Editing Cumulus Media (section)

==Leadership==
===Current===
;Board of directors<ref name="BoardofDirectorsCumulusMedia">{{Cite web |title=Board of Directors – Cumulus Media |url=https://www.cumulusmedia.com/about-us/board-of-directors/ |access-date=June 16, 2024 |website=Cumulus Media|date=May 19, 2019 }}</ref>
{{div col|colwidth=20em}}
* Andy Hobson (Chairman of the Board)
* Mary Berner (President & CEO)
* Matthew Blank (Board Member)
* Tom Castro (Board Member)
* Deborah Farrington (Board Member)
* Joan Gillman (Board Member)
* Brian Kushner (Board Member)
{{div col end}}

;Executive leadership<ref name="ExecutiveLeadershipTeamCumulusMedia">{{Cite web |title=Executive Leadership Team – Cumulus Media |url=https://www.cumulusmedia.com/about-us/executive-leadership-team/ |access-date=June 16, 2024 |website=Cumulus Media|date=May 19, 2019 }}</ref>
{{div col|colwidth=20em}}
* Mary Berner (President & CEO)
* Richard Denning (EVP, Secretary & General Counsel)
* Frank Lopez-Balboa (EVP, Chief Financial Officer)
{{div col end}}

===Chairman, president and chief executive officer===
By May 2002 the share price recovered to above the IPO price to a short-lived high of $22 on May 31, 2002. Dickey garnered some strong partners in the form of Bain Capital and Crestview partners who helped finance a series of ambitious acquisitions and partnerships which were creative, made Cumulus a significantly larger company but these acquisitions and Cumulus itself have struggled in the face of slow to no radio ad growth.     (another researcher is working on this section)

In 2006, Cumulus acquired control of [[Susquehanna Radio Corporation|Susquehanna Radio]], with the backing of 3 venture capital firms ([[Bain Capital|Bain Capital Partners LLC]], [[The Blackstone Group]] and [[Thomas H. Lee Partners|Thomas H. Lee Partners, L.P.]]) for a price of $1.2 Billion. The 33 Susquehanna stations were privately held in a separate partnership called Cumulus Media Partners, LLC (commonly referred to as CMP on the company's quarterly earnings calls) that was the subject of an equity-for-debt swap in May 2009 in an attempt to avoid defaulting on the terms of the CMP lending agreement. While Cumulus operated the CMP stations, they initially held only a minor ownership interest in them.<ref>{{Cite web|url=http://www.rbr.com/media-news/wall-street/13895.html|archiveurl=https://web.archive.org/web/20090513054228/http://www.rbr.com/media-news/wall-street/13895.html|url-status=dead|title=Radio Business Report/Television Business Report – Voice of the Broadcasting Industry<!-- Bot generated title -->|archivedate=May 13, 2009}}</ref> On January 31, 2011, Cumulus announced a deal to acquire the remaining ownership of CMP from its equity partners in a stock transaction valued at approximately $740&nbsp;million that is closed in August 2011.<ref>{{cite web|url=http://www.businesswire.com/news/home/20110131007293/en/Cumulus-Media-Enters-Agreement-Acquire-Cumulus-Media|title=Cumulus Media Inc. Enters into Agreement to Acquire Cumulus Media Partners, LLC|website=businesswire.com|date=January 31, 2011|access-date=November 30, 2017}}</ref> As a result of the CMP acquisition, Cumulus now owns a limited-partnership interest in San Francisco Baseball Associates LP, the owner of the [[San Francisco Giants]] baseball club.<ref>Cumulus Media, Inc. (December 31, 2012).  "Notes to consolidated financial statements".  ''Annual report to the Securities and Exchange Commission on Form 10-K''. p. F-14.</ref>

In July 2010, Cumulus publicly announced formation of a similar venture with Crestview Partners to acquire up to $1&nbsp;billion of additional radio assets.<ref>{{cite news|title=Cumulus Media and Crestview Form Venture|url=https://dealbook.nytimes.com/2010/04/08/cumulus-media-and-crestview-form-venture/?_php=true&_type=blogs&_r=0|access-date=March 23, 2014|newspaper=The New York Times|date=April 8, 2010}}</ref>

