The future of Cumulus Media‘s shareholder value continues to remain in question, as the nation’s No. 2 broadcast media company by number of stations seeks approval of its Chapter 11 bankruptcy reorganization in a New York Federal court.
As rumors reignited this week that former CEO Lew Dickey Jr. is still looking to reacquire Cumulus and rename it, its stock dipped to a new low in Friday’s trading.
At the Closing Bell, Cumulus stock (trading as CMLSQ) lost another 11.7% in value.
That puts Cumulus shares at just 5 cents.
However, trading volume was low at just 136,190 shares; average trading volume is 1.07 million shares.
The dip comes following a report in Jerry Del Colliano’s Inside Music Media that Dickey is plotting a “new name” along with new people and policies in a “Post-Berner Cumulus.” He also believes a new COO is waiting in the wings. Thus far, the publication stands alone in its claims.