cumulus media subsidiaries

[6], The next significant milestone was obtaining a $50 million investment from the State of Wisconsin Investment Board (SWIB),[7] which previously invested in Weening's magazine publishing company. [32], In July 2010, Cumulus publicly announced formation of a similar venture with Crestview Partners to acquire up to $1 billion of additional radio assets. [3], Parts of this article (those related to references for stations added after 2011 Citadel purchase) need to be. Through its subsidiaries, Co. is a media and entertainment company. Cumulus Media, Inc. (December 31, 2012). Cumulus Media, Inc. is an American broadcasting company and is the third largest owner and operator of AM and FM radio stations in the United States behind Entercom and iHeartMedia, Inc. As of June 2019, Cumulus lists ownership of 428 stations in 87 media markets. [47][48], In July 2014, Cumulus announced that it would end its partnership with ABC News Radio, and enter into a new partnership with CNN to syndicate news content for its stations through Westwood One beginning in 2015. Mary G. Berner, CEO, president and director; This page was last edited on 23 August 2020, at 22:42. To fund the sale, Cumulus, sold 53 more stations to Townsquare Media for $238 million, in markets such as Danbury, CT, Rockford, IL, Cedar Rapids, IA, Quad Cities IA/IL, Waterloo, IA, Portland, ME, Battle Creek, MI, Kalamazoo, MI, Lansing, MI, Faribault, MN, Rochester, MN, and Portsmouth, NH. Delaware. [51][52] However, in November 2015, Rdio filed for bankruptcy and sold its assets to Pandora Radio. Cumulus Broadcasting, a subsidiary of Cumulus Media, is the second-largest radio broadcasting company in the United States based on station count. [22] It had previously been reported in April 2016 that Cumulus was "going to great lengths to keep two of its executives on board"[23] and that Hannan had been offered "a big bonus to stay" as incentive to remain with the company. – Free Online Library", "What Happens To Dickey's Posse Now – Inside Music Media", http://www.bizjournals.com/milwaukee/stories/2001/01/29/daily4.html, "Cumulus Media Appoints Mary G. Berner Chief Executive Officer", "Cumulus Seeks Dismissal of Syndication Suit", "Cumulus Media Appoints John Abbot as Chief Financial Officer", https://www.bizjournals.com/atlanta/news/2016/04/01/cumulus-aims-to-keep-cfo-and-general-counsel-on.html, https://www.bizjournals.com/atlanta/news/2016/06/22/struggling-cumulus-media-loses-its-cfo.html, "Cumulus Vet Hannan Secures CFO Spot at Ad Tech Company", "CUMULUS MEDIA APPOINTS JOHN ABBOT AS CHIEF FINANCIAL OFFICER", "Analyst: New Cumulus CFO is Not a Good Sign", "Cumulus Strikes Restructuring Deal—Using Chapter 11 Process", Radio Business Report/Television Business Report – Voice of the Broadcasting Industry, "Cumulus Media Inc. Enters into Agreement to Acquire Cumulus Media Partners, LLC", "Cumulus Media and Crestview Form Venture", "Cumulus CEO: "Half the companies in radio gone in 36 months, "Citadel says "No" to two merger offers from Cumulus", "Citadel confirms 'exclusive negotiations' with Cumulus – but says "no deal yet, "211 Cumulus Now Owns Citadel Broadcasting", "Cumulus files to divest 14 stations, to complete its $2.4B purchase of Citadel", Townsquare and Cumulus swap 65 stations in 13 markets, "Official: Cumulus Buys Dial Global, Spins Some Stations To Townsquare; Peak Stations Sold To Townsquare, Fresno Spun To Cumulus", "Cumulus Makes Dial Global And Townsquare Deals Official", "New York Radio Gets a New Country Station", "Cumulus' Lew Dickey Explains Why NYC's New NASH-FM 'Is Good for Nashville' at CRS", "ABC News radio deal with Cumulus to end, but there's an upside", "Cumulus taps CNN for Westwood One news service", "Rdio cues up traditional radio stations, hoping to get an edge on competition", "Rdio Partners With Cumulus Media (Report)", "Pandora To Buy Rdio Assets For $75M in Cash, Rdio Files Ch.11 And Shuts Down Service", "Pandora Is Acquiring Music Streaming Service Rdio For $75 Million", "Cumulus Media Blocks Country Radio Stations From Airing Pete Buttigieg