Cumulus, near the end of a difficult year in which its share price dropped by nearly 84%, has restructured its top management. Founder and CEO Lew Dickey is becoming vice chairman, and Mary Berner has been promoted to CEO. John Dickey, executive vice president of content and programming and Lew Dickey's brother, has exited. Board Chairman Jeffrey Marcus praised Lew Dickey for building "a formidable national and local footprint [and] the second-largest operator of radio stations in the country."
Cumulus believes "there's a big thirst" for country music in New York, where it has just introduced a new station in the format, CEO Lew Dickey said in an interview. Cumulus also is investing heavily in streaming but doesn't "yet see a business model" for the platform. "What mobile is particularly good at is search and commerce," Dickey said. "The device is not particularly good for advertising."
Longtime Philadelphia radio personality Joe "Butterball" Tamburro died Friday at age 70. In his honor, home station WDAS played the music of artists Tamburro helped introduce over the years to listeners, whose comments on the station's website honored his passing.
The Universal Music Group, which is owned by Vivendi, is buying EMI's recorded music division in what UMG Chairman Lucian Grainge calls "a historic acquisition for UMG and an important step in preserving the legacy of EMI Music." The $1.9 billion deal, however, is subject to some conditions, including clearance by regulators in the countries involved.