Crestview Media Parterns is the largest stockholder in Cumulus. He was just named as the Chairman of the Board in a “non-executive” role, and Lew Dickey was given a three year contract extension. The wording of the press release had the feel of Lew Dickey being spoken of almost like he wasn’t in the room. My take on this change is that since Lew Dickey failed to follow instructions to recruit his successor (not his brother John), Mr. Marcus has assumed the task of hiring that successor. Suze Orman is probably available.
Interestingly, Mr Marcus ran Chancelor Radio back before it was swallowed up by Clear Channel.