Interview", "Cumulus Slapped With Record-Setting Sponsor ID Settlement", "Inside The FCC's $223,000 Proposed Fine Against Cumulus", "Milwaukee-Based Radio-Station Owner Restates Revenue, Cash Flow", "Cumulus Reports Third Quarter 2005 Results", https://en.wikipedia.org/w/index.php?title=Cumulus_Media&oldid=974603159, Radio broadcasting companies of the United States, Companies that filed for Chapter 11 bankruptcy in 2017, Wikipedia articles needing reorganization from September 2019, Creative Commons Attribution-ShareAlike License. The hysteria which followed was driven by both the absence of earnings and rumors which suggested the rapid growth might be false. [57] In August 2019, the FCC proposed Cumulus Media pay another $233,000 fine for additional violations of its sponsorship identification rules and not reporting them to the FCC after agreeing to do so under its 2016 consent decree. The following is a listing of radio stations owned by Cumulus Media. COCO Split History [40] On March 10, 2011, Citadel Broadcasting stations announced via email that Cumulus had purchased Citadel Broadcasting. Its subsidiaries include Cumulus Broadcasting LLC, Cumulus Licensing LLC and Broadcast Software International Inc.[4], Cumulus Media was established in August 1998 by radio consultant Lewis Dickey Jr. and media and technology entrepreneur Richard Weening. Dickey, whose family had just sold an Atlanta station for a reported $250 million, offered to invest in Cumulus if needed to close pending acquisitions. In a period of two years and six months, Cumulus became the second largest U.S. broadcasting group in terms of stations operated. The stock market acknowledged the remarkable growth with a share price that rose to a high of $51.00 on December 31, 1999. On November 19, 1999, Cumulus sold an additional 10 million shares at $24.93, raising $250 million. Stock exchanges also tend to look at per-share price, setting a lower limit for listing eligibility. As the dust began to settle in April 2000 the company issued revised annual 10K reports for 1998 and 1999 that showed minor variations in quarterly revenue and adjusted net loss for 1999 from $20.8 million to $13.6 million and net loss for 1998 was restated from $13.7 million to $8 million, after the company found a $4.9 million tax benefit that had been under-reported. Cumulus is the second largest radio station operator in the United States, having owned or operated 505 stations in 120 markets as of September 16, 2011. According to interviews with two former members of the Cumulus board, Lew Dickey and his brother John convinced the board to let them run the company. Cumulus owns and operates 441 stations broadcasting in 90 U.S. media markets (including eight of the top 10), and approximately 8,000 broadcast radio stations affiliated with its Westwood One network. Nash was designed to serve as an umbrella brand for all country music-related content across the company's properties, including radio, digital, and live events such as the "Nash Bash". Do Not Sell My Personal Information. The salaries at Citadel Broadcasting average $76,852 per year, and the salaries at Beasley Broadcast Group come in at $75,953 per year. [49][50], On September 15, 2013, Cumulus announced that it had entered into a partnership with music streaming service Rdio; Cumulus took a stake in Rdio, and provided the company with access to its advertising sales team for a freemium tier, the ability to offer Cumulus radio stations on the Rdio service, and $75 million in marketing on Cumulus stations over five years. [21] In June 2016, Cumulus Media and Westwood One moved to have the new suit dismissed. Learn how and when to remove this template message, Northwestern Mutual Life Insurance Company, List of radio stations owned by Cumulus Media, "Cumulus Media shares dive – Mar. The following is a listing of radio stations owned by Cumulus Media. [39] In February 2011, Cumulus was again said to be in "exclusive negotiations" to acquire Citadel for $2.5 billion paid to Citadel shareholders, according to CNBC. [1] As of December 31, 2017, Cumulus owns and operates 