Cumulus may be turning the corner…. They cut out about $5 million/month in expenses, and actually made a profit in the 2nd quarter. The road ahead is still very steep and debt could still crush them – but for now the very low LIBOR rates are working in their favor. There may also be long term damage to listenership and employee morale from this austerity campaign. The stock went up 72% on the news on Wednesday.
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