“To Reduce Debt, Cumulus Considers Selling 250 Tower Sites.”
February 26, 2020
“CEO Mary Berner said last week the company is “considering strategic alternatives” for the Cumulus tower portfolio, which includes more than 250 sites across 32 states. Even though a radio station can’t operate without a tower, Berner, like other executives, has concluded that owning those sites isn’t core to the broadcast business.
During a conference call Friday with analysts, CFO John Abbot noted that Cumulus is the last big radio group to own such a sprawling network of towers across the country… The company has so far paid down $275 million of debt since it emerged from chapter 11 in June 2018. Most notable was its decision to sell six FMs to Educational Media Foundation for $103.5 million, followed by the pending $12.5 million sale of talk WABC New York (770)…”