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Discussion in 'Radio Broadcasting' started by Eat News, Oct 11, 2017.
Cumulus is more the Nexstar to iHeart's Sinclair.
In the latest Cumulus happenings, Cumulus backs out of the deal to buy WKQX and WLUP from Merlin Media, presumably to re-negotiate the terms of the deal; however Randy Michaels is ready to resume operational control of the stations if Cumulus goes belly up.
Furthermore, Cumulus managed to cancel Mancow's contract, causing him to now be working day-to-day without a contract.
Cumulus says they’ve found a way out of bankruptcy.
I had to read that twice just to be sure It was real.
These guys were in BK for less than a year.
Those were very sound moves for a crappy company that destroyed a bunch of good legacy radio stations.
Sucks to be Mancow though...lol.
I hope ClearChannel / IHM is paying attention.
Just a little over six months in Chapter 7... geez.
I knew Mary Berner had been around the block with regard to steering companies through bankruptcy (see Readers Digest) but this is almost ridiculous. She’s said and done all the right things and even with the Chicago fiasco re:WLUP, it can be argued that they made the best out of a messy situation.
iHeart wishes they could be as lucky... of course, their debt is far worse and onerous.