Proud Mary keeps on burning – through cash.
Yesterday we learned that Cumulus first quarter revenue tanked but Mary Berner called it “positive momentum across all of our businesses.”
Radio down 23.8% -- that must be a record. Total revenue down 11.5%. Westwood One down 5.6%. This is a certified meltdown.
Digital up but not much driven by podcasting which she refuses to reveal other than to say it’s up by 35% -- it is up $1,000 or $35,000 because it’s sure as hell not up $3.5 million – the benefit of keeping secrets.
Usually the Berner, Field and Pittman Traveling Quarterly Salvation Show is about who can stick their heads further up their – well, their corporate financial officer’s “adjusted” figures to deny their own failures.
For Cumulus, there’s a lot more on the line now that they are facing a second bankruptcy.
The stock is down only 11 cents in trading yesterday even though only 120,000 bothered to trade it.
If you want to look into what’s really going on at Cumulus and what the future holds, don’t follow the money, follow where they are bleeding money.
Do you have information you want to share with Jerry confidentially? Email him privately here
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