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Cumulus Media history
Cumulus Media company history timeline
In March 1998 he assumed the role of executive chairman at Cumulus, with Dickey as vice-chairman.
Following the company's IPO, its stock fell from $14 to less than $5 on October 9, 1998, then rebounded to around $10 at the beginning of November.
As of November 1998 its biggest market was Toledo, which was ranked 76th.
Since November 1998 the company had been developing an internet platform for classified employment advertising.
For 1998 Cumulus reported revenue of $98.8 million, with broadcast cash flow of $26.6 million.
On January 14 respected Wall Street analyst Frank Bodenchak advised institutional clients that Cumulus may miss his estimates for Q4 1999 and the year.
The stock market acknowledged the remarkable growth with a share price that rose to a high of $51.00 on December 31, 1999.
Affecting the stock price were rumors of accounting improprieties over the company's annual audit after it restated its earnings for the first three quarters of 1999.
During this same period Weening got into a dispute with the SEC over his proposal to reverse some of his and Dickey's 1999 compensation to help offset the earnings miss.
Following these deals Cumulus would own or have under contract 225 radio stations, compared to 321 in March 2000.
In March vice-chairman Lew Dickey took over the job of president of Cumulus Broadcasting, the company's primary operating subsidiary, from William Bungeroth. It was also disclosed that chief financial officer Richard Bonick, Jr., had left the company in January 2000.
In June 2000 Lew Dickey was named president and CEO of Cumulus Media.
With its stock trading at 52-week lows in September 2000 and its Moody's Investor Service's rating dropped from stable to negative, Cumulus needed to restore investor confidence.
However, a series of events in early 2000 depressed the company's stock price and made it difficult for Cumulus to finance all of its pending acquisitions.
The first quarter of 2000 proved to be troubling at Cumulus.
According to public filings Weening, QUAESTUS management company and other Weening related interests sold their interests in Cumulus a year later in May 2002 at prices ranging from $17 to $21.50 per share not The $55 high but considerably higher than share prices after their sale.
Weening finally agreed to pay a fine of $75,000 without conceding wrongdoing to settle the matter in 2003.
The new CEO of Cumulus Media, as of September 2015 is Mary G Berner.
In June 2016, Cumulus Media announced the resignation of its executive vice president, treasurer and chief financial officer, Joseph P. Hannan, to "pursue other interests" after six years with the company, to be replaced by John F. Abbot.
On November 29, 2017, Cumulus filed for Chapter 11 bankruptcy as part of a restructuring of the company.
Cumulus exited bankruptcy on June 4, 2018.
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Cumulus Media competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Beasley Media Group | 1961 | $240.3M | 748 | 43 |
| Alpha Media USA | 2014 | $830.0M | 3,000 | 47 |
| Hubbard Broadcasting | 1925 | $306.1M | 1,200 | - |
| Premiere Networks | 1987 | $10.0M | 200 | - |
| NRG Media | 1997 | $125.0M | 450 | 9 |
| Relevant Radio | 2000 | $3.0M | 100 | - |
| Urban One | 1980 | $449.7M | 1,011 | - |
| Entercom Communications | 1968 | $1.2B | 3,586 | - |
| Cromwell Radio Group | 1969 | $43.0M | 100 | 2 |
| Citadel Broadcasting | 1984 | $719.8M | 4,100 | - |
Cumulus Media history FAQs
Zippia gives an in-depth look into the details of Cumulus Media, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Cumulus Media. The employee data is based on information from people who have self-reported their past or current employments at Cumulus Media. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Cumulus Media. The data presented on this page does not represent the view of Cumulus Media and its employees or that of Zippia.
Cumulus Media may also be known as or be related to CM Wind Down Topco Inc., CUMULUS MEDIA INC, Cumulus Media, Cumulus Media Inc, Cumulus Media Inc. and Cumulus Media, Inc.