I doubt they have 15 billion in debt . I don’t believe that at all .
Traditional media outlets are struggling to survive this new digital age. Media depends on ad sales to survive and stations can't bring in the ad dollars they could years ago. Radio stations can't afford to pay in-house jocks and are getting syndicated shows to cut costs as much as possible. You literally can make more money working at McDonald's or Target than working for a radio or TV station.
That's the reason you hear Breakfast Club on pretty much every iHeart urban station and Ricky Smiley on the others. You'll be hard pressed to find a station with their own morning show now.
And in the evening time, most Urban AC stations have the DL Hughley Show and the Sweat Hotel.
Iheartradio aka Clear Channel bought up almost every station after Clinton passed the Telecommunications Act Of 1996 and have had a monopoly and that's the reason every station has the exact same playlist. If anything, this may allow more variety in station ownership.