Turns out Friday’s gutting of Westwood One and laying off an additional 3% of Cumulus employees will not be enough.
Mary Berner and her team have reportedly presided over more than $1 billion of value in both debt and equity and that will increase significantly over the next 12 months.
Desperation is setting in what with the virus, the economy and the effect shutting of down parts of the country again will have on local ad sales.
Cumulus has already picked all the low-lying fruit like selling off major market stations for whatever they can get.
Now Berner has instructed Dave Milner to move on to a particularly painful option to sell off more assets and this is going to be devastating for Cumulus employees who are already on the edge of their seats.
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