Listener Driven Radio Repurchases Shares In Company, Buying Out Mike McVay As A Partner
June 20, 2012 at 1:36 PM (PT)
LISTENER DRIVEN RADIO (LDR) has repurchased shares owned by MIKE MCVAY, resulting in MCVAY relinquishing his position as a shareholder in the company. Original founding members DANIEL ANSTANDIG, LEE ZAPIS and RICH BONGORNO remain as shareholders.
MCVAY had previously stepped away from his position as a member of the LDR Board of Directors after joining CUMULUS BROADCASTING as an SVP in 2011.
LDR Pres./CEO DANIEL ANSTANDIG said, "Our LDR team is often involved in strategic discussions with our station partners. We want to be beyond reproach with our clients when it comes to confidential and proprietary information. Our move to buy out MIKE MCVAY eliminates potential conflicts for MCVAY in his role as a senior manager for CUMULUS."
"Leaving LDR is bittersweet," said MCVAY. "i've watched as DANIEL evolved LDR from an idea to reality. My departure makes perfect sense as it will enable LISTENER DRIVEN RADIO to grow without compromise. I remain a huge fan of LDR."
LDR, an independently-owned company based in CLEVELAND and DALLAS, was founded in 2009.