Cumulus’ stock is currently under a dollar at a $0.68 close yesterday with a 52 week high of slightly over $4.00 in Feb of the year. I have to say I have a good feeling about the new CEO Mary G. Berner and the fact that the company is going in more of a major media direction instead of the dated and deceased commercial radio concept that a few corporations are still holding on to for life. That makes this an interesting situation. I’ve known many jocks that have worked for the corporation and they always talked about the pay and the way things were managed so it will be interesting to see what the new regime will come up with.
You may have heard by now that the second largest radio corporation in the country is struggling and change was inevitable. Several programmers brought this to my attention this week and predicted exactly what happened. That said, Mary G. Berner becomes CEO of Cumulus, Lew Dickey steps down and becomes Vice Chairman and his brother John Dickey has stepped down from the programming division. The company sent out a press release PRAISING Berners’s ability to connect with social media and her ability to “turnaround” and “restructure” a company. So much for a hint. That pretty much sums up the entire press release but feel free to read it anyway below. I love Atlanta Journal and Constitution Rodney Ho‘s writing style (reminds me of my own) he’s very honest and has little time for the sugary sweet political BS we read. He states as long as he has covered Cumulus in 14 years where the company is based (Atlanta), he has never gotten Lew on the phone and his brother, John, on the few occasions he did talk to him, has always been “glib.” (lol)
The board of directors of Cumulus Media Inc. [NASDAQ: CMLS] today announced that Mary G. Berner has been named Chief Executive Officer of the company, effective October 13, 2015. Ms. Berner, a seasoned media business operator, joined the Cumulus board this past May. She will succeed Lew Dickey, the company’s founder and CEO, who has decided to serve as Vice Chairman and continue as a director of the company.
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