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Dickey Says 10 Stations Still A Drag


For the second quarter in a row, Cumulus CEO Lew Dickey expressed his frustration with 10 stations, saying they are the cause of Cumulus' "material decline" in top-line revenue. Cumulus reported a pro-forma drop of 3.7 percent in revenue for the third quarter of 2012 (from $269.6 million to $280 million). Those 10 major market stations account for nearly 10 percent of Cumulus' total revenue. So why are they giving Dickey the revenue blues? He has a long list of reasons.

Dickey says the problems include expensive talent contracts, events that were losing money, lost sports rights to the L.A. Dodgers and Buffalo Bills, format changes, and poor selling. Dickey indicated these 10 stations, believed to be all in some form of spoken word format, would continue to be a drag on the company in Q4. "We are in the middle innings with these 10 stations. We expect they will be positive in 2013." Dickey said that when you back out these 10 stations, the other 515 Cumulus stations were basically flat for the 3rd quarter.

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