On Thursday, iHeartMedia — the largest owner of radio stations in the U.S. — disclosed that it was taking a big chunk of money out of a credit line established with its emergence from Chapter 11 bankruptcy, while withdrawing its full-year 2020 guidance.
The reason is directly tied to the extreme impact the COVID-19 pandemic is delivering to radio broadcasting companies.
Hours later, Salem Media Group moved forward with a coronavirus-fueled move of its own.
