Cumulus (NASDAQ: CMLS) … The company owns and operates 424 radio stations across 87 markets. During a conference call Friday with analysts, CFO John Abbot noted that Cumulus is the last big radio group to own such a sprawling network of towers across the country. Claim this business. The company. With revenues sagging 4.4 percent, Cumulus announce efforts to monetize non-core assets, including towers and land in Nashville, Tennessee, company officials said during their fourth quarter 2019 earnings call. Cumulus Media is getting out of the tower ownership biz. The completion of that sale netted it an additional $66 million in cash. For its entire first fiscal half, net revenue was $373.9 million, down about 32%, with a net loss of $43.7 million. “The transaction will not have any effect on the company’s current broadcast operations,” the company told the SEC. The first closing of the transaction is expected to occur in the fourth quarter. The sale of its towers is a move to raise cash to pay down debt. The company told shareholders that it had “meaningfully mitigated” the pandemic’s impact in the second quarter through “significant fixed cost expense reductions,” and that it expects total reductions of more than $85 million in 2020. All rights reserved. [Related: Cumulus Considers Selling Tower Holdings]. The push to build Cumulus, located on La Cienega Boulevard one block outside of Culver City, began in 2013, when radio broadcasting company … The 63rd Annual Grammy Awards will air this Sunday, March 14th — and Dan + Shay are nominated in the Best Country Duo/Group Performance category with Justin Bieber for their smash-hit “10,000 Hours.” The Bunces leased twenty-three acres of their property to Cumulus. Tags ⋅ Cumulus Media ⋅ Mary Berner ⋅ asset sales, MMTC, NABOB call for industry parties to work together, The company has ambitions to expand further in northern Europe, FCC reminds 17 licensees in Colorado, Minnesota, Montana and Dakotas, Washington's WHUR to receive Heritage honor, Conducts Delhi trial and says 2.5 million cars in India have DRM receivers, Hopes to turn more podcasts into money-makers, FCC has taken notice as WSYL in eastern Georgia has often been silent over the last few years. The broadcaster would also sign lease agreements “for certain other assets being sold, including excess land and certain intangible rights,” it told the SEC. President/CEO Mary Berner made the announcement on a conference call reporting annual financial results Friday. Contents. Cumulus Media Tower … In reporting its latest financials, Berner said that despite the pandemic, Cumulus generated $90 million of cash in the quarter “through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, Md.,” referring to the former tower site of WMAL. It had a net loss of $36.3 million. The following is a listing of radio stations owned by Cumulus Media. 98.3 Nash Icon is a Cumulus Media station Station Address: 14 S. Monroe St. Monroe, MI 48161 Studio Phone Number: 734-242-8898 Station Business Number: 734-242-6600 Prize pick up and office hours are Monday - Friday 8:30am - 5:30pm Station Management Contact Information Dana Di For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to our newsletter here. • Cumulus Radio, operators of radio stations 97 Rock and WHTT, has shifted ownership of two Buffalo-area transmission towers from one entity to another. Cumulus completed a bankruptcy reorganization in 2018. “Despite the COVID-19 pandemic’s material impact on revenue, the company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD, stated Cumulus Media President/CEO Mary Berner. CUMULUS MEDIA engages listeners with high-quality local programming through 415 owned-and-operated stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across nearly 7,300 affiliated stations … Winnie Broadcasting Tower is a 609.6 metres (2,000 ft) tall guyed FM radio mast located northwest of Winnie, Texas, USA.It is the tallest structure in Texas, equaling the Liberman Broadcasting tower.Currently owned by EMF and only has 103.7, KHJK on it. The tallest structure in the world is the Burj Khalifa skyscraper at 829.8 m (2,722 ft). When the four orange and white steel towers first soared over Bethesda in 1941, they stood in a field surrounded by sparse suburbs emerging … In the deal signed last Friday, and announced yesterday, Cumulus said the transaction may occur in one or more closings. Breaking, actionable and relevant wireless industry news, straight to your inbox, every day. “We are considering strategic alternatives regarding our tower portfolio,” she said. “We're at a very early stage in our exploration, and we expect to be working through the possibilities over the … Cumulus Media, the company behind the Westwood One Podcast Network (which reps Lemonada, Ben Shapiro, Pat McAfee, and more), is selling its radio tower portfolio to Vertical Bridge for $213M. The station is an affiliate of K-LOVE.. President/CEO Mary Berner described it as “an agreement to monetize our tower portfolio for more than $210 million, proceeds which will further add to our liquidity and contribute to significant incremental debt pay down.”