A gain is better than a loss, so at least Cumulus can say that Q3 revenues were up, if only by 0.3% to 84.2 million. And, that was a million bucks ahead of Wall Street expectations. Expenses were up a bit more, so station operating income was down 0.4% to 31.9 million. Cumulus is not holding a Wall Street conference call because of its pending buyout by the Dickey family and a private equity fund managed by Merrill Lynch – and the recent turmoil at Merrill Lynch has clearly made stock traders nervous about Cumulus. The company did not provide any new information about the 1.3 billion buyout, saying that the deal to take the company private for 11.75 per share was awaiting regulatory approvals and a shareholder vote.
Sign up for free to get:
The Daily Intelligence Report delivered to your inbox.
RBR+TVBR delivers complete broadcasting news analysis and our famous observations.