Cumulus/Citadel meger

[Garrett Wollman]

<<On Sat, 12 Mar 2011 16:36:33 -0500, I wrote:

> The new Cumulus will certainly be a bigger company that Lew Dickey has
> ever run.

The Dickeys currently control about 54% of Cumulus, if I'm reading the
tea-leaves correctly.  The new equity investment Cumulus is taking on
makes Jeffrey Marcus, formerly CEO of Chancellor aka AMFM (remember
them?) the "lead director" of Cumulus, and I believe leaves the
Dickeys with less than a majority.  (Marcus is also a major
contributor to Republican and Jewish causes, according to a bio I
found.)

The other investor in the deal is the Australian bank Macquarie, which
requires some special language since they are not allowed to have more
than a nominal voting interest in a U.S. broadcaster.

-GAWollman