INSIDE …

• McVay is not only staying, he’s been put in charge of all programming – is that change you can count on?
• What new CEO Mary Berner was horrified to find after surveying Cumulus stations for the board – and she’s hell bent to confront it.
• How the Cumulus station of the future will be run when she takes over soon.
• The $260 million mess at Westwood one – rehire the old talent, keep pawning off recycled local Cumulus talent, sell?
• Nightmare scenario she must deal with on day one – revolt of Cumulus air talent. Details.
• Let’s just confront this big elephant in the room upfront – was Mary Berner hired to take Cumulus into bankruptcy as she did Reader’s Digest?

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INSIDE …

• How Cumulus is going to be a radically different company under Mary Berner – no radio background.
• Was she brought in to take Cumulus to bankruptcy – she did it to Reader’s Digest. Details.
• What’s this keeping Mike McVay to replace John Dickey in programming all about? Did Mary Berner really do this?
• The big F@#k You that Jeff Marcus may have given Lew Dickey on the way out the door.
• How soon will Mary Berner make more major changes – the time line.
• And what about Westwood One – more of the same, fixed or sold.
• How local markets will soon operate – will Mary Berner make it more local or more national with a different management team.
• The fate of the Cumulus computerized sales tracking system that makes sellers lose up to two hours of productive time per day.
• If you think Mary Berner has no radio experience, look at who interviewed for the Cumulus CEO job with even less.
• The prospects for merger or sale of assets under new management.
• Now that the Dickeys have fallen from grace, which radio group CEO is next?

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• How about brother John – is there anyway Jeff Marcus’ new CEO would keep the current programming “genius” – say for transition purposes.
• Both Dickey brothers were reportedly seen cleaning out their offices. Take a look at their future plans.
• McVay? Does he stay or does he go – and when.
• Jan Jeffries – rumor has it that Jeffries has something over the Dickeys that kept him employed. Will Lew’s successor feel the same way?
• And what about the guy many Cumulus employees feel is public enemy number one – Gary Pizzati. A role in the new management scheme under one of the possible job candidates to replace Lew.
• Some market managers are outta there when Lew leaves – how long will they have.
• Plus, two job candidates who could replace Lew as CEO where it would actually be better to keep Lew (can’t believe I said that, but it’s true). Here’s who you don’t want Jeff Marcus to choose.

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• Here’s how Lew Dickey’s official end will come and what will happen next.
• And when.
• Why is principal shareholder Jeff Marcus waiting this long to axe Lew Dickey hanging him out there to dry – after this, you’ll understand the delay.
• The big and surprising changes largest shareholder Jeff Marcus is going to make.
• Not likely Marcus will promote from within – but here is the CEO he’s getting ready to announce soon.
• Why the Dickey replacement will surprise – no, shock you when this person’s name is announced.
• The one last hope for surviving Cumulus employees if they like this new definition of a radio company coming soon.

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• Details on the big time pay cuts coming in the next few months.
• Here’s the minimum giveback – sit down and stay away from sharp objects.
• What a Cumulus “take it or leave it” agreement is going to look like.
• Who is going to be told take less or leave.
• If Mike McVay is going to have to take less – assuming he still has a job under the new CEO – he’s starting from this inflated salary number.
• Why some big names in Cumulus have turned on Lew Dickey and what’s going to happen to them now.

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• The surprising front-runner to replace Lew Dickey.
• If this guy gets the gig (and it’s a guy), save the celebration. And I’m hearing it’s not John Hogan.
• Then what happens to his brother John and the lackeys he has hired.
• Sources report the end should come soon.
• Which influential people did Lew Dickey cross to lose goodwill on Wall Street at the worst time – some of whom actually are said to have badmouthed him.
• How Jeff Marcus is likely to handle Lew’s embarrassing demise.

