Why is Cumulus cutting out their most valuable assets?
I thought I would pass this along. This is from a friend of mine that I used to work with back in the early 90’s when I worked at KIKK in Houston. I found it very interesting and you can bet I will be online listening to this news conference in November. He sent this letter to Jim Rose
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Hey Jim, are you aware that Cumulus Radio is hemorrhaging people? The last week or so has been really bloody in markets like Columbia, S.C., Topeka, KS, and Macon GA. Those are just places I’ve heard from longtime staffers who’ve been put on the beach because of budget cuts. For many of us who’ve stayed connected to the business long after we decided to bail on budget watchers who’ve carried the industry down the syndicated programming, “good-better-best” group ownership route, this is no surprise.
But while Cumulus has refused to discuss the reasons why entrenched, involved and engaged voices with at least a decade on the air in some markets are being pushed out the door with no advanced warning and without a chance to even say “See ya” to their listeners, the company is at least offering the general public a chance to listen in on their discussion with shareholders about their budget woes.
I offer the attached news release from the Oct. 27 business wire for your readers: ATLANTA–(BUSINESS WIRE)–Cumulus Media Inc. (NASDAQ: CMLS <http://finance.yahoo.com/q?s=cmls&d=t> - News
<http://finance.yahoo.com/q/h?s=cmls> ) will host a conference call on Thursday, November 6 at 11:00AM ET to review the Company’s third quarter 2008 financial results. The call will be open to the general
public on a listen only basis. A press release summary of the Company’s third quarter financial results will be issued at 7:30AM ET on November 6, 2008. The conference call dial-in number is 888-254-3609 for both domestic and international calls. Please call five to ten minutes in advance to ensure that you are connected prior to the presentation. The call also may be accessed via webcast at www.cumulus.com <http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.c> cumulus.com&esheet=5805665&lan=en_US&anchor=www.cumulus.com&index=1> .
Immediately after completion of the call, a replay can be accessed until 11:59PM ET, November 22, 2008. Domestic and international callers can access the replay by dialing, (888) 203-1112 pass code 8069142. Cumulus Media Inc. is the second-largest radio company in the United States based on station count. Giving effect to the completion of all pending acquisitions and divestitures, Cumulus Media Inc., directly and through its investment in Cumulus Media Partners, will own and operate 340 radio stations in 66 U.S. media markets. The Company’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com
<http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.c
cumulus.com&esheet=5805665&lan=en_US&anchor=www.cumulus.com&index=2> .
Cumulus Media Inc. shares are traded on the NASDAQ National Market under the symbol CMLS.
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Of course, even if you can’t ask questions, it might be interesting to Blog your observations. Perhaps e-mails to the right business news sites could stimulate good discussion about the dangers of dumbing
down the business to a few national voices and local cut-ins for traffic and weather in multiple day parts. The syndicators started with morning drive two decades ago, they’ve got afternoon drive in some big markets now… can middays really be that far behind. Sad to say, but board operators don’t need good pipes, and some of the rising syndicated talent I’ve heard recently can’t even pass the listenability standards many of our friends here had to meet to have a crack at anything besides overnight shifts. Success at stand-up comedy does not necessarily make for good radio… but that’s just my opinion.
Derrill E. Holly
Tags: budget cuts, Cumulus
October 30th, 2008 at 6:54 pm
Gail I do like this page and agree with Tina about writing a book. I have this already in my favorites and will check it often. Good Luck in what ever comes your way or the path you choose to take. Kiera says hey.