Common stock is a form of corporate equity ownership, a type of security . The terms voting share and ordinary share are also used frequently outside of the United States . They are known as equity shares or ordinary shares in the UK and other Commonwealth realms. This type of share gives the stockholder the right to share in the profits of the company, and to vote on matters of corporate policy and the composition of the members of the board of directors .
137-701: Cumulus Media, Inc. is a broadcasting company of the United States and is the second largest owner and operator of AM and FM radio stations in the United States ahead of Audacy and behind iHeartMedia . As of June 2019, Cumulus lists ownership of 428 stations in 87 media markets . It also owns and operates Westwood One . Its headquarters are located in Atlanta , Georgia. Its subsidiaries include Cumulus Broadcasting LLC , Cumulus Licensing LLC and Broadcast Software International Inc. Cumulus Media
274-406: A cease and desist order, in which the company claimed that production of The Dumb Zone podcast by the two former radio hosts violated the noncompete agreements in their contracts barring them from competing with their former employer. In September 2023, the case was resolved after US District Judge Karen Gren Scholer ruled that Susquehanna had failed to meet the "burden of persuasion" to have
411-580: A " Special Relationship " with the United Kingdom and strong ties with Canada , Australia , New Zealand , the Philippines , Japan , South Korea , Israel , and several European Union countries ( France , Italy , Germany , Spain , and Poland ). The U.S. works closely with its NATO allies on military and national security issues, and with countries in the Americas through
548-679: A TRO granted and the podcast was allowed to resume production. On December 30, 2008, Cumulus Media was issued a $ 14,000 Notice of Apparent Liability by the Federal Communications Commission related to the stations in the Macon, Georgia , cluster. According to the FCC, Cumulus failed to comply with record-keeping requirements and its Equal Employment Opportunity rules regarding information on recruitment sources. Cumulus, along with two other companies, had 30 days to pay or file
685-482: A common infrastructure to reduce operating expenses but enrich programming. Each station would be programmed with a unique music format, live programming, brand, and target audience. The central idea was to create a cluster of radio stations that could compete with newspapers by offering advertisers a range of target demographic choices comparable to the range of content sections in print. At the time of Cumulus' founding, newspaper display and classified advertising claimed
822-542: A coordinated, continent-wide military effort. Finally, deteriorating relations between the British military establishment and the colonists, relations that were already less than positive, set the stage for further distrust and dislike of British troops. Following their victory in the French and Indian War, Britain began to assert greater control over local colonial affairs, resulting in colonial political resistance ; one of
959-534: A decentralized government that operated until 1789. After the British surrender at the siege of Yorktown in 1781 American sovereignty was internationally recognized by the Treaty of Paris (1783), through which the U.S. gained territory stretching west to the Mississippi River, north to present-day Canada, and south to Spanish Florida . The Northwest Ordinance (1787) established the precedent by which
1096-407: A few prominent industrialists , largely by their formation of trusts and monopolies to prevent competition. Tycoons led the nation's expansion in the railroad , petroleum , and steel industries. The United States emerged as a pioneer of the automotive industry . These changes were accompanied by significant increases in economic inequality , slum conditions , and social unrest , creating
1233-416: A fractional interest in the company, which in turn owns the assets. As owners of a company, common stockholders are eligible to receive dividends from its recent or past earnings, proceeds from a sale of the company, and distributions of residual (left-over) money if it is liquidated. In general, common stockholders have lowest priority to receive payouts from the company. They may not receive dividends until
1370-666: A global reach. The U.S. is a founding member of the World Bank , Organization of American States , NATO , and the United Nations , as well as a permanent member of the UN Security Council . The first documented use of the phrase "United States of America" is a letter from January 2, 1776. Stephen Moylan , a Continental Army aide to General George Washington , wrote to Joseph Reed , Washington's aide-de-camp , seeking to go "with full and ample powers from
1507-511: A greater potential for capital appreciation . Over the long term, common stocks tend to outperform more secure investments, despite their short-term volatility. Owners of a company's common stock are entitled to rights that are enumerated in its articles, bylaws and applicable corporate law. These can include the right to vote on directors, officers, compensation plans and major business actions such as acquisition or dissolution. Many companies also allow them to submit and vote on proposals to amend
