Right wing talk radio is in a serious meltdown, with its two leading names being toward oblivion as their audiences age to the point advertisers are placing their media buys in other markets and stations are turning towards other formats.
The theocratic Glenn Beck, who left a fat Fox paycheck to launch his own media empire, is fing that the main fuel of The Blaze these days is investor and banker capital.
The Daily Beast reports:
The axe fell once again on Glenn Beck’s crumbling media empire Thursday as employees in the New York and Washington offices of The Blaze, Beck’s multi-media online operation, along with business staffers in Los Angeles and the documentary unit in Columbus, Ohio, were told their jobs are on the chopping block, according to multiple sources who spoke The Daily Beast on condition of anonymity.
Sources estimated that nearly 40 people are being laid off—including about 20 in New York, a dozen in Washington, five in Ohio and two or three working out of the LA office suite of former Blaze CEO Kraig Kitchin—in order to satisfy the requirements of a multimillion-dollar bank loan taken out recently to keep Beck’s revenue-challenged enterprise running.
Ironically, the mass layoffs are occurring shortly after the company hired CNN alumnus Matt Frucci, former executive producer of the cable network’s New Day morning show, to run The Blaze’s television operation in New York—which apparently will no longer exist.New York-based radio and television personality Buck Sexton will remain with Beck’s operation, according to an informed source, although at least some of Sexton’s production staff are losing their jobs.
And radio’s most famous wingnut, the man who gave us “feminazi,” “gorbasm,” and other bilious neologisms, is also facing tough times, reported Eric Boehlert of Media Matters earlier this month:
For talk radio, there’s probably only one contract that enters that realm of notoriety: Rush Limbaugh’s eight-year, $400-million deal, signed in the summer of 2008 with his longtime radio employer Premiere Radio Networks.
Owned by Clear Channel Communications, which has since changed its name to iHeartRadio, Premiere’s Limbaugh deal instantly dwarfed any payout in AM/FM history. (Only Howard Stern’s contract with Sirius was larger.) The contract, which included a staggering $100 million signing bonus, never panned out as the wheels began to come off Limbaugh’s radio empire.
This year, his contract is up and the timing couldn’t be worse. The talker is facing ratings hurdles, aging demographics, and an advertising community that increasingly views him as toxic, thanks in part to his days-long sexist meltdown over Sandra Fluke in 2012. (He’s also stumbling through the GOP primary season.)
Concurrently, iHeartRadio’s parent company, iHeartMedia, is heading to court, teetering on bankruptcy. The once-dominant radio behemoth is saddled with $20 billion in debt, thanks to a misguided leveraged takeover engineered by Bain Capital in 2008, the same year the radio giant inked its disastrous Limbaugh deal.
But there’s still no conspicuous mainstream radio presence from the other end of the political spectrum.