Country Aircheck Weekly (8/20)

Inside This Issue: 


"We spend a lot of time trying to reevaluate what the norm is and encouraging each other to go with our instincts."





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Top Stories

» Cloud Covered: Cumulus has reported Q2 2018 net revenues of 285.2 million, down 1.8% from the same period last year. Net income was $706.1 million. Adjusted EBITDA was $66.4 million, down 1.5% the same period last year. Net revenue for the first six months of 2018 was $548.9 million, down 1% from that span last year, with net income of $701.1 million and Adjusted EBITDA of $106.6 million. Net income for the latest six-month period included after-tax gains associated with the company's emergence from Chapter 11 bankruptcy of $671.0 million and $641.0 million, respectively.

"In the second quarter, we emerged from Chapter 11 with new and supportive ownership, a billion dollars less debt and results that demonstrate our operational and financial momentum, despite industry challenges and the distractions posed by our Chapter 11 proceedings," says Pres./CEO Mary Berner. "Normalizing those results for $4.8 million of write-offs related to United States Traffic Network’s well-publicized financial problems, our Adjusted EBITDA grew in the quarter by 5.5%. Looking forward, we are excited about the potential of our digital products, improved pricing and inventory management across the entire platform and our young but fast-growing podcasting business to supplement the performance of our core business." More here.


» Steel City: Rubber City WQMX/Akron, OHAPD/afternoon personality Ken Steel has been promoted to PD, responsibilities last handled by Sue Wilson, who recently left the company (CAT 5/18). Steel joined the station in 1991 and was there when 'QMX flipped to Country two years later. Reach him here.


» The Great Santini: MacDonald/Garber Top 40 WKHQ/Traverse City, MI's Aaron Santini has been named OM for Midwest/Evansville, IN's four-station cluster, which includes Classic Country WLFW. Santini replaces Rusty James, who recently joined Max Media/Norfolk as VP/Ops & Programming (CAT 6/13). Prior to Traverse City, Santini spent 11 years as Brand Manager for Cumulus/Cedar Rapids, IA. He starts Sept. 17.