The Business of Radio

by Jeff McKay & Tom Gordon

 

June 11, 2018

 

No longer are both of the top-two radio owners in Chapter 11 bankruptcy – Cumulus Media exited their time in bankruptcy ahead of schedule & erasing over $1 billion of debt.  The next question is the immediate future of Cumulus – will they expand, or sell some stations, or even sell their company?  In the interim, Cumulus will soon begin trading their stock on the NSADAQ under the ticker symbol “CMLS.”  Someone has been buying Entercom stock, and according to filings with the SEC it is the father of Entercom founder David Field – Joe Field now has amassed over one million Entercom shares in the past six weeks.  One reason for the buying spree could be the fact Entercom stock has sunk to its lowest levels in six years.  At the FCC, current Enforcement Bureau Assistant Chief Geoffrey Starks has been nominated to succeed outgoing Commissioner Mignon Clyburn, and has the support of Senate Minority Leader Chuck Schumer.   Both Starks and Brendan Carr will await Senate approval to fill the two seats available at the FCC.   The chairman, CEO, and controlling shareholder of Spanish Broadcasting System will receive a raise in pay for 2018 – Raul Alarcon’s base salary will rise to $1.75 million and can also receive a performance bonus of $750,000.