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#17327837860581644-407: A lawsuit filed by seven former employees who said the fee practices and investment selections of the company's 401(k) plan violated ERISA." In August 2023, Cumulus-owned Susquehanna Radio sued two former employees of Dallas , Texas-based radio station KTCK 1310 The Ticket, Dan McDowell and Jake Kemp, seeking to impose a temporary restraining order (TRO) on them after they refused to comply with
1781-504: A lawsuit launched in 2012 and dropped in 2014 by the same plaintiff. In June 2016, Cumulus Media and Westwood One moved to have the new suit dismissed. In June 2016, Cumulus Media announced the resignation of its executive vice president, treasurer and chief financial officer, Joseph P. Hannan, to "pursue other interests" after six years with the company, to be replaced by John F. Abbot. It had previously been reported in April 2016 that Cumulus
1918-746: A minor ownership interest in them. On January 31, 2011, Cumulus announced a deal to acquire the remaining ownership of CMP from its equity partners in a stock transaction valued at approximately $ 740 million that is closed in August 2011. As a result of the CMP acquisition, Cumulus now owns a limited-partnership interest in San Francisco Baseball Associates LP, the owner of the San Francisco Giants baseball club. In July 2010, Cumulus publicly announced formation of
2055-598: A period of heightened, overt racism following Reconstruction, a time often called the nadir of American race relations . A series of Supreme Court decisions, including Plessy v. Ferguson , emptied the Fourteenth and Fifteenth Amendments of their force, allowing Jim Crow laws in the South to remain unchecked, sundown towns in the Midwest, and segregation in communities across the country , which would be reinforced by
2192-457: A price of $ 1.2 Billion. The 33 Susquehanna stations were privately held in a separate partnership called Cumulus Media Partners, LLC (commonly referred to as CMP on the company's quarterly earnings calls) that was the subject of an equity-for-debt swap in May 2009 in an attempt to avoid defaulting on the terms of the CMP lending agreement. While Cumulus operated the CMP stations, they initially held only
2329-488: A prominent leader in the early 1960s. The Great Society plan of President Lyndon Johnson 's administration resulted in groundbreaking and broad-reaching laws, policies and a constitutional amendment to counteract some of the worst effects of lingering institutional racism . The counterculture movement in the U.S. brought significant social changes, including the liberalization of attitudes toward recreational drug use and sexuality . It also encouraged open defiance of
2466-600: A reputation as an advertising sales leader, Bungeroth oversaw market-level tactical execution, including the integration of newly acquired stations into market operating units. John Dickey, brother of Lewis and himself an experienced radio programming consultant. would oversee station content. SWIB's investment was soon followed by another $ 50 million from Wisconsin-based Northwestern Mutual Life Insurance Company and $ 25 million from NationsBank Capital Corporation. With this financial backing secured, Dickey and Weening began acquiring radio stations yet managed to stay "under
2603-526: A sense of manifest destiny . The Missouri Compromise attempted to balance the desire of northern states to prevent the expansion of slavery into new territories with that of southern states to extend it, admitting Missouri as a slave state and Maine as a free state. It further prohibited slavery in all other lands of the Louisiana Purchase north of the 36°30′ parallel . As Americans expanded further into land inhabited by Native Americans,
2740-614: A sense of American identity as well. Men who otherwise never left their own colony now traveled across the continent to fight alongside men from decidedly different backgrounds but who were no less "American". British officers trained American officers for battle, most notably George Washington ; these officers would lend their skills and expertise to the colonists' cause during the American Revolutionary War to come. In addition, colonial legislatures and officials found it necessary to cooperate intensively in pursuit of
2877-537: A series of ambitious acquisitions and partnerships which were creative, made Cumulus a significantly larger company but these acquisitions and Cumulus itself have struggled in the face of slow to no radio ad growth. (another researcher is working on this section) In 2006, Cumulus acquired control of Susquehanna Radio , with the backing of 3 venture capital firms ( Bain Capital Partners LLC , The Blackstone Group and Thomas H. Lee Partners, L.P. ) for
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#17327837860583014-415: A similar venture with Crestview Partners to acquire up to $ 1 billion of additional radio assets. In July 2007, the company announced its intention to "go private", however on May 11, 2008, the company announced it was unable to come to terms with the parties involved and the merger/acquisition agreement was terminated. Like most major American radio station owners, Cumulus has been forced to write down
3151-443: A smooth transition". Noble Financial Analyst Michael Kupinski was reported to say that the resignation of CFO JP Hannan for John Abbot was "not a good sign" for the company and as a result of the change, a restructuring was likely. On November 29, 2017, Cumulus filed for Chapter 11 bankruptcy as part of a restructuring of the company. Cumulus exited bankruptcy on June 4, 2018. On January 6, 2021, in response to attempts to overturn
