Mary Berner recently sold over $100 million in prime major market radio properties to Educational Media Foundation (EMF), more to others and traded stations and/or clusters to Connoisseur and Entercom in a desperate attempt to raise money.
She settled for EMF pricing – the bottom feeders of station buyers.
And she had to give up former cash cows like Bridgeport, CT cluster because to be blunt, they fired the manager with all the know-how and revenues tanked.
The new Cumulus board may have forced Berner to start selling assets to make them more whole but the rushed way in which it was done leaves them with orphan stations, a dinged Westwood One network and AM stations they seemingly can’t give away.
What they did wrong to be left holding so many unsellable properties.
The options going forward for selling additional stations.
What Cumulus will have to do to repair the damage done to Westwood One in unloading major market stations.
And, what’s not for sale.
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