What Cumulus is Hiding


  • Everyone knows Cumulus doctors their revenue figures to make them look better, but savvy analysts have unmasked the real numbers.
  • For example, the actual reason why they sold WPLJ-FM, New York and other major market stations is not what you think it is.
  • What’s the real EBITDA – they say it’s $230 million, here’s the real number.
  • How Cumulus is capitalizing commissions for new local revenue contracts which would have the impact of decreasing operating expenses.
  • Why did Cumulus just recently sell a telling $500 million bond at 6.75% -- if you said to raise more money, you’ve only got half of it (and not the main reason).

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