Steve Harvey Renews Contract with iHeartMedia on the Day of Staff Layoffs at their Radio Stations

Last week iHeartMedia signed syndicated morning show personality Elvis Duran to a new five year contract. Today, Steve Harvey re-ups with the media giant. However on this day iHeartMedia also announced cuts to on-air staff and management in many markets across the country. iHeartMedia owns 850 stations and faces a $20 billion debt, (that's right with a B) and has released a statement to investors that the company will probably not be around within a year from now. The possibility of bankruptcy is very real, so look for iHeartMedia to ink more of their top talent in the next couple of weeks, while making deep cuts in staff to make themselves look more attractive to the next company willing to acquire them after this phase of restructuring.

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iHeartMedia, the leading media company in America with a greater reach in the U.S. than any other radio or television outlet, today announced an exclusive long-term agreement with award-winning multimedia personality Steve Harvey to renew and extend his relationship with the company.

Under the new agreement, the broadcast powerhouse will continue his current role as host of The Steve Harvey Morning Show – the #1 syndicated morning show in America. Celebrating 12 years in syndication with Premiere Networks in 2017, the program reaches nearly 7 million weekly listeners on nearly 100 stations across the country and is available digitally on iHeartRadio.

Additionally, Harvey will work with iHeartMedia on a variety of projects, including development and creation of new programming and promotions, community and charitable initiatives, as well as multimedia projects and events. He will also continue to serve as a spokesperson for the company.

“Steve is a tremendous talent and has an incredible connection with audiences across multiple platforms, which make him a great asset for iHeartMedia,” said Bob Pittman, Chairman and CEO of iHeartMedia. “We are excited to extend our partnership with Steve, continuing to deliver the most engaging content and top personalities to our listeners nationwide.”