At least NASH involves an understandable strategy. It is an attempt to create value through branded content apart from transmitters. For the most part, I watch radio consolidators and it's hard to articulate any strategy at all other than to cut costs and restructure debt while extracting as much personal income as possible.
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Cumulus Following In The Steps Of Citadel
- Thread starter Element9
- Start date
The programming strategy usually isn't articulated publicly because those who do it don't speak publicly. When only the CEOs talk, all you get is financial speak.
JoshTheRadioDude
Leading Participant
Any time the principals buy up their own company's stock while swearing up and down that business is good, that's never a good sign.
The last thing I would do is listen to what they say because I know it's all Public Relations blather. That's why I said "watch" instead of "listen to". When I said "hard to articulate" I meant me.
Insider buying of a company shares is universally regarded to be a strong "buy" signal. It means that the insiders believe that the shares will appreciate in value. In fact, many stock analysis sites like Morningstar report on insider ownership and trading as it is such a good buy or sell indicator.
Apple has been buying up their own shares all year. It hasn't hurt their stock, and it's very popular with major stockholders.
SirRoxalot
Walk of Fame Participant
Apple is flush with cash. Cumulus is just "flushed". Maybe the precipitous drop was sparked by John Dickey unloading 8500 shares on September 18th. Overall, Cumulus Media Inc.'s shares have declined 49.81% since the beginning of 2014. The next "big moment" will be when they report third quarter results - or when they finally make a major hire at corporate.
"Medicine Man" is a term used by some professional business writers and analysts to describe a guy like Pittman.
It's a good thing Mason didn't read your post while eating. He would have nose-spewed all over his tablet.
I know...the problem with this gig is there aren't many real radio visionaries who also have Wall Street bona fides. I know a lot of great radio programmers who might be visionaries if given a top job, but they're not well known in the investment world. On the other had, some great investment people who are complete zeros in programming. By putting his brother as EVP of Programming, he telegraphs that he mainly wants an investment wizard. But if this company is going to expand, it needs to find a growth area beyond towers and transmitters, and that means programming. And as we said, the best investment folks aren't going to be taking orders from Lew. What do you want? A spender or a saver? You need someone who can do both. That's what Pittman has done.
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