That public statement in The Wall Street Journal from Crestview Partners’ Jeff Marcus. “Speaking for the Board, we are very impressed with the turnaround that Mary Berner and her management team have accomplished. We hope the lenders will recognize the progress that is being made and will take all steps necessary to continue the momentum.” The Journal story highlights the company’s attempt to deal with it’s $2 billion in debt. According to the Journal, Cumulus recently started discussing refinancing with several of its lenders. Here’s what the CEO Mary Berner recently told Radio Ink about the debt in an exclusive cover story interview.
“We continue to look at options. It doesn’t affect our employees, it doesn’t affect our strategy, or what we do day-to-day, or our optimism about the fact we have turned the corner. It’s something, however, that we need to fix, and we need to do it with minimal disruption, and so that is what we are doing.” Berner told Radio Ink the debt issue will be fixed.
I have worked full time for Cumulus for 4 years and I love working for Mary and her incredible way she is improving the company!
I’m a brand new employee with Cumulus after spending nearly a decade with “the other big company” in radio.
I have to say I’m VERY impressed with this company. One thing I’ve heard over and over is how “toxic culture will eat strategy” and the employees here all absolutely love her.
I’ve been in a lot of stations where the undercurrent is “drink the kool-aid and keep your mouth shut”. Its an insult when your told we can’t cut our way to prosperity the day before management does 27 exit interviews; from the top down this is not what is going on with Cumulus.