To be really honest, no one knows what Cumulus is worth.
In fact, the new board of directors doesn’t even know because their CEO is using adjusted accounting figures (as other failing radio groups are doing) so they can’t see whether Cumulus is coming back strong or whether its insufficiencies are being covered up.
The bankruptcy court assigned a value to Cumulus when it emerged earlier last year and that’s it.
When I ask people familiar with Cumulus and with extensive background running radio companies to cut through the window dressing and get down to a fair value for Cumulus something strange happens.
Here are the clean numbers.
Read the full article now.