iHeartMedia Fires Thousands of Employees

It's been a bloodbath" says Steve Knopper with Billboard magazine as thousands of radio professionals lost their jobs all over the country today.  The nation’s largest owner of radio stations is reportedly undergoing massive layoffs nationwide.  The company recently paid its top executives 33 million in bonuses and today it's estimated somewhere between 1,200 to 2,500 terminated employees today.

iHeartMedia, formerly known as Clear Channel, has now terminated more that 10,000 Americans.  iHeartMedia's recent bankruptcy ranked among the largest in recent US corporate history. The company listed $12.3 billion in total assets and $20.3 billion in debt in its recent Chapter 11 bankruptcy petition.