RoddyFreeman
Walk of Fame Participant
I heard from a well-placed source (sic) that several people were laid off at Cumulus today. Among them were Jackie Howard, News Director of 106.7, and Christian Lee, traffic reporter for Q and Kicks.
I heard from a well-placed source (sic) that several people were laid off at Cumulus today. Among them were Jackie Howard, News Director of 106.7, and Christian Lee, traffic reporter for Q and Kicks.
Chris-Tian-Lee
And, WGST is STILL loaded up with PSA's. Listening to all those PSA's hurts my ears.
Bert WeissVerified account
@BertShowBert
I'll try and handle after show. Thanks. This was all news to me, too.
MyeWhitten @myegarwhit
The guy who reports traffic sounds like an auctioneer ������I miss christian ������ @TheBertShow @BertShowBert @KrisKling @MootePoints
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Bert WeissVerified account @BertShowBert · May 10
A lot of emails yesterday. But no face to face with management. That joy is today.
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Bert WeissVerified account @BertShowBert · May 10
Apparently @KLeeVoice is now a part time employee. This was all done without my knowledge. More meetings about it today.
Angrily went in to talk to the new traffic guy to make some adjustments. The bad news is he's SOOOOO nice. Dang it.
John Dickey just started a new company with enough cash to buy Cumulus outright.
This may deserve its own thread...John Dickey just started a new company with enough cash to buy Cumulus outright. I wonder if he's waiting for a bankruptcy fire sale or prepack...radio is becoming a #2 to commercial aviation as the top destroyer of capital.
I read that Lew Dickey is the one who started the new company and is looking to buy stations. (Maybe John is starting one, also.)
Excluding the $2 billion of debt. Which he himself created.
I cant imagine he'd want to spend new money on a company that still has so much of his own money still tied up. I mean, he is still one of the biggest stockholders in Cumulus, and among those who have a lot to lose if the company in fact goes bankrupt. How much money does he really want to lose?
Unless Lew has personally guaranteed that $2B of debt, Lew should not and probably doesn't care about it (his lenders are another story). Business is business. And, at this point, I don't think Lew has anything to do at this point with whether or not CMLS goes BK.
Other than the fact that he owns a big chunk of stock, which would be wiped out if the company went bankrupt.
He is likely to be a creditor for the assets of Cumulus after a bankruptcy, but he's a bit low on the list, behind Blackstone and a couple others.
Keep in mind that the person who will have the biggest equity in the company after bankruptcy is the guy who fired Lew two years ago.
If there's $2B of debt, then he and the rest of the common stockholders are going to be too low to get anything since I don't think CMLS's assets are going to be worth that much.