There is nothing quite like seeing Bob Pittman, corporate owner of hate salesmen like Rush Limbaugh, Sean Hannity, Michael Savage, and Glenn Beck, on his knees.
President of iHeartMedia Pittman is begging a San Antonio judge to give him a restraining order. But the radio stations’ owner doesn’t have a stalker or a crazed ex-wife. No, he wants a restraining order to keep his creditors from putting the hate-radio company in default and bankruptcy.
It seems his 850 radio stations, spread out across the country, are in danger of going under, because Pittman owes $20 billion to his creditors. It is impossible to feel sorry for the “hate radio” generator of mass racism, xenophobia, homophobia, and misogyny. Pittman is responsible for spreading incredibly ignorant ideas across the country, ideas that have caused untold damage between family members and other groups of people.
Hate sold, but people decided to take matters in their own hands. Almost 140,000 people have signed onto a petition to boycott Pittman’s sponsors, hitting him where it hurts the most: in his wallet.
Even though Pittman could see the power of the people when they boycotted Rush Limbaugh for the past three years, he plowed ahead sewing his seeds of hatred. He has been more committed to hatred than losing millions of dollars.
The Limbaugh boycott didn’t topple the company, but it did hurt the iHeartMedia brand and lost thousands of listeners who frequented his sponsors.
In 2008, GOP presidential candidate Mitt Romney’s Bain Capitol bought iHeartMedia, so that he could control the media. Those who control the media can win the elections, with a little luck. Romney wasn’t lucky. In 2015, iHeartMedia earned $6.5 billion in profits, but they had to pay out $1.74 billion in expenses.
That lost them a net $661 million. According to “Billboard” reports:
‘A group of creditors claimed Monday that iHeartMedia had violated the lending agreement by shifting money from one division of the business to another. The company is seeking a temporary restraining order and a permanent injunction that would provide time to resolve the matter before its debt goes into default. iHeartMedia disagrees with the lenders, saying in a statement that the contribution “constituted a permitted investment under, and fully complied with, our financing agreements.’
‘The event in question was iHeartMedia’s transfer of a $200 million dividend from Clear Channel Outdoor Holdings, Inc., it’s outdoor advertising company, to a subsidiary, Broader Media LLC. The senior debt holders — senior because they have the first claim to assets if a company goes out of business — believe the stock transfer constitutes a default and might call their debt within 60 days. That default would have a cascading effect, triggering defaults on other debts the company owes.’
The judge gave Pittman a 14-day restraining order, but that is probably not enough time to appease the creditors. People have used their individual buying power to take down this ugly radio giant. We can look forward to the radio waves cleansed of the horrible, hateful propaganda. Good.