIC’s deposit insurance limit. That’s the largest spike in borrowing since 2008 and more than three times the amount from 2020.īerkshire Hathaway’s Warren Buffett has been called in by the Biden administration to advise the growing tension as more banks face collapse, including potential capital injection from Berkshire. The Wall Street Journal reports record-breaking borrowing by banks from the Federal Reserve’s discount window to the tune of $152.8 billion. But mumbles and groans aside, there was a definite economic shift this past week that radio should not ignore. It’s important to note here that no layoffs were announced.

This was received with the usual industry disgruntlement and attitude toward previous iHeart actions and RIFs, especially following the company’s record Q4 earnings call. We appreciate your commitment to iHeart, to our communities and to our partners, and we are confident we will successfully navigate through this period and be well-positioned for growth when the economic pressures subside.” - Bob and Rich These measures are part of our proactive plan to keep our company healthy in the economic slowdown and to be fully ready for an economic recovery.

Stopping or reducing all discretionary spending, including non-essential T&E, overtime, outside vendor spend, temporary contractors, etc.

We will only be backfilling mission critical roles.

Please note that any contributions made so far in this year will not be affected.

Temporarily suspending the 401(k) match starting in your next pay period and for future months until the advertising marketplace improves.

Therefore, we’ll be implementing the following necessary cost savings:

Our goal is to do everything we can to get through this difficult economic time while protecting our employee base as much as possible.

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