NPR can dis traditional "radio" because NPR does not have 700 million in debt to refinance and repay via future "radio" ads. NPR recognizes they produce content and customers don't care how they get that content. ETM in contrast has cut investment in both content and capital. That is the "cost cutting" some ETM investors are so proud of.
NPR thrives beyond radio because it has compelling content that people want. ETM takes the opposite stance and denies radio's decline because it has 700 million in debt and no compelling content. ETM needs old fashioned radio listeners. NPR does not.
Sir, I'm sorry but apparently you cannot see the forest through the trees. ETM debt is not in the same risk class as US government securities.
ETM is selling debt that has a recent history of becoming worth very little. ETM performance has proven to be hostage to the economy with a high beta to GDP. ETM is affected negatively by technological change (try stopping it!). ETM debt is risky. ETM has too much debt. ETM has too little assets. ETM does not want to sell assets or equity to pay down debt. ETM has little option but to pay high interest rates to get bondholders to assume the many risks of radio and an overleveraged ETM.
Well, some of you folks think 2010 is the beginning of the golden age of radio. But maybe when you see NPR drop the “radio” from its name you will realize radio is in long term decline. That’s just not a good situation for carrying a lot of soon to be expensive debt. IMHO