I'll occasionally watch the Charlie Rose show on PBS, and he had a venture capitalist as his guest one night. They covered a number of subjects, but towards the end, he made a prediction that this year, a lot of companies would focus on dealing with debt. In other words, the past ten years have been about growth, mergers, and building companies, and the next ten years will be about making those companies profitable. I'm already seeing that in both iHeart and Cumulus. Both have built up large debts, and both are examining ways to attack that debt. Earlier posts linked articles about iHeart, and there have been numerous stories about the new Cumulus CEO, who is hiring a lot of top managers and focusing on improving programming. Other radio companies, like Townsquare and Entercom, have been very successful in controlling debt. Emmis, on the other hand, seems to be the company that is at the most risk. But I agree with the analyst who says 2016 will be the year companies attack their debt. It won't be with layoffs or product cuts. It may be with asset sales, public offerings, and perhaps limited bankruptcies. In any case, it will be about accounting and high finance, not programming.