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• Behind the scenes at local Cumulus stations fearing a potential takeover.
• What corporate is telling its managers.
• How Mary Berner is under pressure from inside and outside the company.
• Market managers give this grim warning to corporate.
• What started the recent investor activist warning that they intend to be involved in the company.

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• The radio exec who is masterminding this plot.
• Where the money is coming from in addition to Soros.
• How they intend to build a group large enough to compete with iHeart.
• The 3 radio groups being targeted.

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• What blew the major sale up at the last minute.
• Is Apollo still actively trying to offload its Cox radio acquisitions?
• The surprising bidder who came this close to owning Cox radio.
• The money people involved in the failed Cox station sale.
• How bankrupt Audacy was involved in scuttling the Cox radio selloff.

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• Their “poison pill” cannot stop activist bidders – here’s how they can work around it.
• The activist bidders who might be thinking takeover.
• What happened that made Mary Berner hit the “poison pill” panic button.
• Why a company from Singapore that owns consumer products and no media wants Cumulus so badly.
• The biggest activist investors apparent intentions regarding Cumulus management.

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• The Soros strategy for its Audacy investment.
• Is this a political play by the left-leaning billionaire?
• How it will affect programming and operations.
• Who has the power now – first-tier lenders-turned owners or the Soros group?
• The end game for a $400 million investment in a bankrupt radio group.

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• Why financial experts are suddenly concerned about the viability of Cumulus.
• The real problem areas identified.
• What about selling standalone KABC and others?
• Westwood One as the canary in the coal mine.

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• His petition to the bankruptcy court asking them to blow up the Audacy prepackaged reorganization.
• How much this investor got burned for.
• The specific remedies he is asking the bankruptcy court in Texas to invoke.
• His strategy to stop the steal that mostly benefits Audacy lenders not shareholders.
• How much trouble is this for Audacy.

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• Bondholders accepted pennies on the dollar to enable this bankruptcy agreement – what often happens by the time they get to court.
• Who will the new lenders-turned owners choose to be on their board – and lead it?
• Hints from as recently as last week give an idea of how they will proceed in running the company once the pre-pack is approved.
• The debt issue remains: how will it be divvyed up between take-back paper and restated debt.
• Will the new Audacy be a rebuild or a fire sale – recent clues tell which way it’s going to lean.

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• Why the rush to buy into radio groups that are failing.
• Even bankrupt groups.
• The case of a lender injecting over $50 million in a bankrupt radio group.
• A sampler of little-known private equity investors who have been actively buying radio stocks.
• What do they know that everyone else is missing about radio’s future.

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