3288-410: A start-up CEO in book and magazine publishing, online services and enterprise software systems. He was then CEO of Quaestus & Co., Inc., a private equity firm specializing in media and technology startups. For the new radio company, Weening chose the name Cumulus for the type of cloud formation for their ubiquity in the sky, which Weening and Dickey hoped would be the same for their stations across
3425-576: A statement asking for reduction or cancellation of the forfeitures . In January 2016, the Federal Communications Commission's Enforcement Bureau reached a "record-setting" $ 540,000 settlement with Cumulus over sponsorship identification in radio ads promoting a proposed energy project, reported to be the largest payment in FCC history for a single-station violation of the Commission's sponsorship ID laws. In August 2019,
3562-457: A year later in May 2002 at prices ranging from $ 17 to $ 21.50 per share not The $ 55 high but considerably higher than share prices after their sale. The new CEO of Cumulus Media, as of September 2015 is Mary G Berner. In April 2016, Talk Radio Network filed a lawsuit against Cumulus Media and associated defendants, alleging " antitrust violations, unfair competition, breach of contract and breach of fiduciary duty, among other claims", similar to
3699-401: A year). Juvenile correctional facilities are operated by local or state governments and serve as longer-term placements for any minor adjudicated as delinquent and ordered by a judge to be confined. As of January 2023, the United States has the sixth-highest per capita incarceration rate in the world—531 people per 100,000 inhabitants—and the largest prison and jail population in
3836-591: Is believed to be the first widespread culture in the Americas. Over time, indigenous North American cultures grew increasingly sophisticated, and some, such as the Mississippian culture , developed agriculture , architecture , and complex societies . In the post-archaic period , the Mississippian cultures were located in the midwestern , eastern , and southern regions, and the Algonquian in
3973-548: Is classified to differentiate it from preferred stock. Each is considered a stock class , with different series of each issued from time to time such as Series B Preferred Stock. Nevertheless, using "Class B Common Stock" is a common label for a super-voting series of common stock. Common stocks exist on both public and private markets, however the accessibility differs due to the fact that only publicly traded companies may have common stock publicly listed. Some companies may for various reasons delist some or all of their shares from
4110-498: Is known as the presidential system , in contrast to the parliamentary system , where the executive is part of the legislative body. Many countries around the world imitated this aspect of the 1789 Constitution of the United States , especially in the Americas. The Constitution is silent on political parties. However, they developed independently in the 18th century with the Federalist and Anti-Federalist parties. Since then,
4247-438: Is now the United States experienced conflicts with Native Americans, they also engaged in trade, exchanging European tools for food and animal pelts. Relations ranged from close cooperation to warfare and massacres. The colonial authorities often pursued policies that forced Native Americans to adopt European lifestyles, including conversion to Christianity. Along the eastern seaboard, settlers trafficked African slaves through
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4384-552: Is the federal agency charged with addressing most environmental-related issues . The idea of wilderness has shaped the management of public lands since 1964, with the Wilderness Act . The Endangered Species Act of 1973 provides a way to protect threatened and endangered species and their habitats. The United States Fish and Wildlife Service implements and enforces the Act. In 2024, the U.S. ranked 34th among 180 countries in
4521-603: The Allies of World War I , helping to turn the tide against the Central Powers . In 1920, a constitutional amendment granted nationwide women's suffrage . During the 1920s and '30s, radio for mass communication and the invention of early television transformed communications nationwide. The Wall Street Crash of 1929 triggered the Great Depression , which President Franklin D. Roosevelt responded to with
4658-553: The Atlantic slave trade . The original Thirteen Colonies that would later found the United States were administered as possessions of Great Britain , and had local governments with elections open to most white male property owners . The colonial population grew rapidly, eclipsing Native American populations; by the 1770s, the natural increase of the population was such that only a small minority of Americans had been born overseas. The colonies' distance from Britain allowed for
4795-817: The Bering land bridge more than 12,000 years ago, and formed various civilizations and societies . British colonization led to the first settlement of the Thirteen Colonies in Virginia in 1607. Clashes with the British Crown over taxation and political representation sparked the American Revolution , with the Second Continental Congress formally declaring independence on July 4, 1776. Following its victory in
