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A Post-Bankruptcy Cumulus Will See Print Slasher’s Interest
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Radio & Television Business Report
In Fort Lauderdale, a union effort blocked a planned effort to slice away at the staff of the South Florida Sun-Sentinel.
Now, there’s chatter that one of the nation’s largest radio station ownership groups could be faced with its own oversized job force shrinkage, given the post-bankruptcy ownership interest of Alden’s President.
According to a filing submitted to the FCC earlier this month, one of Cumulus Media‘s largest post-bankruptcy stakeholders will be Heath Freeman, the President of Alden Global Capital.
Multiple Transfer of Control Amendments filed with the Commission note that Freeman will hold a 31.86% voting interest in a reorganized debt-reduced Cumulus through an entity called “Next Gen Radio Enterprises LLC,” pending regulatory approval.
NewsGuild reported that Alden offered buyouts across Tribune’s newsrooms within days of taking control, cutting news staff by roughly 20%.