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• The reasons financial people expect Cumulus to file for a second bankruptcy along with what will trigger it.
• The affect another bankruptcy will have on the fragile station group and Westwood One.
• The true financial condition of Cumulus by experts – not speculation or corporate hype we’ve been hearing.
• The list of costs that should be going down after emerging from bankruptcy that are actually going up.
• Why Cumulus is suddenly losing key people at the worst time possible.
• The prognosis for Westwood One.

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• The 5 major questions that the new Cumulus board needs Mary Berner to honestly answer according to analysts and financial people.
• What constitutes accounting tricks and what are sound and generally accepted accounting principles necessary to stop the bleeding.
• 11 hours of board questions and concerns boiled down to these indicators of a turnaround or a failure.
• How to tell the early signs that a second bankruptcy will be needed.
• Troubling company financial indicators that are rarely discussed in public.
• The concerning story of what’s really going on today at Westwood One.

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• A timetable you can take to the bank – the specific month all of this goes down.
• What happened to his takeover bid for the failing Cumulus.
• What Dickey’s first acquisitions will be from these sellers – either in part or whole.
• The large group that is also being considered.
• The plan to prevent a repeat of Cumulus 1.0.
• First look at Dickey’s new management team.

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• How a company touting a digital revolution let radio’s acknowledged best social media expert quit?
• The role “flipping” may have played in her departure.
• The rumored Mary Berner Hit List – 2 of the alleged targets are gone already – what it means for the others.
• Money walking out the door – the latest Cumulus top-biller and Key Account Manager also quit Berner.  How that went down.
• The Cumulus employee who was just fired after commenting on a post by a former Dickey confidant – you have to see this, the post, the comment that ends ugly.
• Little known details of jealousy and demands of loyalty that may further impact the bottom line that even the board of directors doesn’t know about.

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Become a NEW Subscriber and begin with Entercom's Toxic Workplace Coverup here. 

And read these full articles …

            Liberty’s iHeart Takeover

            Cumulus Asset Sales

            Entercom Adopts Cumulus Policies

            Cumulus Future Plans

            Entercom Commission Rate Cut

            iHeart, Cumulus Market Manager Peril

Plus every article for the past year and 3,990 in our archive like these (scroll thru/latest first)

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            Entercom Adopts Cumulus Policies

            Cumulus Future Plans

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            iHeart, Cumulus Market Manager Peril

            Entercom Name Change

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1. Future RIFs – Berner has repeatedly denied saving money through personnel reductions but now we know how much she actually saved – one time or ongoing?
2. Selling assets – Is Berner ready to start selling off stations to keep Cumulus afloat?
3. Money to fix and maintain stations – how Cumulus is planning to handle that going forward.   
4. DC land sale – Something’s up with the troubled $75 million sale of land near Bethesda that keeps getting delayed.
5. Podcasting to offset declining local radio?  Wait until you see their plans.
6. Digital – The surprising approach to a category that Cumulus is betting its future on. 

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David Field loves the iHeart system of cutting commissions for top sales people.

And, yes, that’s what it has come down to.

Entercom badly needs to get revenue back up after its disastrous merger with CBS Radio and yet what he’s beginning to do is likely to have the opposite effect.

If you want to see what poor morale gets your sales department, look no further than Cumulus that lost many of its best sellers when the company sapped them from selling with corporate red tape and unnecessary procedures.

This trick that Field is going to pull – you’ll see the details in a moment – is his dream compensation strategy because iHeart does it and anything iHeart does, Field seems to want to do.

And second, because he will make more money and the sellers will make less.

Field is not a warm and fuzzy guy.  He doesn’t connect with employees because he makes all the money and they get nickel and dimed to death.

This plan being installed at some Entercom stations right now is the future for the entire merged company as well as dangerous temptation for other groups to follow.

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Newstips

INSIDE …

• Which market managers will be more at risk – the ones at Cumulus or iHeart.
• Huge cutbacks have been leaked for iHeart employee RIFs – take a look.  Here’s what will trigger them.
• The new market manager-lite setup coming to iHeart and Cumulus.
• And it’s not just these two groups – here’s a radio company that is likely to ask their market managers for hometown discounts. 
• This begs the question if market managers are about to take a big hit, is there a well-paying job in radio that is relatively safe?  Yes – this is the one.

