But wait! There's more! The Board also approved the "2017 Key Employee Incentive Plan," under which Pittman and Bressler will be eligible to earn an aggregate bonus of $7,000,000 and $3,000,000, respectively. That Incentive Plan runs from January 1, 2017 until December 31, 2017. All the fine print is included in the 8-K filing.
Meanwhile, over at Cumulus, the compensation committee of the Board of Directors of Cumulus Media Inc. approved a one-time compensation award payment of $1,087,500 to company President & Chief Executive Officer Mary G. Berner, "in recognition of, among other things, her exceptional efforts and contributions during 2016, both individually and as a member of the management leadership team, in the initial phase of the Company's operational turnaround plan and ongoing operational and financial restructuring."
Both companies are still in serious financial trouble. iHeart will never get out from under their mountain of debt, and Cumulus is essentially a penny stock these days...but somebody's gettin' paid. It just isn't you.