I’ve been reporting this for years – giving CBS employees the chance to find suitable other employment while the getting was good.
Now, even though I’ve taken quite a hit for this story – after all, who wants to believe they will be working for the Dickeys -- Wall Street finally got the message after the market closed yesterday.
CBS and Cumulus up in after-hours trading yesterday on news that one large hedge fund is pressuring CBS to sell to Cumulus.
I’ve been reporting that Lew “Tricky” Dickey has been talking to CBS CEO Les Moonves about this for the past few years. Moonves wanted an unrealistic multiple and then Cumulus fell out of favor with investors for screwing up the radio group it owned.
Now the pieces are coming back together.
Radio President Dan Mason is said to be leaving – why would he? He’s done the best job of anyone in a large radio group. Let me be indelicate by saying I don’t think after working for Moonves that Mason wants to work for dumb and dumber.
CBS has been cutting expenses and making more and more bad long-term decisions for short-term savings ahead of any merger. Another sign that they are selling.
This is going to be ugly.
Scott Shannon, meet your new boss – John Dickey. Oh, God. DJ vu all over again!
1010 WINS get ready for your new slogan – “You give us 22 minutes, we give you brokered programming”.
Michael Savage doing mornings on CBS-FM, New York (and evenings on WABC – hey, it’s Cumulus what do expect less work?).
This miserable outcome could happen – this year.
How would this merger work – or not work?
Here’s what I know.
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- The Spot Overload Crisis
- Total Traffic, USTN Confrontation
- How Lew Dickey Will Buy Back Cumulus
- Entercom's $110 Million in Merger Cutbacks
- Millions in Vanishing Revenue at Cumulus
- Connoisseur's Play for Cumulus
- Urban One’s Financial Condition
- iHeart & Cumulus Revelations
- Jeff Warshaw & Cumulus
- SiriusXM Changes