Cumulus Media rises 7% as new CEO is named
Shares of Cumulus Media climbed 7% Wednesday after the air wave hire user voiced a new CEO.
The Atlanta-based organisation declared Mary Berner, a edition attention executive, as the new chief, effective Oct. 13, according to a organisation proclamation expelled after the batch marketplace sealed on Tuesday afternoon. She’s informed with the company, carrying sat on its board of directors given May.
She will attain Lew Dickey, who will go on to be concerned with the organisation he founded by staying as a house member and portion as vice chairman.
Shares rose 5 cents Wednesday sunrise to 73 cents.
Berner joins Cumulus from the Association of Magazine Media, where she was CEO of of the repository attention group. Prior to fasten the association, she was the arch senior manager at Reader’s Digest Association and Fairchild Publications.
“Mary is a proven executive, with over thirty years of knowledge in media pushing formula in multi-platform promotion and calm driven businesses,” said Jeffrey Marcus, authority of Cumulus Media’s house and a partner at Crestview Partners, the investment organisation that owns 27% of Cumulus.
Cumulus Media, that operates some-more than 460 stations in 90 markets opposite the U.S., saw the second entertain revenue fall 8.8% from a year ago to $299.3 million. Its quarterly net income fell 18.7% to $12.2 million.
Marcus credited Dickey for flourishing the organisation to turn “the second largest user of air wave stations in the country.” But “maximizing the worth of these resources requires creation them work together effectively and efficiently,” Marcus said.
“At a time when the media landscape continues to bear seismic transformation, Cumulus needs a extended formed media user who can precedence the superb resources,” Marcus said.
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