Coming up on one year out of bankruptcy and CEO Mary Berner is presiding over a Cumulus board unsure of what to do next, her own future in doubt.
The company’s bankruptcy court valued Cumulus at $1.3 billion for the purpose of giving haircuts to lenders and other aggrieved parties.
That $1.3 billion is about even with the company’s revenues on a good day.
That means, Cumulus is presently worth nothing.
There is an explanation for the sale of great FM stations in New York, LA and DC along with a strategy to trade stations at this late date.
But there is a shocking strategy going forward if some board members get their way.
What will Cumulus sell next?
What’s the plan for making the company work and revenue grow without the major stations that they recently sold?
The real problems inside Westwood One, the only part of Cumulus that posts a modest profit and there are many.
And how critical is the split over Berner’s game plan?
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