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• How does a just out of bankruptcy radio company with suspended stock worth only a few pennies start trading again at over $20 a share -- $17.70 as of closing yesterday.
• Cumulus stock is worth more than the merged Entercom and CBS Radio.
• Cumulus outperforming Entercom?
• Is this a sign of a successful  “Hail Mary” from Berner?
• What does the stock market know about the future of Cumulus that everyone seems to be missing?
• The critical indicators to watch.

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• Entercom can’t deliver promised cost savings. 

• 7 Incremental fixed expenses are going up. 

• Meaning that David Field’s $110 million promise is way too low. 

• What is Entercom going to do to make good on merger efficiencies it promised lenders?

• New cuts to CBS stations, Entercom stations or both?

• Down to one last option.

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• A name change to double down on radio.

• A way to stop the unfavorable comparisons with CBS.

• Rumblings from sellers, buyers and competitors too loud to ignore.

• The reported leading choice to replace the name “Entercom”.

• More consumer-oriented.

• Reportedly inspired by iHeart.

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• WTF?  What was so urgent that it took a virtually unprecedented marathon board meeting to unpack?
• Their biggest concern -- it’s not what most people think.
• First read on their feelings about CEO Mary Berner.
• With big losses to be reported this week, how long are they giving Berner to turn things around.
• How important is “toxic work culture” to the board.

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1. Why the future of Alpha is no longer assured.
2. An honest look at the many problems in selling the company that made one strategic mistake after another.
3. Who is likely to pick the bones of the radio group that once had everything going for it – and how long will it take to liquidate.
4. But wait, before the stations can be sold off – there is a glitch that could blow up and make things even worse.
5. What Alpha employees can expect.

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1. Why Bob Pittman is handling the bankruptcy like a radio promotion but the “second caller” doesn’t win and the new owner has already been identified.
2. The main reason – and there is a big one – that Bob Pittman is dragging this thing out.
3. Why you should keep an eye on this potential bidder.
4. The surprise ending soon-to-be-burned iHeart lenders want.
5. The toll this drawn out bankruptcy is already taking on iHeart stations and employees – ratings for this major format are beginning to erode from neglect.
6. If you want to get past all the circus optics and get to the new owner, here’s who will come in and take iHeart away.

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Radio CEOs are just like politicians.

They don’t let facts get in the way.

So yesterday, David Field showed us all what he was doing at Ivy League schools while he should have been learning the radio business.

Field took a whopping 8% decline in revenue and turned it into a 20% stock price gain.

Here’s the stunt David Field pulled off that employees, investors and lenders are going to pay for big time.

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There are rumors that Cumulus is getting ready to buy some or all of Univision’s radio stations.

But Cumulus can’t buy a copy machine right now and Univision is just as dysfunctional as Cumulus.

Here’s why everyone is looking in the wrong place.

READ MORE …

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            Bonneville’s Back – Or Is It?

            Cumulus Reboot – Strange Things You Didn’t Know

            The Sale of Westwood One

            Alpha Media After Larry Wilson

            Entercom/USTN Deal Gone Bad - What Really Happened

            Cumulus & Univision Together

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            Cumulus Reboot – Strange Things You Didn’t Know

            The Sale of Westwood One

            Alpha Media After Larry Wilson

            Entercom/USTN Deal Gone Bad - What Really Happened

            Cumulus & Univision Together

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1. Potential conflicts of interest with Mike McVay.
2. The truth about that new stock Cumulus just issued.
3. Westwood One has been turning in profits quarter after quarter, so why is Cumulus now acting to separate the two companies.
4. The rumor that Cumulus is a buyer – well, is it?
5. The untold story of Dave Milner and Bob Walker.
6. How is the relationship going between Mary Berner and her new board representing lenders who have traded equity for debt.
7. The over/under on a second Cumulus bankruptcy as incredible as it may seem.

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