IHeartMedia Inc., the biggest U.S. radio-station owner, filed for bankruptcy with a plan to halve its debt load of more than $20 billion, the legacy of a leveraged buyout that hobbled the company as the digital era spawned new rivals.
IHeart, with about 850 radio stations and 17,000 employees worldwide, filed for Chapter 11 protection on Wednesday in Houston, a move that allows iHeart to keep operating while it tries to cement its turnaround plan. The deal still needs approval from the court and some holdout creditors, and the company could hear again from John Malone’s Liberty Media LLC, which has said it wants a stake in the reorganized media giant.
“Achieving a capital structure that finally matches our impressive operating business will further enhance iHeartMedia’s position as America’s #1 audio company,” Chief Executive Officer Robert Pittman said in a statement. Read More
Facebook’s News Feed is very much a moving target these days. In early January, the company tweaked the News Feed to emphasize posts from friends and family. In practice, that means that users will see fewer organic posts from brands and publishers. More recently, CEO Mark Zuckerberg said that the platform will highlight more local news.
Some have speculated that Facebook’s identity crisis will cause a downward spiral. Business owners might want to consider advertising elsewhere while Facebook figures out what it wants to be. That may be bad news for some. Startups in particular have become adept at using Facebook’s ad-targeting capabilities. But as I’ve been arguing for some time, Facebook is a poor vehicle for advertising messages, especially video. With these latest News Feed changes, ad prices are likely to rise.
If Facebook ads have been a mainstay of your media diet, you might want to ponder how you can take advantage of changes caused by these News Feed tweaks. Here are five ways to do that: