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Lew Dickey’s Last Goodbye: Cumulus Co-Founder Exits Board
- Thread starter RBR-TVBR Buzz Stream
- Start date
So let the speculation begin. Will he do what several other former radio CEOs do and launch a new company, free from the old debt and old baggage? There still is investment money out there. Larry Wilson did it with Alpha. A lot of people thought he would not make the mistakes others have made with debt. He had been very careful until recently. Now he's in the same hole as Cumulus. There will be some attractive stations available as Entercom spins off stations from their merger. So we'll see.
Don't forget the misadventure that was Merlin Media.
I'd bet on Dickey turning out more like Randy Michaels than Larry Wilson if given a do-over.
I'd bet on Dickey turning out more like Randy Michaels than Larry Wilson if given a do-over.
The two departures from the board led to another big drop in stock price today. The other was a partner at Crestview, the investment company that owns a big chunk of the company. Those two leaving could signal the start of a restructuring or even more for Cumulus very soon. Dickey & Crestview have the most to lose if the company files Chapter 11.
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