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OVER CUMULUS

The stock price of radio giant Cumulus Media has dropped below 50 cents in this morning’s trading, a sign that a Nasdaq delisting and a possible bankruptcy loom, according to the New York Post.

Cumulus, which owns hundreds of radio stations and the syndication company Westwood One, has seen its stock dip from $64.04 in early 2014 to $5.45 in September 2015 to two bits today.

Last week, the company took steps to block possible takeover attempts with a rights agreement “intended to promote the fair and equal treatment of all stockholders of the Company and to ensure that the Board remains in the best position to discharge its fiduciary duties.”

As the Post noted, CEO Mary Berner continues to receive bonus payments, which are now being paid quarterly rather than annually.

Meanwhile, speculation continues to grow that former Cumulus CEO Lew Dickey is looking to re-enter the radio business having just raised $207m for his Modern Media Acquisition Corp.

Dickey told Inside Radio that he is looking to acquire a media, entertainment or marketing services company with a $1b valuation that could provide a platform from which they make follow-up acquisitions.

 

 

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