Cumulus Media names director Berner new CEO

Also, EVP John W. Dickey sold 38,307 shares of the company’s stock in a transaction that occurred on Wednesday, August 26th.

“In her role as president and CEO of MPA, Mary and the board marshalled the resources of an entire industry to transform how it is perceived during a time of massive disruption brought about by the digital explosion”, says Steve Lacy, chairman, MPA board of directors, and chairman and chief executive officer, Meredith Corporation in a statement.

According to Zacks, “Cumulus Media, Inc.is a radio broadcasting company focused on acquiring, operating and developing radio stations in mid-size radio markets in the United States”. He perhaps hinted at cutting costs when he mentioned that to maximize the asset value will need to make them work in tandem efficiently and effectively.

The country’s second-largest radio owner, Cumulus Media, is getting a new chief executive officer, after more than a decade under the same management. She doesn’t come from the radio industry but does have extensive media experience, mainly on the print side.

The selection of Berner as Lew Dickey’s successor is interesting. After serving the company day-to-day for almost 19 years, and the last 16 as CEO, now is right time for me to transition from CEO to Vice Chairman. “I look forward to working with my fellow board members to support our new CEO”. Previously, she had been CEO of Reader’s Digest Association and Fairchild Publications. In 2004, Advertising Age named Berner “Publishing Executive of the Year”. (NASDAQ: CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands in order to deliver premium choices for listeners, provide substantial reach for advertisers and create opportunities for shareholders. This family was responsible for the rise of Cumulus to one of the biggest U.S. radio broadcasters with 460 stations spread over 90 markets.

Marcus is also a partner at Crestview Partners, manager of funds that own 27% of Cumulus stock.