4932-549: The Environmental Performance Index . The country joined the Paris Agreement on climate change in 2016 and has many other environmental commitments. The United States is a federal republic of 50 states and a separate federal capital district, Washington, D.C. It also asserts sovereignty over five unincorporated territories and several uninhabited island possessions . The U.S. is
5069-500: The Federal Bureau of Investigation (FBI) and the U.S. Marshals Service have national jurisdiction and specialized duties, such as protecting civil rights , national security and enforcing U.S. federal courts ' rulings and federal laws. State courts conduct most civil and criminal trials, and federal courts handle designated crimes and appeals of state court decisions . There is no unified "criminal justice system" in
5206-720: The Great Lakes , Mississippi River and Gulf of Mexico . British colonization of the East Coast began with the Virginia Colony (1607) and Plymouth Colony (1620). The Mayflower Compact and the Fundamental Orders of Connecticut established precedents for representative self-governance and constitutionalism that would develop throughout the American colonies. While European settlers in what
5343-719: The Great Lakes region and along the Eastern Seaboard , while the Hohokam culture and Ancestral Puebloans inhabited the southwest . Native population estimates of what is now the United States before the arrival of European immigrants range from around 500,000 to nearly 10 million. Christopher Columbus began exploring the Caribbean for Spain in 1492, leading to Spanish-speaking settlements and missions from Puerto Rico and Florida to New Mexico and California . France established its own settlements along
5480-524: The House of Representatives , a lower house based on population; and the Senate , an upper house based on equal representation for each state. Federalism provides substantial autonomy to the 50 states, while the country's political culture promotes liberty , equality , individualism , personal autonomy , and limited government . One of the world's most developed countries , the United States has had
5617-596: The Midwest . At the same time, about one million French Canadians migrated from Quebec to New England . During the Great Migration , millions of African Americans left the rural South for urban areas in the North. Alaska was purchased from Russia in 1867. The Compromise of 1877 effectively ended Reconstruction and white supremacists took local control of Southern politics . African Americans endured
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5754-688: The National Park Service and other agencies. About 28% of the country's land is publicly owned and federally managed, primarily in the Western States . Most of this land is protected , though some is leased for commercial use, and less than one percent is used for military purposes. Environmental issues in the United States include debates on non-renewable resources and nuclear energy , air and water pollution , biodiversity , logging and deforestation , and climate change . The U.S. Environmental Protection Agency (EPA)
5891-652: The New Deal , a series of sweeping programs and public works projects combined with financial reforms and regulations . All were intended to protect against future economic depressions. Initially neutral during World War II , the U.S. began supplying war materiel to the Allies of World War II in March 1941 and entered the war in December after the Empire of Japan 's attack on Pearl Harbor . The U.S. developed
6028-778: The Organization of American States and the United States–Mexico–Canada Free Trade Agreement . In South America, Colombia is traditionally considered to be the closest ally of the United States. The U.S. exercises full international defense authority and responsibility for Micronesia , the Marshall Islands , and Palau through the Compact of Free Association . It has increasingly conducted strategic cooperation with India , but its ties with China have steadily deteriorated. Since 2014,
6165-648: The Pentium microprocessor in accordance with Moore's law , rechargeable lithium-ion batteries , the first gene therapy trial, and cloning either emerged in the U.S. or were improved upon there. The Human Genome Project was formally launched in 1990, while Nasdaq became the first stock market in the United States to trade online in 1998. In the Gulf War of 1991, an American-led international coalition of states expelled an Iraqi invasion force that had occupied neighboring Kuwait . The September 11 attacks on
6302-534: The Soviet Union's collapse and the end of the Cold War in 1991, the U.S. emerged as the world's sole superpower , wielding significant geopolitical influence globally . The U.S. national government is a presidential constitutional federal republic and liberal democracy with three separate branches : legislative , executive , and judicial . It has a bicameral national legislature composed of
6439-591: The Spanish–American War . (The Philippines was granted full independence from the U.S. on July 4, 1946, following World War II. Puerto Rico and Guam have remained U.S. territories.) American Samoa was acquired by the United States in 1900 after the Second Samoan Civil War . The U.S. Virgin Islands were purchased from Denmark in 1917. The United States entered World War I alongside
