Cumulus Chairman Shoots Down Bankruptcy Rumors
October 5, 2015 at 3:55 AM (PT)
Following the executive changes at CUMULUS MEDIA last week (NET NEWS 9/29), the rumors started flying about the financial future of the company. Tongues were wagging at breakneck speed at THE RADIO SHOW in ATLANTA last week.
So, is bankruptcy court in the future for CUMULUS? Many cite the experience new CEO MARY G. BERNER brings from her leading READERS DIGEST through the Chapter 11 process.
No, says CUMULUS MEDIA Chairman Of The Board JEFFREY MARCUS, a Partner at CRESTVIEW PARTNERS, which manages funds that own approximately 27% of CUMULUS' outstanding stock. THE NEW YORK POST reports MARCUS, "has been telling industry influencers that isn’t the case." Instead, the report, "found private-equity folks who think there’s still some value to be extracted despite its $2.4 billion debt load."