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• Using analysts’ numbers and public projections, how Entercom lost half its value in record time and why it is now considered damaged goods.

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• As amazing as it may seem, why iHeart & Cumulus oppose the NAB’s current attempt to win easing ownership rules when consolidation 22 years ago was actually responsible for their growth.

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• Entercom reportedly eying these well-paid CBS managers.
• Where’s Weezie?
• Is any CBS manager safe?
• Hard deadlines.
• The “plexiglass” ceiling for women.

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• Revealed:  Behind the scenes efforts to create an entirely new business that Entercom’s competitors don’t see coming.
• What damage would it inflict in Entercom markets.
• What happens to Entercom if this big deal turns out to be a dud.
• The likely name of Entercom’s new startup.  You won’t believe their choice of a name.
• All the details of what this new venture will do (their words, their document) and how it will hurt competitors in their markets.

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What the market is learning about Mary Berner is that she could make victims of the Titanic believe there was an upside to drowning.

No matter how she says it – promises, slogans, new logos – her fate and the fate of Cumulus will come down to a second bankruptcy and ending the long decline in revenue that lumbers on quarter after quarter.

It is likely that Cumulus will be the target of a takeover at some point now that it is out of bankruptcy. When it was mired in Chapter 11, Cumulus argued and received permission from the court to bar outside bids while they were trying to get their house in order.

The one thing that would make a takeover less likely – a hostile takeover, that is – is if they got their debt down and revenue up.

So in spite of the happy talk about the future of the company, Mary Berner is going to have to show in real terms that her management team that started the decline leading to bankruptcy is capable of stopping it on a dime.

Your guess is as good as anyone’s.

But assets will have to be sold or a second bankruptcy initiated that brings a slew of additional problems or else Cumulus 2.0 will be dead on arrival by next year at this time.

The painful process of selling assets will shock but here are the options on the table.

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