In July 2007, the company announced its intention to "go private",<ref>{{cite news|title=Cumulus Agrees to $1.3 Billion Buyout|url=https://www.nytimes.com/2007/07/24/business/media/24cumulus.html|access-date=March 23, 2014|newspaper=The New York Times|date=July 4, 2007}}</ref> however on May 11, 2008, the company announced it was unable to come to terms with the parties involved and the merger/acquisition agreement was terminated.<ref>{{cite news|title=Cumulus Buyout Is Terminated|url=https://dealbook.nytimes.com/2008/05/12/cumulus-buyout-is-terminated/|access-date=March 23, 2014|newspaper=The New York Times|date=May 12, 2008}}</ref>

Like most major American radio station owners, Cumulus has been forced to write down the value of its radio station licenses, resulting in large non-cash losses – $498.9&nbsp;million in 2008, $230.6&nbsp;million in 2007, and $63.4&nbsp;million in 2006.

The company's stock, priced over $56 in 1999,<ref>{{cite web |url=https://www.google.com/search?q=NASDAQ:CMLS |title=NASDAQ:CMLS stock chart 1998–2014 |date=June 29, 2014 }}</ref> then over $22 in 2004, was as low as $0.45 per share toward the end of 2008.<ref>{{cite web |url=http://www.radio-info.com/news/cumulus-ceo-half-the-companies-in-radio-gone-in-36-months |title=Cumulus CEO: "Half the companies in radio gone in 36 months" |date=November 24, 2008 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20120624071339/http://www.radio-info.com/news/cumulus-ceo-half-the-companies-in-radio-gone-in-36-months |archive-date=June 24, 2012 }}</ref><ref>{{cite web |url=http://www.nasdaq.com/symbol/cmls/stock-chart?intraday=off&timeframe=10y&splits=off&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&drilldown=off&symbol=CMLS |title=NASDAQ:CMLS stock chart 2004–2014 |date=June 29, 2014 |publisher=NASDAQ}}</ref>

===Acquisition of Citadel Broadcasting and Dial Global===
Starting in June 2010, Cumulus made multiple unsuccessful offers to buy out [[Citadel Broadcasting]] after its emergence from bankruptcy.<ref>{{cite web|url=http://www.radio-info.com/news/citadel-says-no-to-two-merger-offers-from-cumulus |title=Citadel says "No" to two merger offers from Cumulus |date=December 6, 2010 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110715151444/http://www.radio-info.com/news/citadel-says-no-to-two-merger-offers-from-cumulus |archive-date=July 15, 2011 }}</ref> In February 2011, Cumulus was again said to be in "exclusive negotiations" to acquire Citadel for $2.5&nbsp;billion paid to Citadel shareholders, according to [[CNBC]]. Some Citadel shareholders were said to have been pushing the board to consider a sale.<ref>{{cite web |url=http://www.radio-info.com/news/citadel-confirms-exclusive-negotiations-with-cumulus-but-says-no-deal-yet |title=Citadel confirms 'exclusive negotiations' with Cumulus – but says "no deal yet" |date=February 17, 2011 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110426074849/http://www.radio-info.com/news/citadel-confirms-exclusive-negotiations-with-cumulus-but-says-no-deal-yet |archive-date=April 26, 2011 }}</ref> On March 10, 2011, [[Citadel Broadcasting]] stations announced via email that Cumulus had purchased Citadel Broadcasting. Citadel was made up of 225 radio stations in over 50 markets, as well as [[Citadel Media]], one of the largest radio networks in the United States; it included the stations that made up the former [[Cumulus Media Networks|ABC Radio]] group (like flagship stations [[KABC-AM]], [[WLS-AM]] and [[WABC-AM]]). The deal was finalized on September 16, 2011, after acceptance by the FCC and Citadel's shareholders.<ref name="Business Journal">{{cite news |url=http://www.bizjournals.com/atlanta/news/2011/09/16/cumulus-now-owns-citadel-broadcasting.html |title=211 Cumulus Now Owns Citadel Broadcasting |work=Business Journal |access-date=September 16, 2011 |date=September 16, 2011}}</ref> As part of the deal, Cumulus Media will have to place 14 stations into a separate trust to comply with ownership limits.<ref>{{cite web |url=http://www.radio-info.com/news/cumulus-files-to-divest-14-stations-to-complete-its-24b-purchase-of-citadel |title=Cumulus files to divest 14 stations, to complete its $2.4B purchase of Citadel |date=April 12, 2011 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110416151842/http://www.radio-info.com/news/cumulus-files-to-divest-14-stations-to-complete-its-24b-purchase-of-citadel |archive-date=April 16, 2011 }}</ref> Following the acquisition, in an effort to focus on larger markets, Cumulus reached a deal with [[Townsquare Media]] to swap 65 radio stations in 13 markets, with the majority of the 65 stations being sold to Townsquare.<ref>[http://www.radio-info.com/news/townsquare-and-cumulus-swap-65-stations-in-13-markets Townsquare and Cumulus swap 65 stations in 13 markets] {{webarchive|url=https://web.archive.org/web/20120506051720/http://www.radio-info.com/news/townsquare-and-cumulus-swap-65-stations-in-13-markets |date=May 6, 2012 }} – ''[http://www.radio-info.com Radio-Info.com] {{webarchive|url=https://web.archive.org/web/20120103161747/http://www.radio-info.com/ |date=January 3, 2012 }}'' (released April 30, 2012)</ref>

