Crestview will be the lead investor in the new partnership, to be called Cumulus Radio Investors L.P. (CRI). Lew Dickey and Cumulus would manage and operate companies acquired under the deal.
The same Cumulus & Lew Dickey that currently has $636 million in long-term debt. They reported a net loss of $126.7 million in 2009 and a net loss of $361.7 million in 2008 so they are still losing money... just not quite as bad. Annual revenue fell 17.8 percent to $256 million last year. Cumulus still owes 1.2 Billion for Susquehanna Stations. Now they want to buy MORE stations??? Crestview doesn't see that radio advertising is falling and won't rebound to where it was back in the 90's? Cumulus is known as the worst run company in Radio.