6576-648: The cotton gin made the institution increasingly profitable for Southern elites . This sectional conflict regarding slavery culminated in the American Civil War (1861–1865). Eleven slave states seceded and formed the Confederate States of America , while the other states remained in the Union . War broke out in April 1861 after the Confederates bombarded Fort Sumter . After
6713-537: The fall of communism and the collapse of the Soviet Union , which marked the end of the Cold War and left the United States as the world's sole superpower . The 1990s saw the longest recorded economic expansion in American history , a dramatic decline in U.S. crime rates , and advances in technology . Throughout this decade, technological innovations such as the World Wide Web , the evolution of
6850-445: The largest nominal GDP since about 1890 and accounted for over 15% of the global economy in 2023. It possesses by far the largest amount of wealth of any country and has the highest disposable household income per capita among OECD countries. The U.S. ranks among the world's highest in economic competitiveness , productivity , innovation , human rights , and higher education . Its hard power and cultural influence have
6987-733: The 1775 Battles of Lexington and Concord , igniting the American Revolutionary War . At the Second Continental Congress , the colonies appointed George Washington commander-in-chief of the Continental Army , and created a committee that named Thomas Jefferson to draft the Declaration of Independence . Two days after passing the Lee Resolution to create an independent nation the Declaration
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#17327837860587124-408: The 1775–1783 Revolutionary War , the country continued to expand westward across North America , resulting in the dispossession of native inhabitants . As more states were admitted , a North–South division over slavery led to the secession of the Confederate States of America , which fought states remaining in the Union in the 1861–1865 American Civil War . With the victory and preservation of
7261-520: The 2010s, political polarization in the country increased between liberal and conservative factions. This polarization was capitalized upon in the January 2021 Capitol attack , when a mob of insurrectionists entered the U.S. Capitol and sought to prevent the peaceful transfer of power in an attempted self-coup d'état . The United States is the world's third-largest country by total area behind Russia and Canada. The 48 contiguous states and
7398-569: The 2020 United States presidential election and the U.S. Capitol attack , Cumulus Media executives directed its on-air personalities to stop spreading misinformation about unsubstantiated claims of Biden stealing the election or face termination. By May 2002 the share price recovered to above the IPO price to a short-lived high of $ 22 on May 31, 2002. Dickey garnered some strong partners in the form of Bain Capital and Crestview partners who helped finance
7535-596: The American West have an alpine climate . The climate is arid in the Southwest, Mediterranean in coastal California , and oceanic in coastal Oregon , Washington , and southern Alaska . Most of Alaska is subarctic or polar . Hawaii , the southern tip of Florida and U.S. territories in the Caribbean and Pacific are tropical . States bordering the Gulf of Mexico are prone to hurricanes, and most of
7672-475: The Declaration of Independence on July 4, 1776. The term "United States" and the initialism "U.S.", used as nouns or as adjectives in English, are common short names for the country. The initialism "USA", a noun, is also common. "United States" and "U.S." are the established terms throughout the U.S. federal government , with prescribed rules. In English, the term "America" rarely refers to topics unrelated to
7809-573: The District of Columbia occupy a combined area of 3,119,885 square miles (8,080,470 km ). The coastal plain of the Atlantic seaboard gives way to inland forests and rolling hills in the Piedmont plateau region. The Appalachian Mountains and the Adirondack massif separate the East Coast from the Great Lakes and the grasslands of the Midwest . The Mississippi River System ,
7946-458: The Elder concluded that major military resources needed to be devoted to North America to win the war against France. For the first time, the continent became one of the main theaters of what could be termed a " world war ". The British colonies' position as an integral part of the British Empire became more apparent during the war, with British military and civilian officials becoming a more significant presence in American life. The war increased
8083-447: The FCC proposed Cumulus Media pay another $ 233,000 fine for additional violations of its sponsorship identification rules and not reporting them to the FCC after agreeing to do so under its 2016 consent decree. On March 17, 2000, the company was forced to restate revenue and broadcast cash flow for three-quarters of 1999 after discovering that some of its sales force had prematurely booked revenue to meet sales goals. On November 8, 2005,
8220-465: The January 1863 Emancipation Proclamation , many freed slaves joined the Union army . The war began to turn in the Union's favor following the 1863 Siege of Vicksburg and Battle of Gettysburg , and the Confederacy surrendered in 1865 after the Union's victory in the Battle of Appomattox Court House . The Reconstruction era followed the war. After the assassination of President Abraham Lincoln , Reconstruction Amendments were passed to protect
