iHeartMedia Still Owes Artists $16.4 Million. Now, It Wants to Pay Itself $108 Million in Bonuses | WHAT REALLY HAPPENED


iHeartMedia Still Owes Artists $16.4 Million. Now, It Wants to Pay Itself $108 Million in Bonuses

The bad news? Current stockholders would only get a 1% share. The other 99% would belong to 2,021 noteholders and junior noteholders. Private equity owners had lost their entire $2 billion investment.

In addition, iHeartMedia’s bankruptcy filing revealed the staggering amount it owed artists. Including those tasked with paying royalties, the radio and online broadcaster owes $16.4 million.

Clearly not worried about paying off this debt, iHeart’s Compensation Committee presented its 2018 Key Incentive Plan. For running the company into the ground, CEO Bob Pittman would receive $9.3 million in bonus payments. COO Richard Bressler would get $5.3 million, and General Counsel Robert Wells will earn $900,000.

Comments

lol

z00mcopterdown

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