As today wears on, it appears that iHeartMedia's restructuring is becoming clearer. There have been announcements about multiple layoffs (that are still coming in) and more on the specifics of the restructuring plan.
According to the official press release, "This new structure will enable to company to maxmize the performance of each of its markets--and the company overall--with its unique scale and multiple platforms; leadership in audio; and its expertise in consumers, modertization and data and enhance iHeartMedia's position as the number one audio company in America, continue its successful transformation as a technology --and data powered 21st century media company and accelerate the development of new platforms and services."
iHeart's restrucuting is in three areas: The Markets Group, The Region Division and The Metro Division. The Markets Group will be led by GregAshlock and will be divided into three divisions. The Regions Division includes iHeart's biggest markets including New York and Los Angeles. Heading up the Division will be Presidents Kevin LeGrett and Scott Hopeck. The Metro Division of large markets is under Division President Tom McConnell, Tony Coles and Linda Byrd and the Community Division will be divided into geographic or culturally like areas where local advertising is key. This Division will be headed up by Nick Gnau, Dan Lankford and Shosh Abromovich.
Julie Donohue will rise ot President of the new Multi-Market Partnerships Division. This area will work with the other divisions to work with sales teams. The Integrated Revenue Strategies Group has merged with the Markets Group. Hartley Atkins has been named COO. He will work with Greg Ashlock. The other initiative will be to create Centers of Excellence. This will put together expertise in specific locations.
The company still states that "people are our company's most important asset," and has said that major steps will be taken toward diversity.
According to Chairman/CEO Bob Pittman and President COO Rich Bressler state that this is "the unfortunate price we pay to modernize the company. We have had to make some tough decisions, and in the process some employees have been affected. Please know we were thoughtful in this process and have provided enhanced severance benefits as well as outplacement assistance for any impacted employees, and we want to thank them for the valuable contributions they have made."