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• What this worst performance even means for Lew Dickey – yes, this time there are implications. Details inside.
• Bad sign for anyone left working for Cumulus – what can they do next.
• The way this worst in the class revenue performance affects Cumulus’ potential purchase of CBS Radio.
• What largest shareholder Jeff Marcus who is losing his shirt with his Cumulus investment is likely to do to try to turn things around.
• The real numbers on what Cumulus spent on capital expenditures (maintenance costs to keep things running) for Q2 – then compared to his direct competitors. Revealing.
• What happens to Cumulus hiring now -- the method to Lew Dickey’s madness revealed.
• 7 analysts have been issuing a “buy rating” for Cumulus even though their stock is now down to about $1.50 a share – guess what they are telling clients on the morning after.
• Nash undressed – Lew Dickey’s own personal country format stripped to the bone on a revenue basis for those who really want to know.
• Pacings for the 3^rd quarter now underway – any better, any worse, any solutions.

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• The terminator is at it again, listen to what we’re hearing Scott Herman is planning to save money at radio stations that are doing great in the ratings.
• Two alternatives, both suck. You’ll agree.
• Those “forced” retirements – get used to them.  Details inside.
• Warning: Herman has declared open season on general managers, some market managers and off-air programming people except for these people.
• Stupid iHeart tricks you’re likely to see Scott Herman play next.

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• Why Cumulus cannot buy CBS as it is today – so these changes are going to be made to make it easier. Inside stuff from a Wall Street analyst who knows.
• The sale of CBS Radio is being fast-tracked for this specific reason.
• Why CBS cutbacks and massive layoffs are so ferocious and urgent.
• What Lew Dickey plans to do if he reaches a deal with CBS.
• How new CBS Radio President Andre Fernandez plans to close the gap between what his boss, Les Moonves wants for the radio group and what Cumulus can afford to borrow from lenders.

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• What Cumulus is now offering to pay local talent to do the full-time job of fired Westwood part-time talent.
• How Cumulus forgot to lineup talent to replace the fired Westwood people causing them to scramble now.
• Why proud Cumulus employees are saying no leaving the Westwood programming in jeopardy for thousands of affiliate stations.
• The kiss on the lips Mike McVay is promising in order to get local employees to help them out of this mess.
• The deal – the number of voice tracks that fearful Cumulus employees don’t want to do on top of their “day” job.      
• The difficult learning curve that will be required for any sucker, I mean, Cumulus talent willing to take this on.
• How much money Cumulus thought they were saving by firing over 70 Westwood One employees – and now they’re screwed.

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• One radio group is under pressure to expand and it could be a perfect buyer for some of the CBS spinoffs.
• The three radio groups that will likely benefit most from buying spinoffs from the CBS-Cumulus sale.
• What business does Cumulus have in their current shaky financial situation buying a group like CBS? Here’s the scenario that would make Lew Dickey and principal owner Jeff Marcus look likes geniuses. Yes, I said genius and Lew Dickey in the same sentence.
• The company that is not on most people’s radar screen that can come in from left field, buy CBS spinoffs and suddenly be a major player.
• Scott Herman and Andre Fernandez after a CBS deal gets done.
• The over/under on whether iHeart could wind up with some former CBS stations.       Details.

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• The continuing CBS layoff plan that sets up a massive station selloff.
• Where Cumulus now stands as eventual buyer of CBS stations.
• Could Hubbard be a buyer to the delight of some CBS employees – details.
• Why CBS is hell bent to eviscerate its all-news stations and the unlikely model they will be following from another consolidator.
• The fate of all-news WNEW-FM in Washington – the first news station CBS started and didn’t just inherit from the former Westinghouse.
• The expiration date on CBS’ attempt to sell the group.
• Will Scott Herman become the CBS version of Cumulus hatchet man Mike McVay – new news on this front.
• What CBS Radio will look like in 18 months after merger and acquisitions President Andre Fernandez carries out his plan.
• Some good news about some CBS radio personalities.

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• How Scott Herman will decide who goes and who stays – and how fast.
• In one week on the job, the one thing ex-programmer Herman has done that even Lew Dickey and Bob Pittman dare not to do. Details.
• Herman’s secret for getting some pretty successful market managers to leave early – and it’s not money.
• The two sources for more cutbacks that are in Herman’s sights – they’re next.
• The total number of additional jobs – above the 300 or so fired and/or eliminated so far – that will be eliminated by year’s end (5 months from now).