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INSIDE …

• No sooner than majority owner Jeff Marcus leaves San Francisco, these people arrive.
• And other markets will reportedly get the same treatment – how many?
• How Cumulus seems to be doubling down on making even deeper cuts.
• Suspiciously Cumulus is trying to clean up old business – some years old to tidy things up ahead of a bankruptcy. The specifics.
• What a pre-pack bankruptcy would mean to equity holders, banks, bondholders and employees.
• How analysts can in clear conscience give a “buy” or “outperform” rating to a company this sketchy.

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• The unthinkable thing that happened when one affiliate told Westwood it wanted to stop running their programming.
• How Westwood bullied the owners and backed down – but at this price.
• How badly Westwood format affiliates want out of their contracts – the things they are willing to do to get as far away from them as possible.
• The ransom Westwood attorneys are demanding to stop format affiliates from all leaving at once.
• The catastrophic effect on Westwood One if even this number of format affiliates bolt.
• How bad things are getting now at Westwood’s format division in the words of one who was burned.
• Now we know how Cumulus got local talent to replace fired Westwood talent.       Clue: it was not the $5,000 a year “bonus”. Worse.

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• The name of the firm Cumulus has reportedly hired to deal with a potential Cumulus bankruptcy – we’re naming names here.
• The new Cumulus board member who has hardnosed experience in bankrupting companies.
• When?
• The kind of bankruptcy that is likely.
• Three scary things that will happen should Cumulus file.
• Is there anything that can prevent bankruptcy?

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INSIDE …

• How bad is it – really.
• What is expected to increase by 3 to 5 times current levels putting iHeart in survival mode.
• Who gets cut back – I’ll tell you this, it is the usual victims but in a way iHeart has never done before.
• iHeart’s No Manager Left Behind program – details.
• But, what’s on the air will change drastically.  The time periods iHeart is targeting.
• Why iHeart keeps cutting expenses when even if they fired everyone but Bob Pittman they couldn’t pay down their debt enough to survive.
• Wall Street venture firms don’t expect iHeart to make it – here’s when they think iHeart has a date with a bankruptcy judge.

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• Can you get your $15,000 per Voltair unit back now?
• Read the contract clause – word for word – that slyly prohibits their client stations from using Voltair going forward.
• This in spite of suspicions that Nielsen knew that their encoded signal favored certain stations.
• The formats that are getting screwed by PPM – one of them is losing 90% of its audience to faulty technology.
• The chances of a class action lawsuit back at Nielsen for this.
• How PPM that only reliably reports loud stations is helping radio’s competitors.

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INSIDE …

• Here are the first concrete results of Jeff Marcus’ “intervention” to save Cumulus and his 30% stake in the company from further Dickey damage.
• How these new changes will be rolled out – which markets first and how soon.
• What about the Dickey appointees that are in place and who have supported their ill-fated strategy? Here’s how Marcus will handle them.
• Specifically – let’s get to it – what about McVay and John Dickey.
• In one market, employees are ecstatic because of this announcement – and it may repeat in other markets – details.   Cumulus pride!
• The fundamental change in which Cumulus stations will be managed in the post-Dickey era.

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• The one option left to turnaround Westwood One that Cumulus is ignoring.
• What happened within weeks of Cumulus acquiring Westwood One that accelerated their decline and it continues to grow worse.
• Specific contracts that Cumulus/Westwood cannot get out of leaving them little left to cutback – details.
• The latest on the affiliate revolt that threatens to bring Westwood down.
• Westwood for sale?

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INSIDE …

• How widespread is this revolt by once loyal top execs turning on Lew and John Dickey.
• One of the surprising turncoats is this Cumulus exec who has his head so far up Lew’s you know what that he can’t see the light of day.
• The one thing that has been holding up largest shareholder Jeff Marcus from reassuring shareholders he has things under control and ready to turnaround.
• What has been stopping Marcus from going public with the changes he has already made privately.
• What Jeff Marcus is hearing on his lone listening tour of troubled Cumulus clusters without Lew Dickey by his side.
• What Marcus is discovering that the Dickeys have covered up.
• The fate of Lew and John’s “mafia” under Jeff Marcus.
• Who is likely to handle Cumulus operations now – 12 months after Lew refused the board’s demand that he hire a non-Dickey for the job.

