3 weeks ago Burry disclosed a new $2.2M stake in iHeartMedia...

3 weeks ago Burry disclosed a new $2.2M stake in iHeartMedia $iHeartMedia(IHRT.US)$
With it down 40% YTD, many investors questioned why
Yet, there are few things in life better than discovering a deep value play in an industry everyone hates
Here's more on Burry's Big Bet On A Dying Industry 🎶
iHeartMedia, Inc. is an American mass media corporation that specializes in radio broadcasting. Here's a brief summary of the company's operations and its role in the media landscape. This write up will focus more on the investment thesis for a mean reversion.
1. Radio Broadcasting: $IHRT is the largest owner of radio stations in the US. The company owns and operates over 850 live broadcast stations in more than 150 markets throughout the country.
2. iHeartRadio: Beyond traditional broadcasting, the company has a significant digital presence through its iHeartRadio platform. This service offers live radio streaming, music recommendations, podcasts, and custom artist stations. It's accessible via web browsers, mobile apps, and various other platforms.
3. Events and Live Shows: iHeartMedia is known for hosting and producing marquee live events, such as the annual iHeartRadio Music Festival, which attracts big-name artists and large audiences.
4. Podcasts: iHeartMedia has delved deeply into the podcasting space, owning and producing a range of popular podcasts across various genres.
5. Advertising and Marketing Services: Leveraging its extensive reach in the U.S., iHeartMedia offers advertising opportunities across its platforms, allowing brands to connect with audiences on radio, digital, and live event platforms.
6. Syndicated Programming: The company produces content that is syndicated across many of its radio stations, ensuring consistent quality programming across its network.
7. Other Ventures: Beyond its core media businesses, iHeartMedia has divisions and investments in areas like data analytics and programmatic advertising to better serve its advertisers and understand its audience.
The thesis is pretty simple here. iHeartMedia is a company that has seen their stock price collapse. The market is trading the equity like it could go bankrupt a second time and potentially have to restructure.