IF YOU NEEDED FURTHER PROOF, CUMULUS IS ON THE BRINK OF DISASTER, here read this.Cumulus owns KGO (and 200 - something other radio stations) and most of those stations have been run into the ground.
Even successful stations have been running short of "cash -on-hand" and have, or shortly will begin "massive cutbacks" and will implement an austerity program never seen before.
The Cloud Company is notorious for its slash and dash even in good times and now that its stock (at an absurd 55 cents a share) is penny stock status expect profound changes.
Any day or moment now, Cumulus might declare bankruptcy --that's the word on the street --we shall wait and see.
I guess Ronn won't be coming to my restaurant anymore flaunting his KGO-provided credit card. He would whip out the card, saying "the purge paid for this." Bunghole.
ReplyDeleteWhy was KGO paying for Ronnnnnnnnn's meals?!
Delete"Chip Fans" Need not fear! He will always have a home in Arlington TX They are short of funny down there.
ReplyDeleteWouldn't he have to be funny to help with that? The only shortage Chip Franklin would be of any use in is a landfill shortage.
DeleteFor the cost of a postage stamp YOU can own cloud stock.. The pink sheets are next.
ReplyDeleteRich - any insight into when KGO will be sold and the likely buyer? Will it retain the present format or go all something else? As a 30+ year listener I hate to watch a train wreck but have to admit it's fun watching Cumulus implode.
ReplyDeleteCum-u-less would have to sell off their stations which isn't likely. The SF cluster will remain intact probably, even with bankruptcy. The sickening thought that the Dick-less brothers are raising big money to possibly "buy back" their insidious creation is horrifying indeed.
DeleteI have been following the numbers on both iHeart and Cumulus for a while, now. They are, indeed, in dire straits, financially. Those are very, very bad balance sheets and income statements. They will be used in the future to teach in business classes, like the Enron debacle was.....
ReplyDeleteyou keep saying the end is near. do not think so
ReplyDeleteI read that article earlier via Drudge. Did you notice where it said Dickey left the company earlier this year or last and is now putting together a group to buy it when it goes bankrupt? Seems odd.
ReplyDeleteWon't be too profound of changes if Dickey rebuys the company for pennies on the dollar?
ReplyDeleteWhen this story makes the Drudge Report, you know this is not good for Cumulus...
ReplyDeleteKNBR was also quoted/linked on the Drudge Report related to an interview with a NBA ref.
DeleteWhoever thought the day could arrive that KGO, the former Grand Poobah pillar of Bay Area radio, would be running ad spots begging people to advertise on the station, I heard them this morning during a break between infomercials. Shameful.
ReplyDeleteAs a long time former 20 year KFOG listener, it has been sad to see and hear what has happened to that station. It was well liked due the music that chosen to be played by knowledgeable DJ's and the local connection they made with the listeners.
ReplyDeleteThat same format is viable as you can hear it here as this New York station that is owned by https://www.pamal.com. They now have former Fogheads as listeners due to their format. http://www.1071thepeak.com
Let's start a rumor: Amazon is going to buy it!
ReplyDeleteLet's start a bigger rumor...
DeleteMZ is trying to buy KGO 810
Does this affect the CBS, Entercom merger????
ReplyDeleteAs long as Thurston and Rothman get kicked to the curb who cares what happens
ReplyDeleteLots of people care, since Rothmann, Thurston and to a lesser extend Ronn and Brian Copeland, is the only hosts left from the "old" KGO. Rich has a vendetta against both Ronn and Brian, I to a certain extend understand his feeling against Ronn, especially given Ronn's response to the Dec. 2011, firings of many of his co workers. Not sure why Brian is always a target, Brian does not talk about being black all the time, he talks about it when it pertains to a certain subject. He does not talk about being black anymore than Michael Medved or Dennis Prager talk about being Jewish or Glenn Beck about being Mormon, or some host about being Christian. I don't always care for Brian's show or Ronn's or Pat's, but compared to Ethan, Chip and Maureen (hanging with Langdon) they are still worth listening to. As for Rothmann there are very few shows he has done that does not have me glued to the radio for his entire show. Let's have a little variety, you don't like them don't listen. I don't like Hannity, Rush and Savage, so I don't listen, I have no interest in seeing them "kicked to the curb".
Delete@1046..Another hateful Con who thinks Rushbo and Hannity is riveting radio. You guys are pretty pathetic just like your president.
DeleteWhat happened to Gretchen on Alice?
ReplyDeleteBeen wondering the same....
DeleteMaybe local ownership will scoop up KGO and KFOG and bring them back to their former glory. As for KSFO and KNBR, let them die. Go Dub's, Go A's!!
ReplyDelete"Maybe local ownership will scoop up KGO"
DeleteSi!
Does this mean chef scott ryan's days are numbered!? Let it be true
ReplyDeleteCumulus is playing defensive against a takeover. WTF?---->
ReplyDelete"Troubled radio giant Cumulus Media Inc. on Monday reported it has taken steps to block possible takeover attempts.
Cumulus said Monday its board adopted a rights agreement "designed to protect the Company’s substantial net operating loss carryforwards in order to preserve the Company’s long-term value and maintain the integrity of the Company’s ongoing restructuring process."
All this nonsense about Dickey buying back the company... does not make sense. Dickey was (is?) a corporate raider. When they bought ABC radio, the very first thing they did was fire everyone making 6 figures or more, and consolidate those positions to remaining underlings. Then they slashed programming staffs. Then they sold physical assets. ALL and I do mean all of the proceeds went to Atlanta GA (HQ). They did the same thing to Westwood One. In other words, they gutted these organizations and sold the siding instead of buying firewood. Dickey, more than anyone, knows how poor a shape Cumulus' assets are in, and is NOT going to go into hock to "buy them back" I assure you.
ReplyDeleteExactly. Anyone who buys cumulus will have to assume their huge debt obligations. Is Dickey-head THAT dumb?
DeleteI believe Cumulus restructured their equity into preferred and class A shares, in addition to common. This was done to prevent someone like a Lew Dickey, or anyone else for that matter, from taking over the company.
ReplyDelete