8357-425: The Nash family of properties. In July 2014, Cumulus announced that it would end its partnership with ABC News Radio , and enter into a new partnership with CNN to syndicate news content for its stations through Westwood One beginning in 2015. The network will provide its content on a white label basis, allowing individual stations to use their own brands for the content. In turn, ABC announced that it would take
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#17327837860588494-476: The Rocky Mountains, the Yellowstone Caldera , is the continent's largest volcanic feature. In 2021, the United States had 8% of global permanent meadows and pastures and 10% of cropland. With its large size and geographic variety, the United States includes most climate types. East of the 100th meridian , the climate ranges from humid continental in the north to humid subtropical in the south. The western Great Plains are semi-arid . Many mountainous areas of
8631-404: The SEC over his proposal to reverse some of his and Dickey's 1999 compensation to help offset the earnings miss. While the proposal was never implemented, the SEC maintained it would have amounted to earnings management and was therefore an infraction. Weening finally agreed to pay a fine of $ 75,000 without conceding wrongdoing to settle the matter in 2003. As the dust began to settle in April 2000
8768-451: The U.S. has become a key ally of Ukraine ; it has also provided the country with significant military equipment and other support in response to Russia's 2022 invasion . The president is the commander-in-chief of the United States Armed Forces and appoints its leaders, the secretary of defense and the Joint Chiefs of Staff . The Department of Defense , which is headquartered at the Pentagon near Washington, D.C., administers five of
8905-661: The U.S. territories." Despite disparate systems of confinement, four main institutions dominate: federal prisons , state prisons , local jails, and juvenile correctional facilities . Federal prisons are run by the Federal Bureau of Prisons and hold people who have been convicted of federal crimes, including pretrial detainees. State prisons, run by the official department of correction of each state, hold sentenced people serving prison time (usually longer than one year) for felony offenses. Local jails are county or municipal facilities that incarcerate defendants prior to trial; they also hold those serving short sentences (typically under
9042-416: The United States and the peaceful transfer of power , respectively. The Louisiana Purchase of 1803 from France nearly doubled the territory of the United States. Lingering issues with Britain remained , leading to the War of 1812 , which was fought to a draw. Spain ceded Florida and its Gulf Coast territory in 1819. In the late 18th century, American settlers began to expand westward , many with
9179-541: The United States entered the Cold War, where geopolitical tensions between the U.S. and the Soviet Union led the two countries to dominate world affairs . The U.S. utilized the policy of containment to limit the USSR's sphere of influence, and prevailed in the Space Race , which culminated with the first crewed Moon landing in 1969. Domestically, the U.S. experienced economic growth , urbanization , and population growth following World War II . The civil rights movement emerged, with Martin Luther King Jr. becoming
9316-495: The United States has operated as a de facto two-party system , though the parties in that system have been different at different times. The two main national parties are presently the Democratic and the Republican . The former is perceived as relatively liberal in its political platform while the latter is perceived as relatively conservative . In the American federal system , sovereign powers are shared between two levels of elected government: national and state. People in
9453-402: The United States in 2001 by the pan-Islamist militant organization al-Qaeda led to the war on terror , and subsequent military interventions in Afghanistan and Iraq . The cultural impact of the attacks was profound and long-lasting. The U.S. housing bubble culminated in 2007 with the Great Recession , the largest economic contraction since the Great Depression. Coming to a head in
9590-415: The United States of America to Spain" to seek assistance in the Revolutionary War effort. The first known public usage is an anonymous essay published in the Williamsburg newspaper, The Virginia Gazette , on April 6, 1776. By June 1776, the "United States of America" appeared in the Articles of Confederation and the Declaration of Independence . The Second Continental Congress adopted
9727-490: The United States, slavery was abolished nationally . By 1900, the country had established itself as a great power , a status solidified after its involvement in World War I . After Japan 's attack on Pearl Harbor in December 1941, the U.S. entered World War II . Its aftermath left the U.S. and the Soviet Union as the world's two superpowers and led to the Cold War , during which both countries struggled for ideological dominance and international influence . Following
