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Curious if this is really a DONE DEAL. Haven't seen any other outlets pick up on it.
A done deal is when both parties have signed a definitive purchase and sale agreement and associated documents, the transaction has been approved by the FCC, money has changed hands, and any other regulatory issues have been settled.
On the other hand, it appears that this will end up being consummated.
My hope is that there will be a Class-action suit filed by the smaller shareholders who lost everything last year in the re-organization of Citadel. We had no voice, we lost our investment, and now we watch as a debt-laden vulture swoops in and grabs what should have been ours.
On the other hand, it appears that this will end up being consummated.
My hope is that there will be a Class-action suit filed by the smaller shareholders who lost everything last year in the re-organization of Citadel. We had no voice, we lost our investment, and now we watch as a debt-laden vulture swoops in and grabs what should have been ours.
If I had Cumulus stock, I'd be quietly divesting. What the difference between this deal and the over-leveraged David-buys-Goliath deal that Citadel swung to buy ABC? Even the numbers are frighteningly similar. Remember, we're talking about Cumulus - who's public company has been on the verge of default for a couple of years. Where's the money for this deal coming from, and at what cost?
You have to feel for the Citadel employees who are left that struggled through the downsizing and bankrupcy there. Citadel finally sheds their overwhelming debt, and there's at least hope for a return to a less hostile working environment. Turns out that the light at the end of the tunnel is Lew Dickey's Railway Express. And David Field smiles after he forced Tricky Dickey to up the bid.
You have to feel for the Citadel employees who are left that struggled through the downsizing and bankrupcy there. Citadel finally sheds their overwhelming debt, and there's at least hope for a return to a less hostile working environment. Turns out that the light at the end of the tunnel is Lew Dickey's Railway Express. And David Field smiles after he forced Tricky Dickey to up the bid.
Cumulus got a hefty amount of money from some investment firm plus other monies from the Dickey's themselves I believe?
To the tune of $1 Billion. I'm not sure of the exact investors, but I am sure of the $1 Billion number.
To the tune of $1 Billion. I'm not sure of the exact investors, but I am sure of the $1 Billion number.
SirRoxalot said:And David Field smiles after he forced Tricky Dickey to up the bid.
That's part of the game. He did the exact same thing to Farid 5 years ago. It rings of General Patton.
What happens to the 7 Last Bastion stations? Would Cumulus acquire those also?
In Charleston, SC, WMGL is in the trust but Citadel still operates it.
In Charleston, SC, WMGL is in the trust but Citadel still operates it.
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