. Cumulus Media, looking to reduce its debt load further, is looking at possibly selling some or all of its 250+ tower sites that are spread around 32 states. Brentwood Cumulus Radio Tower: 98.70: WCRT Bott Radio Netw. Cumulus is slated to have a 31-story high-rise and a seven-story mid-rise building, with a combined 1,210 residential units. Learn how your comment data is processed. © 2021 Future Publishing Limited, Quay House, The Ambury, Bath BA1 1UA. News and Business›Business and Law, Also reports drop in net revenue of 48% in latest quarter, By Paul Mclane ⋅ The broadcast company told the SEC the buyer is Vertical Bridge REIT, LLC and VB Nimbus, LLC, each an affiliate of Vertical Bridge Holdings, LLC, for the sale of “substantially all” of its tower sites “and certain other related assets.”. Podcasting News & Views Radio Towers? This site uses Akismet to reduce spam. She’s referring to the former WMAL-AM tower site. Cumulus will also record non-cash imputed rental income for certain tower sites where it will continue to use a portion of the tower along with other existing and future tenants. At each closing, Cumulus would sign lease agreements for the continued use of the towers. Cumulus is the second largest radio station operator in the United States, having owned or operated 505 stations in 120 markets as of September 16, 2011. Darren Starks, President of the Baldwin Neighborhood Homeowners Association, said, “We are deeply concerned about the domino effect of the Cumulus skyscraper. Cumulus Media is getting out of the tower ownership biz. As of December 31, 2017, Cumulus owns and operates 445 stations in 90 markets. Cumulus Media Sells Tower Portfolio For $213 Million. WHLD now has its transmitter on another site. Cumulus Media completed the initial closing of its tower portfolio monetization transaction for $208 million in gross proceeds on September 30. Cumulus Media agreed to sell nearly all of its towers in a bid to increase its liquidity and help pay down debt. Midway, North Carolina detailed profile. In the last few years, Allen has found the industry to be in a similar pivot point to the situation his father had with FM in the mid 60’s. In the latest quarter, Cumulus reported net revenue of $146 million, down almost 48% from the same period a year ago. The broadcast company told the SEC the buyer is Vertical Bridge REIT, LLC and VB Nimbus, LLC, each an affiliate of Vertical Bridge Holdings, LLC, for the sale of “substantially all” of its tower sites “and certain other related assets.”  Cumulus pegged the value of the deal at approximately $213 million. The company reported the agreement in a filing with the Securities and Exchange Commission and in its latest quarterly financial announcement. Both stations are licensed to Niagara Falls, NY. Cumuls Media Radio Tower. Listed are guyed masts (such as telecommunication masts), self-supporting towers (such as the CN Tower), skyscrapers (such as the Willis Tower), oil platforms, electricity transmission towers, and bridge support towers.This list is organized by absolute height. Vertical Bridge is required to acquire at least 85 percent of the tower sites. Cumulus on Monday reported that for the three months ended June 30, its revenue fell almost 48 percent from the same period in 2019, and reported a net loss for the 2020 quarter of $36 million. This puts Cumulus in a position to continue using the towers until 2055, when over-the-air radio broadcast signals could become an outdated technology and face decommission. Still, the numbers were filled with minus signs as Cumulus struggled, like other media companies, to cope with the pandemic. She’s referring to the former WMAL-AM tower site. The broadcaster is not required to consummate the transaction unless the buyer agrees to acquire at least 92.5 percent of the tower sites (based on value) at the first closing. 0. Bunce's property is zoned RA-20 Residential-Agricultural District. Three guyed masts: 819 ft (249.6 m), 469 ft (143 m) and 260 ft (79.2 m) tall, are used by AM radio stations WFNC 640 kHz and FM stations WQSM 98.1 MHz, W237CM 95.3 MHz; W247BS 97.3 MHz and W275BW 102.9 MHz. If all the sites are sold, Cumulus expects to have lease obligations of approximately $13.5 million each year; while it will lose some annual tenant revenues, it will also save money in operating expenses. It plans to sell “substantially all” of its broadcast communication tower sites to Vertical Bridge and to lease access to them instead. “Despite the COVID-19 pandemic’s material impact on revenue, the company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD, stated Cumulus Media President/CEO Mary Berner. CUMULUS MEDIA is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. The tower is less than one year old. The deal is expected to close later this. Cumulus Broadcasting radio towers at 1009 Drayton Road in Fayetteville. During its quarterly earnings call today, Cumulus Media revealed it had agreed to a deal on Friday to sell its portfolio of transmitter sites to Vertical Bridge for $213 million. Atlanta-based radio station giant Cumulus Media Inc. on Monday announced another deal to raise money, saying it will sell its radio towers in a $213 million deal to boost its liquidity and contribute to significant incremental debt paydown. Published: August 11, 2020. 14761 NW 86th St, Polk City, IA 50226. 