445 stations in 90 markets. The company owns and/or operates approximately 350 FM and AM radio stations, which serve midsize and smaller cities throughout the … Each station would be programmed with a unique music format, live programming, brand, and target audience. According to the FCC, Cumulus failed to comply with record-keeping requirements and its Equal Employment Opportunity rules regarding information on recruitment sources. [24] In October 2016, it was announced Hannan had taken the role of chief financial officer at programmatic advertising company, Social Reality, Inc. [NASDAQ: SRAX]. Read More The Radio Station Group segment includes the sale of broadcasting time to local, regional, and national advertisers. A perfect storm of events drove the company's share price from $50 to $13 between January 1 and March 17 when over 30 million shares traded hands. While the proposal was never implemented, the SEC maintained it would have amounted to earnings management and was therefore an infraction. (b) “Advertiser” shall mean the person, firm, or corporation whose goods, services, or the like are the subject(s) of the radio time contracted for herein. The market focus would be on those deemed to offer substantial growth opportunities, while the station focus was the leading station in the market and other stations well-positioned for significant growth.[10]. Berner, with her company’s shares and revenue sagging, is asking all staff members in a recent company video to... Atlanta radio station operator Cumulus Media has awarded Chief Executive Mary Berner a $1.1 million bonus. The board was concerned about the restatement of revenues and the shareholder lawsuits. +((!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+[])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![]+!![]+!![]+!![]+!![])+(!+[]+(!![])+!![]+!![]+!![])+(!+[]-(!![]))+(!+[]+(!![])+!![]))/+((!+[]+(!![])+!![]+!![]+[])+(+!![])+(!+[]+(!![])-[])+(!+[]+(!![])+!![]+!![]+!![])+(+!![])+(!+[]+(!![])+!![])+(!+[]-(!![]))+(!+[]-(!![]))+(!+[]+(!![])+!![]+!! The radio mogul has finally unloaded his 3,400-acre spread outside of Santa... Cumulus Media filed a pre-pack Chapter 11 petition that aims to reduce its debt load by $1 billion. CUMULUS MEDIA is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Red Apple Media, a subsidiary of... Don Imus’ ranch has finally sold — to another rich guy who likes to dress like a cowboy. For 1999, Cumulus reported $180 million in revenue and $46.7 million broadcast cash flow. At radio giant Cumulus Media, things have gone from bad to worse. [28] Cumulus exited bankruptcy on June 4, 2018. Dickey was the radio expert and Weening was the corporate finance and start-up CEO. Your Ad Choices PricewaterhouseCoopers, the company's auditors resigned in April citing material weaknesses in the Cumulus' financial controls[13] arising from the possible revenue restatements. A combination of the possible earnings miss and the rumours of accounting problems created a significant loss of investor confidence. After months of watching the stock sink, Cumulus’s biggest shareholder, Crestview’s Jeffrey Marcus, pushed out founder Lew Dickey... Neil deGrasse Tyson warns asteroid could hit Earth day before election, Hundreds of thousands of doses of COVID-19 vaccine roll off production line, Jim Carrey finally gets laughs on 'SNL' while Alec Baldwin treads water, Joe Biden's polling lead slips in wake of Post report on Hunter, NYC authorities break up 200-person party at Queens catering hall, © 2020 NYP Holdings, Inc. All Rights Reserved, John Catsimatidis acquires 77 WABC radio for $12.5 million, Cumulus Media petitions to lower debt in bankruptcy filing, Cumulus Media is on the brink of a total collapse, Cumulus CEO tries asking staff for sales help, Cumulus CEO gets huge bonus amid company overhaul, Radio broadcasters have a rough future ahead: ex-exec's book, Cumulus Media converts weekly print magazine to digital daily, Modern Luxury Media plans to launch two new magazines, Cumulus Media's new CEO can't stop company's slide.

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