http://nypost.com/2015/09/29/dickey-brothers-out-at-radio-giant-cumulus-amid-board-shakeup/
Michael Savage just found out. He has a lot at stake.
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The new board member is the new CEO
http://www.marketwatch.com/story/cumulus-media-appoints-mary-g-berner-chief-executive-officer-2015-09-29
She pushed Reader’s Digest through “restructuring” a few years ago.
Savage has switched to talking about love and relationships
Savage sounded scared. Several times he repeated “whatever tomorrow brings” in a pessimistic tone. Anyone else notice shards of glass from all the broken glass ceilings in America under Obama?
Lew Dickey is remaining on the board as Vice Chairman. The most plausible explanation is the lenders told Dickey if he didn’t step aside, it was Chapter 11 time. If he stepped aside, the company will “reorganize” and Lew can negotiate his future. Moody downgrading the debt probably gave Jeff Marcus the leverage he needed with the lenders to invoke restructuring.
Here is my prediction of future events
-Westwood One will be split from Cumulus to end antitrust concerns about Cumulus damaging its competitors that rely on WWOne programming
– Alpha Media will acquire Cumulus Radio stations, bringing Citadel full circle, back to Larry Wilson – to become larger than Clear Channel, errr IHeart. The IPO proceeds will pay down the debt to a manageable level
– the Dickey brothers will take the Golden Parachute and return to being local station owners in Atlanta
Full circle for WWOne would be for them to hire Larry King from RT ( http://www.rt.com/shows/politicking-larry-king/ ) and give him a talk show that competes in the overnight time slot. Wonder if they would dust off the old tones for the advertising or lean on Google for ad placement. 😉
Larry King has a face for radio. He had a heart attack once upon a time if anyone hadn’t heard. Either that or a pastrami overdose
Larry has a face for pastrami 🙂 Things look good for the Dickey brothers. Nice to have a golden parachute.