Richie Whitt is teasing a scoop for next week stating that something's in the work that will re-shape the radio landscape we've known for three decades.
My only clue the Cuban is involved comes from the mysterious Confessor known as Gypo Nolan, who made reference to October 28, 1962 -- the day the Cuban Missile Crisis was resolved.
I have no other scoops or clues and certainly no inside information.
But think about this for a minute:
As of today, the market capitalization of Cumulus is $585 million. (That's the value of all its stock at the current market price.)
It is nowhere near beyond imagining that Cuban could put an investor group together to purchase (or tender for) those shares, albeit at some premium to that price. Or maybe just the Dickeys' shares.
Yeah, that's a lot of money.
But folks, that is approximately how much Nolan/Greenburg paid for the Rangers ($385M cash plus assumed debt of $205M = $590M), outbidding a group of which Mark Cuban became a significant part. There's a lot of money sloshing around among Cuban and his friends, money that could be put to work rehabilitating a mismanaged property bought on the cheap.
Although Cumulus stock is down slightly today, suggesting no rumblings of a buyout amongst those in the know.
I will point out to you, however, that Cumulus has been shedding talent like crazy around the country, and the general feeling is that the Dickeys overpaid for Citadel and other acquisitions and are now in some distress.
So it's not crazy to speculate that Mark Cuban may purchase Cumulus.
Wrong, maybe, in keeping with this site's track record, but not crazy.
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