On August 29, 2013, it was reported by ''[[The Wall Street Journal]]'' that Cumulus would purchase the syndicator [[Dial Global]] for $260&nbsp;million. To fund the sale, Cumulus, sold 53 more stations to Townsquare Media for $238&nbsp;million, in markets such as [[Danbury, Connecticut|Danbury, CT]], [[Rockford, Illinois|Rockford, IL]], [[Cedar Rapids, Iowa|Cedar Rapids, IA]], [[Quad Cities|Quad Cities IA/IL]], [[Waterloo, Iowa|Waterloo, IA]], [[Portland, Maine|Portland, ME]], [[Battle Creek, Michigan|Battle Creek, MI]], [[Kalamazoo, Michigan|Kalamazoo, MI]], [[Lansing, Michigan|Lansing, MI]], [[Faribault, Minnesota|Faribault, MN]], [[Rochester, Minnesota|Rochester, MN]], and [[Portsmouth, New Hampshire|Portsmouth, NH]]. Additionally, Townsquare Media acquired Peak Broadcasting, and Cumulus swapped 15 more stations in [[Dubuque, Iowa|Dubuque, IA]] and [[Poughkeepsie, New York|Poughkeepsie, NY]] in exchange for Peak Broadcasting's [[Fresno, California|Fresno]] cluster.<ref name=aa-cumulustownsquarepeak>{{cite news|title=Official: Cumulus Buys Dial Global, Spins Some Stations To Townsquare; Peak Stations Sold To Townsquare, Fresno Spun To Cumulus|url=http://www.allaccess.com/net-news/archive/story/121835/official-cumulus-buys-dial-global-spins-some-stati|access-date=August 30, 2013|newspaper=All Access|date=August 30, 2013}}</ref><ref name=ri-cumulustownsquarepeak>{{cite news|title=Cumulus Makes Dial Global And Townsquare Deals Official|url=http://radioinsight.com/blog/headlines/84851/are-these-the-markets-in-the-cumulustownsquaredial-global-deal/|access-date=August 30, 2013|newspaper=RadioInsight|date=August 30, 2013}}</ref> The sale to Cumulus was completed on November 14, 2013.<ref name=aa-cumulustownsquarefinal>{{cite news|title=Cumulus-Townsquare-Peak Deal Closes|url=http://www.allaccess.com/net-news/archive/story/124346/cumulus-townsquare-peak-deal-closes|access-date=November 16, 2013|newspaper=All Access|date=November 15, 2013}}</ref>

