Cumulus Media
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| Type | Public (NASDAQ: CMLS[1]) |
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| Founded | 1997 |
| Headquarters | Atlanta, Georgia |
| Key people | Lewis W. Dickey, Jr., CEO, Chairman, & President |
| Industry | Entertainment |
| Products | Radio |
| Revenue | $243,922,000 (2007-09-30) |
| Employees | 3,400 full time |
| Website | http://www.cumulus.com |
Cumulus Media, Inc. (also known as Cumulus Broadcasting) NASDAQ: CMLS is a large owner of radio stations in markets in the United States, operating 344 stations in 67 markets as of September 30, 2007.[1]. Founded 1997 in Milwaukee, Wisconsin, and now based in Atlanta, Georgia, the company is in a distant second place in the country behind Clear Channel Communications, in terms of number of stations owned. The major shareholders of the company belong to the Dickey family.
With Clear Channel exiting the television business, however, Cumulus is now the third-largest media company focused only on radio, behind Clear Channel Communications, and Entercom Communications.
The company's biggest purchase would come in October 2005 with their purchase of Susquehanna Radio, giving Cumulus sizable groups in large markets for the first time in its existence.
In 2007 Cumulus announced they would be selling their 5 Caribbean radio stations to ONE Caribbean Media.[2]. The deal involved Hott 93FM in Trinidad and Tobago, The Wave in Saint Lucia, GEM-FM in Saint Kitts and Nevis and 93.9 FM in Antigua and Montserrat. The fifth station was originally not named.
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[edit] Company troubles
Cumulus is one of the many radio companies hit by the current economic downturn. The company's stock (see infobox) priced over $22 in 2004, opened Monday at just 45 cents per share.[3]
[edit] Purchase attempts
[edit] ABC Radio
Sometime in 2005, The Walt Disney Company was looking into the sale of ABC Radio Networks; and 24 ABC's O&O radio stations (Radio Disney and ESPN Radio were not included). Cumulus was in the running along with its rivals Citadel Broadcasting and Entercom. Cumulus was eliminated leaving Citadel and Entercom battling it out[4] In the end Citadel was chosen as the highest bidder. Had Cumulus gone through as such, it would have to sell all of their small market stations.
[edit] CBS Radio
CBS Radio has announced that it would sell 50 radio stations in 12 markets to focus on major market stations and as of September 22, 2008; Cumulus is one of the seven candidates to make first-round bids.[5] This may mean selling some of their own stations if the purchase is made.
[edit] References
- ^ "Third Quarter 2007 Results". Cumulus Media Inc..
- ^ "One Caribbean Media extends its reach in the region". Broad Street Journal..
- ^ Cumulus CEO: "Half the companies in radio gone in 36 months" - Radio-Info.com (accessed November 24, 2008)
- ^ Source: Citadel, Entercom Final Bidders For ABC Radio allbusiness.com (December 6, 2005)
- ^ CBS Kicks Off Radio Station Auction - New York Post (retrieved September 22, 2008)
[edit] External links
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