Eat News 4738 Posted October 11, 2017 Share Posted October 11, 2017 Below $1 for over 30 days.... Cumulus begs to remain on the NASDAQ. https://www.allaccess.com/net-news/archive/story/170319/cumulus-media-appeals-to-remain-traded-on-nasdaq Link to comment Share on other sites More sharing options...
CaPa 14 Posted November 22, 2017 Share Posted November 22, 2017 Aaaand... They got delisted. https://www.allaccess.com/net-news/archive/story/171763/cumulus-delisted-by-nasdaq They'll trade OTC starting 11/22. Link to comment Share on other sites More sharing options...
Eat News 4738 Posted November 22, 2017 Author Share Posted November 22, 2017 Aaaand... They got delisted. https://www.allaccess.com/net-news/archive/story/171763/cumulus-delisted-by-nasdaq They'll trade OTC starting 11/22. I love the response from Cumuless.... "it will have no effect on the Company's business or operations." Classic! So I guess that means they can buy some toilet paper now. Link to comment Share on other sites More sharing options...
scrabbleship 427 Posted November 22, 2017 Share Posted November 22, 2017 Imagine a hypothetical bloodletting. Who gets what? Link to comment Share on other sites More sharing options...
Rusty Muck 4167 Posted November 22, 2017 Share Posted November 22, 2017 First Readers Digest, now Cumulus... Mary Berner has one hell of a resume. (Although quite frankly, she’s taking the fall for the many sins of Lew Dickey.) Link to comment Share on other sites More sharing options...
CaPa 14 Posted November 22, 2017 Share Posted November 22, 2017 Cumulus' most pressing problem is coming up with the cash to pay for the Chicago stations it bought from Randy Michaels within the next few months, which will be a neat trick if they can come up with it. They need to pay at least $50 million (it's the greater of $50 million or $71 million-less-LMA-fees), and the clock is ticking. That's made the talks with lenders more urgent, and, so far, they ain't biting. Link to comment Share on other sites More sharing options...
TheRob 920 Posted November 23, 2017 Share Posted November 23, 2017 The funny thing is Lew Dickey is lining up investors to buy Cumulus assets. Well, it's not funny if you work there. My local Cumulus stations have cut just about everyone possible, except for the talent on the top-rated station. If I ran the Nasdaq exchange, the executives of a de-listed company would be required to walk off the trading floor wearing cones of shame. Link to comment Share on other sites More sharing options...
Conrad 113 Posted November 25, 2017 Share Posted November 25, 2017 With Cumulus now delisted, there's a good chance they will file for bankruptcy pretty soon. Another radio company might be going away. First CBS Radio, now Cumulus. After Cumulus, iHeartMedia may be next. Link to comment Share on other sites More sharing options...
CaPa 14 Posted November 27, 2017 Share Posted November 27, 2017 With Cumulus now delisted, there's a good chance they will file for bankruptcy pretty soon. Another radio company might be going away. First CBS Radio, now Cumulus. After Cumulus, iHeartMedia may be next. Something might happen as soon as this week. The pre-packaged plan hasn't gotten much traction among the creditors, so exactly what form the Ch. 11 will take is unclear -- you can see what Cumulus proposed here -- but the company will likely keep operating as per usual while the particulars get hashed out in bankruptcy court. There aren't a lot of potential buyers for the group as constituted. Link to comment Share on other sites More sharing options...
CaPa 14 Posted November 30, 2017 Share Posted November 30, 2017 And... Chapter 11 pre-packaged bankruptcy has been filed. Lenders holding 69% of the debt agreed to the restructuring. https://www.allaccess.com/net-news/archive/story/171923/cumulus-reaches-deal-with-lenders-files-for-chapte Link to comment Share on other sites More sharing options...
broadcastfan9751 136 Posted November 30, 2017 Share Posted November 30, 2017 Cumulus has a page on its website regarding the restructuring. https://www.cumulus.com/restructuring Link to comment Share on other sites More sharing options...
Conrad 113 Posted December 13, 2017 Share Posted December 13, 2017 Sorry to bump, but could iHeart or Entercom acquire Cumulus? Link to comment Share on other sites More sharing options...
