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Cumulus Media, Inc. (also known as Cumulus Broadcasting) is the second largest Owner and Operator of AM and FM radio stations in the United States, operating 347 stations in 68 markets as of December 31, 2008.[1]. The Company's headquarters are located in Atlanta, Georgia. Cumulus has focused on owning radio stations located in medium sized media markets. Unlike some others in the radio business, they only operate radio stations. They do not own any TV stations, concert venues, or other ancillary businesses.
[edit] Company HistoryIn 2006, Cumulus acquired control of Susquehanna Radio, with the backing of 3 venture capital firms (Bain Capital Partners LLC, The Blackstone Group and Thomas H. Lee Partners, L.P.) for a price of $1.2 Billion. The 33 Susquehanna stations are privately held in a separate partnership called CMP (Cumulus Media Partners), that is the subject of an equity for debt swap as of May 2009 in an attempt to avoid defaulting on the terms of the CMP lending agreement. While Cumulus operates the CMP stations, they hold only a minor ownership interest in them.[1]. In July 2007, the company announced its intention to "go private", however on May 11th 2008, the company announced it was unable to come to terms with the parties involved and the merger/acquisition agreement was terminated. Like all of the major U.S. Radio Station owners, Cumulus has been forced to write down the value of its radio station licenses, resulting in large "Mark to Market" non-cash losses - $498.9 million in 2008, $230.6 million in 2007, and 63.4 million in 2006. The company's stock, priced over $22 in 2004, was as low as $0.45 per share toward the end of 2008.[2] [edit] FCC Administrative ActionsOn December 30, 2008, Cumulus Media was issued a $14,000 Notice of Apparent Liability by the Federal Communications Commission related to the stations in the Macon, Georgia, cluster. The FCC says Cumulus failed to comply with its record-keeping requirements and its Equal Employment Opportunity rules on information on recruitment sources. Cumulus, along with two other companies, had 30 days to pay or file a statement asking for reduction or cancellation of the forfeitures.[3] [edit] References
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