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• 17 things Scott Herman is doing, plans to do or shed light on what he has done thanks to news sources at or close to CBS Radio who are now in my Witness Protection Program.
• The big name corporate exec who is said to be a goner by the end of this week or early next.
• Herman’s 3-part strategy for giving his boss the maximum operating savings.
• Something big is up in LA next week, a market that did not get hit anywhere near as hard as New York – how Herman plans to make up for it. Details.
• Fringe time talent is being replaced by voice tracking and jockless programming but that’s nothing compared to what news guy Herman thinks he can do without on FM music stations.
• Herman favorites get a pass and live to work another day – here’s who they are.
• What Herman plans to do with the iconic CBS all-news stations that he built his career on.

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1. Is use of the Voltair box still legal to use or are stations flirting with danger if they keep it turned on.
2. Why didn’t Nielsen just ban Voltair right now – the “better” idea Nielsen has.
3. Warning to Nielsen clients: They are preparing a way to sue you into submission. It’s tricky, be careful.
4. How Nielsen gets around the 90% loss of radio audience that researcher Richard Harker revealed in a study of Sean Hannity’s radio show.
5. How the Voltair issue will ultimately be “resolved” – details here.
6. What Nielsen wants stations to do for another year until they build their own Voltair box.

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• How Scott Herman’s promotion to COO changes everything about the future course of CBS layoffs.
• The people who are safer from future layoffs under Herman.
• How Herman is the CBS version of John Hogan with one exception.
• How much influence Herman is likely to have over who gets laid off from now on.
• If I told you neither Herman nor his boss Andre Fernandez (or even Les Moonves) will have as much influence on future layoffs as these people – would you believe it? Details.
• Herman and CBS Market Managers – how trouble is brewing.
• Corporate types who are toast now that Herman is in charge.
• The likely final count for layoffs by the end of this year – on top of the almost 300 who were fired last week.

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• What was so urgent to make Lew Dickey pull the trigger on these massive Westwood One layoffs now wiping out two entire operations centers and depleting another.
• How the coming Cumulus station layoffs will look – the Westwood massacre pretty much gives their layoff strategy away.
• The correct Westwood One career death toll on this round of layoffs and if more firings are planned any time soon.
• The one Westwood format that was spared from cutbacks. The reason.
• Which Westwood format is switching to “imaging” with no jocks, not even voice tracking. How these affiliates will soon be getting warmed over programming and don’t know it.
• The half-assed way Cumulus intends to replace the 70 on-air people.
• CBS employees please note: The sneaky trick Cumulus pulled on Westwood employees after they fired them Friday. Heads up to Cumulus and CBS station people, the same thing is going to happen to them next.
• What the huge CBS layoffs have to do with the ones beginning now at Cumulus.

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• The accurate estimate of total CBS layoffs last week and the numbers they are ultimately looking to fire now.
• The salary cuts and other schemes CBS Radio has up its sleeve for cutting operating expenses quickly. Examples.
• What’s the expected life cycle of all the anticipated CBS Radio layoffs ahead.
• Tricks to screw employees and cut costs – retirement with a twist. Heads up if you are a CBS employee.
• The rude awakening that will happen to, of all people, 100% commissioned salespeople who really don’t cost CBS Radio any money. Details.
• Salary givebacks – how they will work.
• Alert for on-air CBS Radio personalities. Things will change – here’s how.
• Market managers who are helping decide on who gets laid off and who stays should be nervous – here’s why.

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• Who will make the final decision on which employees get fired in the week ahead – local management or corporate.      
• Then round two of layoffs is coming soon – no let up. But how soon is soon?
• The two villains that are shaping up in the minds of disappointed CBS employees – the two people they trust least to keep them employed. Name names.
• What’s going to happen to sellers and programming people who do get to keep their jobs. Details.
• The dirty little secret that CBS management does not want anyone to know about the true state of their stations.
• Another heads up. No employee is off limits from this round and the next round of layoffs – examples of how low CBS is prepared to go.
• What’s ahead for the holiday layoffs if CBS plans two or more rounds of cutbacks before then.

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• The total number of layoffs CBS is admitting to is wrong – here is the real number.
• They are telling fibs about exactly who is getting the axe – this documented evidence refutes that, too.
• Why CBS may be leaving themselves open to numerous age discrimination suits.
• How CBS is cutting costs so rapidly because they have potential buyers and/or traders ready to take stations off their hands – now.
• The bottom feeder radio group that has eyes for CBS – no, not Cumulus, but them, too. This group of pretenders could be your next boss and I’m not talking about Cumulus.
• Which group is sniffing around CBS San Diego for a potential swap/purchase.

