Cumulus Bloodbath Central PA

[Seltzer]

Big cuts at Cumulus Harrisburg/York/Lancaster. Out are Venetia from Hot 106.7, AJ from WIOV, Gary Sutton and Mark McKenzie from WSBA and Dave Russell from WARM 103. Best wishes to those who remain.

 

[Gregg.]

WSBA 910 is now all syndicated shows on weekdays. In morning drive, it's running iHeart's Michael DelGiorno from WLAC Nashville.

 

[epmarkr]

WSBA 910 is now all syndicated shows on weekdays. In morning drive, it's running iHeart's Michael DelGiorno from WLAC Nashville.

I liked Americas First News, while it was on until 9AM. Sorry about the job losses at the local level (have been there).

 

[Steve Green NEPA]

Either iHeart or Cumulus run the top eight stations in both Harrisburg and Lancaster and eight of the top 10 in York.
With recent word of iHeart calling for the hoist even before their Christmas music fund raising telethon starts ..... and with Cumulus also seeing the recent electric bills for 400 stations of their own......

Sheesh, I'm glad I found another vocation late last century.
What video did to radio was just a kick in the shins. Recent smart leisure listener devices aimed a little higher up than that.
(Now now. I'm referring to the wallet.)

 

[Seltzer]

It is horrible what has happened to Cumulus employees around the country over the past month. To the Cumulus board and Mary Berner....You are clearly unqualified to run a radio company. Sell the damn stations to owners who care and would look to do radio the right way,

 

[inari]

It is horrible what has happened to Cumulus employees around the country over the past month. To the Cumulus board and Mary Berner....You are clearly unqualified to run a radio company. Sell the damn stations to owners who care and would look to do radio the right way,

The problem is most of these large broadcast companies are loaded up with massive amounts of debt. Cumulus lost $117 million last year (2023) and $71 million of that was debt payments. They still have another $675 million of debt for a company not even worth that. They are a ship that is full of water with practically no hope of not sinking (bankruptcy). So all their moves are trying to just push off bankruptcy in the hopes that something happens to right the ship before it sinks.

 

[PTBoardOp93]

It is horrible what has happened to Cumulus employees around the country over the past month. To the Cumulus board and Mary Berner....You are clearly unqualified to run a radio company. Sell the damn stations to owners who care and would look to do radio the right way,

I'm sure they would be happy to sell any and all stations, to you, or anyone else. Just gotta have the financing in place.

 

[Kent]

The problem is most of these large broadcast companies are loaded up with massive amounts of debt. Cumulus lost $117 million last year (2023) and $71 million of that was debt payments. They still have another $675 million of debt for a company not even worth that. They are a ship that is full of water with practically no hope of not sinking (bankruptcy). So all their moves are trying to just push off bankruptcy in the hopes that something happens to right the ship before it sinks.

The private equity firms who own the bulk of Cumulus can save it if they want. Cumulus essentially owes most of that debt to itself. Having said that, it was in a similar situation when it filed its first bankruptcy. One of its big shareholders wanted out (and wanted to get paid), which forced the others' hands.

I have to wonder if Cumulus isn't regretting that it turned down Jeff Warshaw's offer about two and a half years ago. It's ultimately worth what the owners are willing to take for it, but another $1.2-1.5 billion offer doesn't seem to be lurking around the corner.

 

[Seltzer]

The private equity firms who own the bulk of Cumulus can save it if they want. Cumulus essentially owes most of that debt to itself. Having said that, it was in a similar situation when it filed its first bankruptcy. One of its big shareholders wanted out (and wanted to get paid), which forced the others' hands.

I have to wonder if Cumulus isn't regretting that it turned down Jeff Warshaw's offer about two and a half years ago. It's ultimately worth what the owners are willing to take for it, but another $1.2-1.5 billion offer doesn't seem to be lurking around the corner.

If Jeff came around for a third time, they'd sell. But could he pull off the deal today? Hard to say what Conoiseur's financial situation is today.