Newly-appointed FCC chairman Brendan Carr is requesting information from iHeartMedia over whether the company is offering airplay to artists in exchange for free shows.
S&P Global called the debt restructuring “tantamount to a default” because “lenders will receive less than originally promised without offsetting adequate compensation.”
The new filing, which claims UMG “funneled payments” to iHeartRadio as part of a “pay-to-play scheme," sheds new light on the blockbuster dispute.
Also this week: Keith Richards joins Reliant, a Chinese music platform says its president left months ago and Sony Publishing's U.S. sample clearance team promotes leader.
Technology "enables our folks to create more, better and faster," said CEO Bob Pittman on Thursday's earnings call for the radio giant, which saw a 5.8% revenue increase in Q3.
The possibility of less regulation and pro-market policies led to record highs for the Dow, S&P 500 and Nasdaq composite indexes.
A spokesperson says "very few jobs" have been affected in the 10,000-employee company.
Also this week: Triller has a new CEO, the Academy of Country Music elects a board and The Orchard appoints a head of South Korea.
The digital audio segment accounted for 31% of iHeart's revenue, up from 28% a year earlier.
Amid heavy debt loads, advertising declines and competition from streaming, stations are eliminating often highly paid a.m.-drive talent.