9864-541: The United States, despite the usage of "the Americas " as the totality of North and South America. "The States" is an established colloquial shortening of the name, used particularly from abroad; "stateside" is the corresponding adjective or adverb. The first inhabitants of North America migrated from Siberia across the Bering land bridge about 12,000 years ago; the Clovis culture , which appeared around 11,000 BC,
10001-624: The United States, except Iran , North Korea , and Bhutan . Though Taiwan does not have formal diplomatic relations with the U.S., it maintains close unofficial relations. The United States regularly supplies Taiwan with military equipment to deter potential Chinese aggression. Its geopolitical attention also turned to the Indo-Pacific when the United States joined the Quadrilateral Security Dialogue with Australia, India, and Japan. The United States has
10138-509: The United States. The American prison system is largely heterogenous, with thousands of relatively independent systems operating across federal, state, local, and tribal levels. In 2023, "these systems [held] almost 2 million people in 1,566 state prisons, 98 federal prisons, 3,116 local jails, 1,323 juvenile correctional facilities, 181 immigration detention facilities, and 80 Indian country jails, as well as in military prisons , civil commitment centers, state psychiatric hospitals, and prisons in
10275-944: The acquisition, in an effort to focus on larger markets, Cumulus reached a deal with Townsquare Media to swap 65 radio stations in 13 markets, with the majority of the 65 stations being sold to Townsquare. On August 29, 2013, it was reported by The Wall Street Journal that Cumulus would purchase the syndicator Dial Global for $ 260 million. To fund the sale, Cumulus, sold 53 more stations to Townsquare Media for $ 238 million, in markets such as Danbury, CT , Rockford, IL , Cedar Rapids, IA , Quad Cities IA/IL , Waterloo, IA , Portland, ME , Battle Creek, MI , Kalamazoo, MI , Lansing, MI , Faribault, MN , Rochester, MN , and Portsmouth, NH . Additionally, Townsquare Media acquired Peak Broadcasting, and Cumulus swapped 15 more stations in Dubuque, IA and Poughkeepsie, NY in exchange for Peak Broadcasting's Fresno cluster. The sale to Cumulus
10412-412: The best course for Cumulus was to focus on the radio strategy and drop the internet projects. Weening who had started a Silicon Valley e-commerce software company in the early 1990s had conceived and was overseeing development of the employment platform. Weening advocated for continuance of the project as a key potential source of revenue with a service that would be unique among radio companies. Ultimately,
10549-526: The board backed Dickey not Weening and the Internet project was scrapped. According to interviews with two former members of the Cumulus board, Lew Dickey and his brother John convinced the board to let them run the company. Dickey, whose family had just sold an Atlanta station for a reported $ 250 million, offered to invest in Cumulus if needed to close pending acquisitions. The board was concerned about
10686-404: The bylaws or to mandate actions by the board. Pre-emption rights and shareholder rights plans regulate the terms under which new shareholders can affect the interests of existing ones. Shareholders have the right to request access to the company's financial records, the list of shareholders, and other records that they legitimately require to fulfill their ownership duties. Common/Equity stock
10823-414: The chance to post available positions on the web and promote their company and the position on the radio stations. At the time of the dot-com bust the system was in beta test in two markets. One of the short-lived but important impacts of the dot-com bubble burst was a loss of confidence that the promise of the internet would ever happen. Many professional radio people like Dickey were skeptical and believed
10960-486: The company decided to amend and restate its results for the second quarter of 2005. United States The United States of America ( USA ), commonly known as the United States ( U.S. ) or America , is a country primarily located in North America . It is a federal union of 50 states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to
11097-591: The company for its vaccine mandate. On December 1, 2023, former 107.5 The Game in South Carolina sports talk radio host Tim Hill filed a civil rights lawsuit against Cumulus for firing him back in 2021 over their vaccine mandate. Hill is claiming a violation of Title VII of the Civil Rights Act of 1964, making him the second former Cumulus host to sue the company over this vaccine mandate. On February 15, 2023, Cumulus Media paid "$ 1 million to settle
11234-426: The company has met obligations on any preference shares it has issued, and they receive distributions in liquidation only after bondholders, creditors (including employees) and preference share owners have been paid. When liquidation happens through bankruptcy , the ordinary shareholders typically receive nothing. Since common stock is more exposed to the risks of the business than bonds or preferred stock, it offers
11371-413: The company issued revised annual 10K reports for 1998 and 1999 that showed minor variations in quarterly revenue and adjusted net loss for 1999 from $ 20.8 million to $ 13.6 million and net loss for 1998 was restated from $ 13.7 million to $ 8 million, after the company found a $ 4.9 million tax benefit that had been under-reported. The restatement as it turns out had no material impact on
