In a note to employees Thursday Cumulus CEO Mary Berner said the $12.5 million from the sale of WABC will be used to pay down debt and invest in the company. She also said Cumulus’ one remaining station in the City, WNBM, will be sold so Cumulus can exit that market.
Berner told the Cumulus team that the company remains focused on making the decisions that make the most sense for its station portfolio and the company. “In some cases, that will mean selling stations, and in other cases, it will mean acquisitions. In New York’s case, we’ll be exiting a market that has been tough for us, and through these deals we will be able to realize significant value for the company – over and above what we could have generated from continued operations. And for anyone who is still listening to rumors out there, I will say again that there is absolutely no grand plan to exit our big markets.”
Finally, she told employees not to be concerned about the news of stations being sold and buck up. “If any of this news causes you concern, take my sister’s advice and #cutitout. Always remember that any actions we take to strengthen our Company help to assure a brighter future for FORCE CUMULUS. So, let’s keep building on our strong momentum and being relentlessly HABU in all of our efforts and with every one of our assets. I am incredibly proud of our progress and look forward to continuing to deliver on our strategic goals.”