94.1 began in the early 1940s as WBUY-FM by Davidson County Broadcasting as a simulcast partner of their AM station WBUY at 1440 on the dial. Update your browser to view this website correctly. The first closing is anticipated in Q4 2020 following a 45-day diligence period in which the buyer and the seller may exclude certain sites from the transaction. The company expects funds from the deal completion to permit substantial debt paydown and provide additional liquidity. Cumulus on Monday reported that for the three months ended June 30, its revenue fell almost 48 percent from the same period in 2019, and reported a net loss for the 2020 quarter of $36 million. During the quarter, Cumulus executed agreement to monetize its tower portfolio and related assets for $213 million. It plans to sell “substantially all” of its broadcast communication tower sites to Vertical Bridge and to lease access to them instead. Cumulus to Sell Towers to Vertical Bridge. Update my browser now, Home History; Tower controversy; References; External links; History. WWLV (94.1 FM) is a radio station licensed to Lexington, North Carolina, and serving the Piedmont Triad metropolitan area. The property is the former site of a Cumulus Media Inc. radio station. That figure would be subject to customary escalators, which would be accounted for as a reduction of the financial lease liability and interest expense, a loss of annual tenant revenues of approximately $2.3 million and an approximate $2.3 million annual operating expense reduction of which approximately $1.5 million is non-cash intangible amortization. Cumulus owns 424 radio stations in 87 markets and is a major syndicator through its Westwood One arm. by Lance Venta. Cumulus leased the property with the intent to construct a 499-foot radio tower on the leasehold. The project will consist of a combined 1,210 apartments and 100,000 square … Published: February 26, 2020. owns and operates 424 radio stations across 87 markets. See reviews, photos, directions, phone numbers and more for Cumulus Media Tower 98 locations in Monroe, MI. In 2000, broadcast radio properties skyrocketed in valuation and Dick Broadcasting sold 14 of the 16 stations except for the two stations in Greensboro and Winston-Salem, NC to Cumulus Media Company. Renderings by Solomon Cordwell Buenz, courtesy of Carmel Partners The initial term of each tower site lease would be 10 years, followed by five option periods of five years each. Cumulus Media stations are also available on online streaming services iHeartRadio and Tu… Last year it and an adjacent tower that broadcasts Cumulus Media “Sports Radio 1270 The Fan” WHLD were torn down and replaced by a single tower. It anticipates the first closing for 85% or more of proceeds in Q4. › The broadcaster closed on the sale of a 75-acre tract to home builder Toll Brothers in June that generated gross proceeds of $74.1 million, Inside Towers reported. San Francisco-based developer Carmel Partners is behind the behemoth complex, The project is a mixed-use building located at the corner of La Cienega and Jefferson in the West Adams- Baldwin Hills Area of Los Angeles, California which sits on an 11-acre site that was once occupied by Cumulus Media’s radio broadcast facility. Cumulus Media agreed to sell nearly all of its towers in a bid to increase its liquidity and help pay down debt. NBC Tower, home of WMAQ-Channel 5 since 1989, soon will house the consolidated studios and offices of Chicago’s four Cumulus Media radio … The number of stations dropped between 2011 and 2014 due to sales of clusters to other broadcasting companies. The Council has frequently used approval of a single illegal tower to justify more high-rise towers in areas where they are expressly prohibited by the zoning code. The initial term of each lease would be 10 years, followed by five option periods of five five years each. The company also announced that its net revenue in the most recent quarter was down almost 48% from a … And, for radio industry nostalgia lore, it will forever be woven into the history of a Talk station associated with ABC for many years and today a part of Cumulus … The only way it works financially for Cumulus, on a 10 year or 20 year timeline, is if Vertical Bridge is both substantially more efficient at maintaining the towers, and they are willing to set a lease payment that is lower the amortized cost of Cumulus maintaining the towers, while allowing a profit margin for Vertical Bridge. England and Wales company registration number 2008885. Cumulus applied to Hoke County's Planning Department for a conditional use permit to construct a radio tower. The company also announced that its net revenue in the most recent quarter was down almost 48% from a year ago. Vertical Bridge is a company that owns and operates communication infrastructure throughout the country, and in this deal added “more than 250 sites … Find 3 listings related to Cumulus Media Tower 98 in Monroe on YP.com. wind speeds 158-206 mph) tornado 26.2 miles away from the Midway town center killed 8 people and injured 20 people and caused $1 million in damages. Cumulus completed a bankruptcy reorganization in 2018. 3 months ago. Tornado activity: Midway-area historical tornado activity is below North Carolina state average.It is 45% smaller than the overall U.S. average.. On 11/16/2006, a category F3 (max. The broadcaster closed on the sale of a 75-acre tract to home builder Toll Brothers in June that generated gross proceeds of $74.1 million, Community Gardeners Plant More Than Seeds in Cell Tower Protest. If Vertical Bridge acquires all of the tower sites that are subject to the transaction, the broadcaster will have annual lease payment obligations of approximately $13.5 million. Cumulus Exploring Sale of Broadcast Towers By The Editors of AGL February 25, 2020. (515) 685-2072. Designed by Solomon Cordwell Buenz, Cumulus will include a 30-story tower, plus plazas, offices, and shops.
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