Cumulus Q2 Down 48%
Cumulus' net revenue of $146 million was a decrease of 47.8% from Q2 2019. April finished down 51%, May was down 50%, and June was down 39%. In an effort to combat the huge revenue losses the company enacted cost reductions which should save $85 million this year.
Cumulus Selling Towers
The $213 million deal to Vertical Bridge is for all 250 Cumulus towers. CEO Mary Berner says the deal was transacted at a 14.25 times multiple and the money will be used to pay down and increase future cash resources. Cumulus will lease the towers back from Vertical Bridge.
Jay Bailey’s ARC Adds Two Big Clients
Reatro Ventures and its software division, Media10, announced today that Motor Racing Network and vCreative have both signed on as users of its ARC software. ARC, created by Jay Bailey is a full-service radio research platform.
A Milestone For Mr. Master
Mr. Master says the company now provides processing and compliance for 1 million network spots per week nationwide. The company also announced new deals with Neuhoff Communications and Forever Communications.
Patrick Moving Stream To Peacock
Peacock has announced an exclusive deal with “The Dan Patrick Show” to stream for free starting August 24. Peacock is NBCUniversal’s new streaming service. Patrick's show airs weekdays from 9:00 a.m. to noon ET. The show’s YouTube simulcast will end on August 28.
Miraldi Promoted by iHeart
The announcement was made by iHeartMedia Network Groups President Darren Davis that Paul Miraldi has been promoted to Executive Vice President, Digital Content Strategy.
KTWV Hosts Debate On Legal System
he fifth installment of Entercom's Justice Now!-Communities 2 Unity series will feature the candidates for Los Angeles District Attorney. The debate will focus on how the legal system has changed since the George Floyd incident.
ABC Audio Offering Specials Labor Day
Three, three-hour specials are being offered to ABC Audio affiliate for use over the Labor Day weekend. Country Music, Rock Music and News specials are in the line-up.
Cumulus Gives BoDean OM/PD Stripes
Tommy BoDean is the new Operations Manager for the four station Cumulus cluster in Melbourne, FL. He will also be Program Director for two of the stations.
“Why I’m Voting” Campaign Underway
The iHeartMedia Why I'm Voting campaign has enlisted the aid of musicians, athletes, cultural influencers and others to share what matters to them the most in the upcoming election season. Listeners will also be able to submit there reasons for voting.
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