Country Aircheck Weekly (4/17)

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"We're there to build the brand and grow the fan base either way."





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CRS 2017 Daily Buzz

Top Stories

» What's That Ticking Sound?iHeartMedia filed a preliminary Q1 2017 earnings report yesterday (4/20) showing a 2.4% decline in revenue from the same period last year to $1.33 billion. The filing reveals that the company is analyzing on a quarterly basis "whether there is substantial doubt about our ability to continue as a going concern for a period of 12 months following the date our [complete Q1] financial statements are issued." iHeart has $317 million in debt obligations maturing this year, $324 million in 2018 and $8.4 billion due in 2019. No word on when the final Q1 report will be released.

Concurrently, several iHeartMedia lenders have entered into a cooperative agreement to oppose the company's proposed debt overhaul, according to Reuters. Representing more than half of term loan holders, the creditors are urging the company improve its current loan swap offer or come up with an entirely different solution. "Bondholders and creditors don't feel they've been offered enough," Covenant Review's Anthony Canale tells Reuters. "The company's behavior has been extremely aggressive, and may have resulted in some hurt feelings and emotions that may be further complicating this." Read more here.


» Sold One: The website has been purchased from Acumen Brands by investors David KinneyPatrick Harris and Managing Editor Lauren Cowling. "We've been following One Country for a long time and we're excited about its potential and what that means for Country music and brands hoping to connect with its unique and robust audience," says Kinney. TV and radio personality Kelly Sutton will continue to be a correspondent and Erin Duvall will remain Editor.


» Horse Power: Aubrie Sellers has joined the main stage lineup at the fifth annual Faster Horses Festival July 21-23 in Brooklyn, MI (CAT 1/31). The event has also added a "Next From Nashville" stage that includes Drew BaldridgeBailey BryanAdam CraigRyan KinderLancoJon LangstonJackie LeeWalker McGuireMidlandMuscadine BloodlineDylan ScottSmithfieldNatalie StovallWhiskey Myers and Drake White and The Big Fire. Complete lineup here.