It has to be this way, however. It has been this way for as long as I can remember. That's what years of mismanagement and ineptitude do to businesses and, in traditional radio's case, an entire industry.
How Pittman and other Clear Channel executives can look their employees, investors and the public in the face touting the company's digital presence, iHeart Radio, and clout with listeners and advertisers is beyond me. Have they looked at the balance sheet? Have they looked at how they singlehandedly killed and continue to kill an entire medium?
I receive an email each day from RadioInfo.com -- it's basically a shill for the dying industry. On Wednesday, the two lead stories:
And it doesn't have to be -- Mel Karmazin, a former terrestrial radio guy, found a way to competently dig Sirius XM (SIRI) out of a similar jam. Clear Channel -- what a hellish place to work. That's not just conjecture on my part. I know people who have worked there, work there now and will likely get chopped sooner or later. It's business, I realize this. But, at some point, can we humanize this type of thing? Can we have a serious discussion about how a CEO like Bob Pittman can have a dream contract while sacrificing employees left and right? Companies such as Clear Channel screw real people each and every day. We're talking about people who do not make much money. Receptionists. Sales assistants. Board operators. Producers. Many of these folks have annual salaries in the teens and twenties and hourly earnings as low as minimum wage.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV