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• 7 top radio groups distorting their local radio efforts – all confirmed by them.
• The chances the Carr FCC will bust loose on eliminating ownership limits but it comes with an unwelcomed surprise.
• Why radio groups will want to avoid the “local radio” claim that has turned toxic in an industry desperately seeking a lifeline.

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EDITOR’S NOTE:  This seems like a good place to take a break for the holidays – it’s between semesters for me at NYU, the media industry is taking its long winter’s nap -- next year is crucial for the music business radio, linear media and emerging alternative content delivery platforms.  

We love our subscribers who continue to value and support what we do here for music and media executives.  Cheryl and I share our admiration for each of you – Have a safe and happy holiday!  See you next year.

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• Beasley’s meme stock surge is over but the company is more worried now than ever.
• The new plan for surviving the next 3 to 6 months.
• How they plan to pivot from cash flow and debt problems.
• By the end of next year, what Beasley will look like.
• The two last ditch options that Wall Street predicts.

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• "Pigs get fed, hogs get slaughtered" – who are the “pigs” and the
  “hogs” in this explosive stock surge.
• How found money affects Beasley’s bankruptcy timetable.
• The “sucker rally” that hurt all but two parties.

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• How bad it is in their own words (direct quotes).
• Where this year’s non-existent holiday RIFs have been moved.
• Insiders identify next to get laid off and who.
• What’s really riding on their desperate Nielsen lawsuit (not ratings).
• How they will likely goose next year’s financials by using smoke and mirrors fooling investors and bankers.

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• The commission killers
• The biggest cost-cutting initiative that is quietly replacing hundreds of behind-the-scenes jobs
• Why the best sales reps are quitting
• The new, more volatile radio seller
• What Guaranteed Non-Human selling looks like

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Cumulus has retained Moelis & Company to deal with lingering and troublesome debt left over from last year’s attempt to kick the can down the road.

• Lenders are working with Guggenheim -- same advisors who did the last restructuring through an out of court debt exchange.
• The Moelis banker who handles radio reportedly has had success bullying lenders into submission but they have all been burned so badly that they will likely have a stiff spine this time around. 
• Moelis was the architect of the distressed debt exchange (concluded May 2024) that addressed the massive "maturity wall" originally set for 2026 restructuring the deal to extend those maturities to 2029.

Dig Deeper:  After kicking $675 million in debt down the road to 2029 and $90 million in the bank, why they absolutely refuse to write a check to make the last $24 million disappear.

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TEASER

• A crucial Urban One deadline.
• Their behind the scenes jockeying.
• The two plans to save them – bankers are not impressed.
• A surprising drop-dead target.

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