This was obvious from the day IHeartRadio was created, if you were paying attention to Clear Channel’s public statements – and especially if you know a lot about Bob Pittman.
Clear Channel is dropping “radio” from its iHeartRadio name, now to become iHeartMedia which will probably spin off into other brands like iHeartPizza
The IHeart brand is now the face of Clear Channel, sponsoring concerts and award shows. You can take it to the bank there will be a wildly successful iHeart IPO, which will use the proceeds to pay down the $20 billion in debt – or alternatively be split from Clear Channel, and send the radio stations and the $20 billion into bankruptcy court or “reorganization” by the lenders.
Brands are big money, even if they make no profit. Wall Street chases anything that has a name people know. It’s all about building brands.