Radio has lost maybe 50-60% of their revenue (when accounted for inflation) since 2005. The corona economic impacts have only cut in to what revenue is left.
Expect a lot of changes all over. It isn't just IHeart that has had cuts. Some Hubbard, Sinclair, Salem and Entercom radio stations have also seen some cuts. Now that Entercom has changed names, I would expect that somewhere down the line other changes are in order as well.
Consolidation has its negatives, but it can keep marginal stations on the air. After Dereg 1996, when a company owned 'clusters' of stations, marginal stations usually were programmed with formats that weren't super popular (classic country, oldies, classic hits, sports talk networks, alternative talk, standards, etc.) just to keep the stick on the air, and they'd market the station as an add-on for commercial sales, as usually another station in the cluster was making the big money.