Tag: Mary Berner

The company has also appointed a new Board of Directors as it transitions to private ownership. However, its existing management team will remain in place.

"If you want us to look away when you're committing business malpractice, you've come to the wrong place."

Why has there been a lack of innovation in radio over the past decade? It's because even a short-term drop in ratings and revenue is considered a moment to panic. What are Bob and Mary to do? They are prisoners of their companies' covenants.

"With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities."

"When markets endure damage like this repeatedly, executives have to look closer at what's going on and set things right."

The company's network radio revenue fell just under 25% during the first quarter.

As part of the plan, the company will go private with its debt holders converting that debt into equity in the organization.

"Looking ahead, we remain focused on building on the core strengths of the Company to maximize value."

Berner's base salary is set at $1.25 million annually, with a target bonus equal to 100% of her salary and a maximum payout of up to 200% depending on performance.

"It became clear that Cumulus’s remaining debt burden limited our ability to fully realize the Company’s potential, and this agreement represents a major step forward."