Clear Channel was bought out by private equity 12 years ago. The Dickeys got private equity money to go on their buying spree at the beginning of the decade. Private Equity wants to get paid, either by draining businesses dry or by selling companies after absurd growth.
Cumulus promised economies of scale that they could never deliver. The private equity funds got a big piece of the company in bankruptcy court. They needed to sell their distresssed properties and EMF was the only outfit that had money to spend.
If youíre a listener itís bad. If youíre a broadcaster, itís bad. If youíre Cumulus VP Mike McVay....it doesnít matter! He goes to concerts, he hangs out with the hottest musical acts, he has cute morning show sidekicks flirting with him on Twitter. Heís gonna get paid and then he will claim that streaming killed radio. Itís a crisis to everyone except for those who are in a position to fix it. They are fine so they donít care.
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