Analysts may be starting to see things my way as it relates to Entercom.

Their stock price has been sinking from a $16 high before the CBS Radio acquisition to within a quarter from being a $4 stock as of close yesterday.

And that means institutional buyers may either be forbidden from investing in “ETM” by their own rules or because they have increasing concern.

Either way the CBS merger is appearing to be the bust we called it from outset and evidence of incompetence are everywhere around the company’s attempt to clean up their mess.

• Even Wall Street is starting to turn on Entercom – their reasons, concerns, eye-popping quotes.
• What one thing that almost nobody in radio can name is worrying the financial community the most about Entercom.
• Previously untold details of how Entercom staves off the dumping of their stock – and it’s all legal if not deceiving.
• Surprising doubts percolating from fans of David Field concerning Entercom’s growth plan.
• Real concerns about the all-news stations Entercom bought from CBS Radio – identified and analyzed.

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Jerry will appear with Lew & John Dickey together on stage at the 2019 Conclave in Minneapolis June 20^thin a deadly honest conversation about Cumulus and the future of the radio focusing on growth opportunities for radio people in the new modern media.  Details here.

Proud Mary is back to playing her A game.

Claiming that she has turned Cumulus around but the assertion appears to have no relationship to the facts according to people familiar with the internal workings of Cumulus.

The truth is – Cumulus is not a turnaround, it is a very troubled company.

Just because Mary Berner says it is so does not make it so and that is backed up by facts.

The happy talk radio trade press fell for Cumulus proclaiming a “victory lap” although the facts suggest a weakened company that is misleading the public as to the seriousness of their situation.  

Here are the facts from financial people close to Cumulus based on their recently filed 10-K.

• How financial experts close to Cumulus debunk dubious company claims of a financial turnaround.
• Cumulus says revenue is up – here are the real results with specific figures.
• What is the truth about Cumulus’ cash flow based on correct numbers.
• How bad is their debt – a critical indicator of future performance is revealed.
• What to watch to predict more station and asset sales like the ones to EMF for quick cash and low return.

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Jerry will appear with Lew & John Dickey together on stage at the 2019 Conclave in Minneapolis June 20^thin a deadly honest conversation about Cumulus and the future of the radio focusing on growth opportunities for radio people in the new modern media.  Details here.

There’s EMF and then who?

EMF’s vast religious broadcasting empire is buying up great radio properties these days for low, low prices because so many stations are for sale.

Brokers list 7 radio groups as potential solid buyers even as radio revenue declines.

The current multiple times cash flow that will be used to price the stations is different.

And it’s interesting that timing is everything but especially in buying or selling a radio station – that “sweet spot” has recently changed, too.

• There are 7 buyers for radio who are hot to own more stations (not counting Lew Dickey) – here are their chances to expand.
• The radio group that will pick around the edges and the one loaded with cash that’s under the radar.
• Why the majority of sellers can’t take even a good offer these days.
• The up-to-the-minute going multiples for radio acquisitions according to financial experts – broken down into small, medium and major markets.
• The $103.5 million Cumulus/EMF giveaway – is that the new normal?

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Only Lori Lewis could make this happen -- Lew & John Dickey and I will be together on stage at the 2019 Conclave in Minneapolis June 20^thin a wide ranging and deadly honest conversation about what happened at Cumulus and where the future of the radio industry is – obviously, it’s not working for companies that can’t fire people fast enough.  We will talk about growth opportunities for radio people in the new modern media.  Details here.

I thought Cumulus was between a rock and a hard place.

The “victory lap” and turnaround that they are selling this week is far from that.  In fact, Cumulus is still in a precarious position unless it gets to choose its own facts.

That they were forced to sell iconic WPLJ-FM, New York and other major market properties to EMF for a lot less than they were worth is not the win-win they are trying to sell the public. 

Who calls selling major market stations a win-win when you essentially vacate a market?

After all, they must have needed the money to remain as a going concern.

Cumulus sold those valuable assets for virtually nothing not to keep operating or investing in future businesses as they tried to spin it to the public.

You could almost forgive and understand that.

Mary could now use the proceeds to fund her wall – I mean, her podcasting business.

But it’s worse.

Is Mary Berner even still calling the shots?

Remember this name – Paul Stone. 

Where is the $103.5 million EMF check really going?

Are more Cumulus stations being readied for sale?

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