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• An analyst trips up CBS CEO Les Moonves making him reveal what it will take to sell CBS Radio – here it is word for word.
• Are competing radio CEOs buying Les’ B.S. about standing pat.
• The main reason why Moonves has to start selling off his CBS stations now – there are several reasons but none bigger than this.
• What will be left standing at CBS radio stations that are not sold by the end of this year.
• Best thinking on how the CBS station sales will be unveiled and in what order.
• Latest list of potential buyers.
• The exceptions: Moonves may keep a select few radio stations. Here’s a hint of who they are likely to be.

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• A taste of the John Dickey you may not have known that is leading to his demise.       True stories that have been kept secret.
• Will Jeff Marcus keep Mike McVay and Jan Jeffries – let’s just get right to it.
• John Dickey’s programming hire from Subway – that’s right, like in “eat fresh” that isn’t helping his ability to save his job now.
• Where John Dickey got the cockamamie idea to have one local jock replace three Westwood One format hosts. This makes him look like a lightweight to his new boss.
• Will Jeff Marcus realize what’s wrong and return power to local Cumulus PDs. The very surprising answer.
• How Marcus could save his $260 million Westwood One investment if he’s really listening to those in the company who know – details.
• Nash – a keeper or a goner.

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INSIDE …

• How the Dickeys are using insider trading to bet against the company.
• What is happening in the boardroom that does not bode well for the Dickeys.
• The final nail in Lew Dickey’s coffin – this one unintended consequence turned the board against him and sealed his fate.
• The 3 Dickey initiatives that crashed and burned causing the board to see them in such a negative light.
• How Lew Dickey spit in the face of the board in less than a year but it got all over him.
• Ways in which Lew Dickey lost control of Cumulus.

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INSIDE …

• Which market Jeff Marcus is in this very morning without nominal CEO Lew Dickey.
• The person who will be at Marcus’ side today and what the purpose of going directly to sick Cumulus clusters is.
• Why Marcus is on this magical mystery tour and where he is likely to go next.       Get ready.
• How Lew Dickey could have avoided this fate – the one and only thing he needed to do and wouldn’t do it (iHeart and Entercom are guilty of the same thing).
• What important move will likely happen next when Jeff Marcus gets his fill of Cumulus employees pointing to the Dickey brothers as the main problem.
• But what about that multi-year Lew Dickey contract extension he signed earlier in the year.

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• They have no choice – here’s what Cumulus is forcing Westwood replacement jocks to do in real time.
• How Westwood is getting away with charging more for one of these slipshod services – yes, a premium.
• The part of this dirty deal that is being kept secret from thousands of Westwood affiliates because they are already pissed.
• The name Cumulus is now using to describe Westwood’s sub-par programming. Hint, the first word is “Nearly”. You’ll die laughing when you hear the next word.
• The money. What Cumulus is now paying their local jocks to do 3 formats at the same time.
• The Dickeys are going to pay for this with their jobs – details on a big announcement about top executives expected soon.

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• Why a company that just fired all their talent is suddenly launching a recruiting campaign just 2 weeks after they left the building.
• The bait – here’s what Westwood is looking for now.
• The pay – you’ll have to see it to believe it.
• The job requirements in their own words. I’ll bet you a Philly cheesesteak that you have never read requirements like these – ever.
• A link for those of you who would like to take this offer.
• What became of the Westwood idea to use local Cumulus jocks to do their local show and the syndicated format simultaneously in real time.
• A quality syndicator who is peeling off disgruntled Westwood affiliates – they’re hiring – details inside.

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INSIDE …

• How Marcus is personally taking control of Cumulus and what it means.
• The surprising moves he is reportedly making to assess damage.
• Details from sources close to the situation who report when this power change happened and why it is not being made public yet.
• Lew’s a big shareholder, what Marcus is doing to him now that he is being neutered.
• What happens to “Other” Brother John Dickey, Gary Pizzati, Mike McVay and the other Dickey lemmings.
• Who will eventually make operations decisions at Cumulus.
• What’s ahead for Cumulus employees under Jeff Marcus.

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