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• What could possibly be the reason for spending all that money for the Lincoln Financial stations and immediately firing the people who made them successful enough that Entercom wanted to buy them – a no b.s. answer is required.
• Why this move does not bode well for CBS people who may be caught up in the sale of some CBS stations to Entercom.
• What will Entercom buy next after yesterday’s swap with Bonneville to get The Sound in Los Angeles.
• Why Entercom is all of a sudden becoming the focus of attention as CBS leaves the industry to iHeart and Cumulus.

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• The revised toll – these layoffs look more massive than first thought. It’s not 200 people as you’re being told.
• The surprising markets where CBS Radio is now eviscerating their employees.
• Heads Up -- The major market that got hit hard yesterday with more firings coming today.
• A CBS Radio market reportedly ripe for a swap with Entercom.
• How long will these iHeart-type cutbacks continue – any let up in the near future?
• Once and for all – are these cutbacks going to affect primarily programming or mostly sales – an honest answer.
• The tall tale CBS is spinning that these massive cutbacks are just ordinary replacements.
• Why is this largest CBS Radio layoff so fast all encompassing – they have no debt like iHeart and Cumulus.
• The firing has started in smaller CBS markets – details.

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• What’s the big hurry – The timetable on which CBS’ Amazing Race to fire a third of their staff expands to bloodbaths in other markets.
• The pattern of firing (sales vs. programming) that gives the best prediction of who will get the axe now that firing is underway.
• Examples of atrocities that could have only happened at iHeart or Cumulus but never CBS – until now.
• No format is exempt from these mass firings but here’s the one that will get hit the hardest with the biggest loss of employees. Consider this a heads up.
• Who will be spared the axe at CBS Radio.

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• The new class of stock they created to get people to give up salary – this short clause is so blatantly dishonest it will make employees angry when they read it for the first time.
• Who gets this new stock, who doesn’t and will iHeart employees have any other options – the answers.
• How this cash-for-stock ploy is in place now for salespeople – details on what happens next.
• How iHeart can legally get out of the salary for stock deal and screw their employees at will – a wake-up call.
• The amount of money iHeart plans to save on the backs of unwitting employees who are being told take it or leave it.
• What happens to employees who gave up cash for stock if it looks like iHeart is considering bankruptcy (we estimate early 2018).

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• If you do business with CBS Radio from now on, here are their new rules.
• What will be sacrificed to post better cash flow numbers a.s.a.p.
• What it will take to keep working at CBS Radio. A “heads up” before your contract is due to renew.
• The one thing the new management of CBS Radio does not want their remaining workers to know or they will panic.
• The day employees working in an increasingly toxic CBS environment think the axe will fall – the precise day. We’ll see if they are right.
• The fate of Scott Herman.

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• The fate of on and off-air program directors.
• The preferred new format that is most cost-effective.
• Why the concern over fabled CBS all-news outlets.
• Morning personality alert – something bad, a “dark cloud” is coming. Explained here.
• The surprising time frame for these increased cutbacks.
• And of course – the new upwardly revised estimate of layoffs – the startling total percentage of reduction for the current workforce.
• The future of CBS Radio corporate executives, market managers and sales people.

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• This is not me saying it – it’s the timeline of Wall Street moneylenders that buy and sell debt. Their prediction.
• Why the next two years are relatively safe but if this one thing happens then all bets are off. Details.
• The reason iHeart can’t sell its outdoor division for many billions to buy more time – they’d like to but for this one compelling reason.
• The move co-owner Bain is now making anticipating the risk of bankruptcy.
• Where this leaves the people who work for iHeart now including current employees, severance workers and pensioners.

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• Details behind how one $15,000 Voltair unit just about doubled the listening that Nielsen reported for Hannity’s show.
• The way around spending the $15,000 for Voltair for stations that don’t want to pay a third party to get their encoded signal to be boosted.
• Why big group radio owners are not that concerned about the huge disparity in listening on PPM vs. PPM on Voltair steroids.
• How PPM’s inability to pick up encoded signals equally from all formats impacts all the money it is spending to recruit more minority panel members.
• The Doomsday audience measurement scenario involving Pandora and Spotify. If this doesn’t wake everyone up, nothing will.

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