CaPa 14 Posted December 13, 2017 Share Posted December 13, 2017 Sorry to bump, but could iHeart or Entercom acquire Cumulus? Unlikely without a major relaxing of ownership caps, which the FCC declined to do in its latest ownership rules review last month. iHeart and Entercom are mostly maxed out or close to it in major markets. Link to comment Share on other sites More sharing options...
hmaxhanson 650 Posted December 13, 2017 Share Posted December 13, 2017 Sorry to bump, but could iHeart or Entercom acquire Cumulus? Judging by this current environment, if they have to sell their stations, a lot of them will go to christian or Spanish companies. Link to comment Share on other sites More sharing options...
Conrad 113 Posted December 20, 2017 Share Posted December 20, 2017 Could Cumulus merge with Cox or Scripps? Link to comment Share on other sites More sharing options...
TennTV1983 743 Posted December 21, 2017 Share Posted December 21, 2017 Could Cumulus merge with Cox or Scripps? Depends on whether either company is willing to absorb Cumulus whole while taking on the outstanding debt it still owes. If not, expect the company's assets to be sold piecemeal. Link to comment Share on other sites More sharing options...
Eat News 4738 Posted December 21, 2017 Author Share Posted December 21, 2017 Depends on whether either company is willing to absorb Cumulus whole while taking on the outstanding debt it still owes. If not, expect the company's assets to be sold piecemeal. Cum-u-less also destroyed every decent money making station in the portfolio. WABC,KABC,KGO...etc. beyond hope...gone. At least IHM has a small handful of successful stations that were not ruined....yet. Let the coyotes finish Cumuless off. Link to comment Share on other sites More sharing options...
Georgie56 3066 Posted December 21, 2017 Share Posted December 21, 2017 Is Cumulus the Sinclair of radio? Link to comment Share on other sites More sharing options...
Eat News 4738 Posted December 21, 2017 Author Share Posted December 21, 2017 Is Cumulus the Sinclair of radio? I wouldn't want to cast aspersions on Sinclair... But Cumulus is way worse IMHO. It would ruin your holidays ... all the stories of the fine stations they destroyed. Merry Christmas G56. Link to comment Share on other sites More sharing options...
Guest Posted December 26, 2017 Share Posted December 26, 2017 Sorry to bump, but could iHeart or Entercom acquire Cumulus? As a former employee of one of those two, I'll let you guess which ONE, the company is hemmeoraging money and I'm surprised they didn't go belly up before Cumulus. Link to comment Share on other sites More sharing options...
scrabbleship 427 Posted December 26, 2017 Share Posted December 26, 2017 Is Cumulus the Sinclair of radio? Cumulus is more the Nexstar to iHeart's Sinclair. Link to comment Share on other sites More sharing options...
Spring Rubber 611 Posted January 25, 2018 Share Posted January 25, 2018 In the latest Cumulus happenings, Cumulus backs out of the deal to buy WKQX and WLUP from Merlin Media, presumably to re-negotiate the terms of the deal; however Randy Michaels is ready to resume operational control of the stations if Cumulus goes belly up. Furthermore, Cumulus managed to cancel Mancow's contract, causing him to now be working day-to-day without a contract. http://www.robertfeder.com/2018/01/23/without-contract-mancows-ready-anything/ Link to comment Share on other sites More sharing options...
Georgie56 3066 Posted May 2, 2018 Share Posted May 2, 2018 Cumulus says they’ve found a way out of bankruptcy. Link to comment Share on other sites More sharing options...
Eat News 4738 Posted May 2, 2018 Author Share Posted May 2, 2018 Cumulus says they’ve found a way out of bankruptcy. Dang Georgie... I had to read that twice just to be sure It was real. These guys were in BK for less than a year. Those were very sound moves for a crappy company that destroyed a bunch of good legacy radio stations. Sucks to be Mancow though...lol. I hope ClearChannel / IHM is paying attention. Link to comment Share on other sites More sharing options...
Rusty Muck 4167 Posted May 2, 2018 Share Posted May 2, 2018 Just a little over six months in Chapter 7... geez. I knew Mary Berner had been around the block with regard to steering companies through bankruptcy (see Readers Digest) but this is almost ridiculous. She’s said and done all the right things and even with the Chicago fiasco re:WLUP, it can be argued that they made the best out of a messy situation. iHeart wishes they could be as lucky... of course, their debt is far worse and onerous. Link to comment Share on other sites More sharing options...
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