===Launch of Nash, CNN partnership, and Rdio/iHeartRadio partnerships===
On January 11, 2013, after acquiring the station from [[Family Radio]], Cumulus re-launched [[WXBK|WFME]] in New York City as a [[country music]] station under its new [[Nash FM]] brand. Nash was designed to serve as an umbrella brand for all country music-related content across the company's properties, including radio, digital, and live events such as the "Nash Bash". All country stations owned by Cumulus would either be branded as Nash FM, or be strongly cross-promoted as part of the Nash family of properties.<ref>{{cite web|last=McKinley|first=James C. Jr.|title=New York Radio Gets a New Country Station|url=http://artsbeat.blogs.nytimes.com/2013/01/21/new-york-radio-gets-a-new-country-station/|work=The New York Times|access-date=January 21, 2013|date=January 21, 2013}}</ref><ref name=billboard-nash>{{cite magazine|title=Cumulus' Lew Dickey Explains Why NYC's New NASH-FM 'Is Good for Nashville' at CRS|url=http://www.billboard.com/biz/articles/news/branding/1550427/cumulus-lew-dickey-explains-why-nycs-new-nash-fm-is-good-for|magazine=Billboard|date=February 28, 2013|access-date=December 12, 2014}}</ref>

In July 2014, Cumulus announced that it would end its partnership with [[ABC News Radio]], and enter into a new partnership with [[CNN]] to syndicate news content for its stations through Westwood One beginning in 2015. The network will provide its content on a [[White label product|white label]] basis, allowing individual stations to use their own brands for the content. In turn, [[ABC Radio (United States)|ABC]] announced that it would take the syndication of its radio content in-house, with distribution handled by Skyview Networks.<ref name=cny-abccumulus>{{cite web|title=ABC News radio deal with Cumulus to end, but there's an upside|url=http://www.capitalnewyork.com/article/media/2014/08/8550357/abc-news-radio-deal-cumulus-end-theres-upside|website=Capital New York|access-date=December 12, 2014|archive-url=https://web.archive.org/web/20141215032607/http://www.capitalnewyork.com/article/media/2014/08/8550357/abc-news-radio-deal-cumulus-end-theres-upside|archive-date=December 15, 2014|url-status=dead}}</ref><ref name=abc-cnncumulus>{{cite web|title=Cumulus taps CNN for Westwood One news service|url=http://www.bizjournals.com/atlanta/news/2014/07/31/cumulus-taps-cnn-for-westwood-one-news-service.html|website=Atlanta Business Chronicle|access-date=December 12, 2014}}</ref>

On September 15, 2013, Cumulus announced that it had entered into a partnership with music streaming service [[Rdio]]; Cumulus took a stake in Rdio, and provided the company with access to its advertising sales team for a [[freemium]] tier, the ability to offer Cumulus radio stations on the Rdio service, and $75&nbsp;million in marketing on Cumulus stations over five years. The stations launched on Rdio in August 2015; prior to the deal, Cumulus partnered with the competing [[iHeartRadio]] service.<ref name=lat-rdiocumulus>{{cite web|title=Rdio cues up traditional radio stations, hoping to get an edge on competition|url=http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-cumulus-rdio-am-fm-stations-20150812-story.html|website=Los Angeles Times|date=August 12, 2015 |access-date=January 17, 2016}}</ref><ref name=billboard-rdio>{{cite magazine|title=Rdio Partners With Cumulus Media (Report)|url=http://www.billboard.com/biz/articles/news/digital-and-mobile/5695456/rdio-partners-with-cumulus-media-report|magazine=Billboard|date=September 16, 2013|access-date=January 17, 2016}}</ref> However, in November 2015, Rdio filed for bankruptcy and sold its assets to [[Pandora Radio]].<ref name=techcrunch-rdioch11>{{cite web|title=Pandora To Buy Rdio Assets For $75M in Cash, Rdio Files Ch.11 And Shuts Down Service|url=https://techcrunch.com/2015/11/16/confirmed-pandora-buys-key-rdio-assets-for-75m-in-cash-rdio-files-ch-11-to-shut-down/|website=TechCrunch|date=November 16, 2015 |publisher=AOL, Inc.|access-date=November 16, 2015}}</ref><ref>{{cite web|url=https://variety.com/2015/digital/news/pandora-rdio-acquisition-1201641583/|title=Pandora Is Acquiring Music Streaming Service Rdio For $75 Million|author=Roettgers, Janko|work=[[Variety (magazine)|Variety]]|date=November 16, 2015|access-date=November 16, 2015}}</ref>