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• How the hedge fund that bought Cox Media is preparing for the worst-case scenario.
• The issue of merit raises and bonuses.
• Why CMG employees are growing nervous.
• One failed radio group sale a few months back, now these whispers.
• Evidence that Apollo may be rethinking their media strategy.

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• The current 2% layoffs are only the tip of the iceberg – what about the remaining 98%.
• Who will be targeted and who is safe (at least for the near future).
• Some are worried about left-leaning politics when Soros takes over but that’s not their most radical idea.
• Is digital and podcasting immune from the brunt of these layoffs?
• The sweetest cost saving to Audacy bean counters (the job you don’t want to be in).

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• What cuts Cumulus had to promise to re-fi their debt.
• What about selling existing assets?
• The Cumulus employees most directly caught in the crosshairs of this deal.
• How it affects executive pay.
• The unusual timeframe of these promised cutbacks.

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• The dreaded first move they just made.
• What’s at stake when Beasley files.
• How to interpret the expected denials.
• Why Beasley is using the Audacy playbook that failed to turn their stock price around.
• Bankruptcy countdown – how long and when.

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• They’re trying to renegotiate a debt agreement they can’t afford, but why and why now?
• The eye-popping concessions Cumulus is willing to make.
• Why market managers and employees should be concerned.
• Does this re-fi deal avoid bankruptcy?
• Could it still blow.

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• The over/under on radio’s most adventurous potential merger.
• The earliest this rollup could happen.
• Why is Cumulus so important to Audacy?
• The political consequences of the left owning an iHeart-sized radio rollup.
• Even if everything goes smoothly, there’s this almost immovable roadblock.

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• How the wheels are coming off at Urban One while the CEO is raking it in.
• Inside a new compensation agreement filed just before their stock was put on notice for delisting from Nasdaq.
• The enviable clause that guarantees Al Liggins what other Urban One employees can’t get.
• Whispers as to why they didn’t file their required federal 10-K form (again).
• What to expect as the top exec secures his financial future even before the company’s financials are known.

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• The little-mentioned “radio guy” flying under the radar in this deal.
• What Soros buys after they rollup Audacy and Cumulus.
• Why Cumulus will force Soros to revert to a hostile takeover.
• Is this a political play by Democrat Soros?
• What happens to the forced spinoffs?

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• The connection between the mess at Boeing and Nielsen’s troubles.
• How the same management tactics by the same man delivered the same results.
• What to watch as financially pressed radio companies are taking another look at rating services.
• The case for selling radio without ratings.
• Radio groups likely to dump Nielsen next.

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• What’s behind extending a debt repayment plan that lenders don’t want.
• The backroom strategy to win over lenders who are consistently turning down 3% more interest for a 3-year repayment delay.
• What happens if they fail to reorganize $346 million in debt.
• If successful, where will the savings be invested?
• The unspoken reason pushing back this debt is so critical to Cumulus.

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• It’s starting to happen, which radio groups will run on fewer market managers.
• Safe spaces to work – but even some of them may cave.
• In-market vs. out of market management – which do better.
• Why the war against market managers when corporate is so willing to overpay others.

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• How their twice rejected upgraded bond offer turned out to be this necessary.
• Why bondholders would actually like their present deal as insurance against what they see as an inevitable second bankruptcy.
• What happens if Cumulus refinanced their debt now.
• Options for selling assets to avoid bankruptcy.
• Lew Dickey’s last laugh.

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