Cumulus Media replaces CEO soon after stock fall
Cumulus Media, the nation’s second-largest radio broadcaster, introduced Tuesday that it will exchange its main executive subsequent thirty day period — a alter that arrives right after a 12 months in which the firm’s share price tag fell by much more than 80%.
Lewis W. Dickey Jr. will step down on Oct. thirteen and be replaced by Mary G. Berner, a Cumulus board member who has served as chief government of MPA/The Association of Journal Media, Reader’s Digest Association and Fairchild Publications.
Lewis Dickey, 1 of the firm’s premier shareholders, will become vice chairman. His brother John Dickey will action down as executive vice president.
The information, which was 1st reported by The New York Occasions , is a blow to the Dickey family members, which co-launched the Atlanta-based mostly firm in 1997. The family shepherded Cumulus’ rise to one of the most distinguished radio broadcasters in the place with 460 stations in ninety marketplaces.
Cumulus also owns the Westwood One syndication provider, the Rdio streaming audio services and the Nash region audio division, which consists of radio stations, television channels and a report label.
In current several years, Cumulus ( CMLS ) has amassed a debt of $ two.5 billion even though its inventory cost has fallen by far more than 80 %, closing Tuesday at $ .68.
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