11508-449: The company owned or operated pending closing 246 stations in 45 markets. In a period of two years and six months, Cumulus became the second largest U.S. broadcasting group in terms of stations operated. It also raised a staggering $ 1.3 billion when considering sales of common and preferred stock shares, senior bank lines of credit, and senior subordinated debt or junk bonds which when issued were rated CCC+. The stock market acknowledged
11645-409: The company with artificially inflating revenue and profit in 1999. PricewaterhouseCoopers, the company's auditors resigned in April citing material weaknesses in the Cumulus' financial controls arising from the possible revenue restatements. Meanwhile, Dickey had taken over day-to-day station operations from Bungeroth who resigned in mid January. During this same period Weening got into a dispute with
11782-457: The contiguous United States are in the State of California, about 84 miles (135 km) apart. At an elevation of 20,310 feet (6,190.5 m), Alaska's Denali is the highest peak in the country and continent. Active volcanoes are common throughout Alaska's Alexander and Aleutian Islands , and Hawaii consists of volcanic islands. The supervolcano underlying Yellowstone National Park in
11919-556: The country's GDP. The U.S. has 42% of the world's nuclear weapons —the second-largest share after Russia. The United States has the third-largest combined armed forces in the world, behind the Chinese People's Liberation Army and Indian Armed Forces . The military operates about 800 bases and facilities abroad, and maintains deployments greater than 100 active duty personnel in 25 foreign countries. State defense forces (SDFs) are military units that operate under
12056-469: The country's territory would expand with the admission of new states , rather than the expansion of existing states. The U.S. Constitution was drafted at the 1787 Constitutional Convention to overcome the limitations of the Articles. It went into effect in 1789, creating a federal republic governed by three separate branches that together ensured a system of checks and balances . George Washington
12193-549: The country. Quaestus provided the seed capital to make the first station acquisitions as a model for the Cumulus business strategy. The next significant milestone was obtaining a $ 50 million investment from the State of Wisconsin Investment Board (SWIB), which previously invested in Weening's magazine publishing company. With this capital in place, Cumulus began full-scale operations on May 22, 1997. Weening assumed
12330-536: The deal, Cumulus partnered with the competing iHeartRadio service. However, in November 2015, Rdio filed for bankruptcy and sold its assets to Pandora Radio . On August 11, 2021, Cumulus Media CEO Mary Berner announced a company wide COVID-19 vaccine mandate . She stated that employees must be fully vaccinated by September 27, 2021. Unvaccinated employees had their employment terminated on October 11, 2021. Terminated employees were denied unemployment benefits . It
12467-713: The development of self-governance, and the First Great Awakening , a series of Christian revivals , fueled colonial interest in religious liberty . For a century, the American colonists had been providing their own troops and materiel in conflicts with indigenous peoples allied with Britain's colonial rivals , especially France, and the Americans had begun to develop a sense of self-defense and self-reliance separate from Britain. The French and Indian War (1754–1763) took on new significance for all North American colonists after Parliament under William Pitt
12604-580: The environment for labor unions to begin to flourish . This period eventually ended with the advent of the Progressive Era , which was characterized by significant reforms. Pro-American elements in Hawaii overthrew the Hawaiian monarchy ; the islands were annexed in 1898. That same year, Puerto Rico , the Philippines , and Guam were ceded to the U.S. by Spain after the latter's defeat in
12741-541: The federal government often applied policies of Indian removal or assimilation . The Trail of Tears (1830–1850) was a U.S. government policy that forcibly removed and displaced most Native Americans living east of the Mississippi River to lands far to the west. These and earlier organized displacements prompted a long series of American Indian Wars west of the Mississippi. The Republic of Texas
12878-434: The financials but in the context of the dot-com bust hysteria rumours of accounting irregularities drove a significant decrease in share price which threatened the company's ability to finance pending acquisitions. Since November 1998 the company had been developing an internet platform for classified employment advertising. The new system would operate in tandem with the radio station cluster in each market and offer employers
13015-768: The first mid-size market radio conglomerate. Following the company's IPO, its stock fell from $ 14 to $ 8 per share on October 2, 1998 before beginning a climb to close 1999 at $ 50.75. Some radio executives familiar with small markets thought that Cumulus was overpaying to buy top stations in markets that did not have a great upside potential. For 1998, Cumulus reported revenue of $ 98.8 million, with broadcast cash flow of $ 26.6 million. Its cash-flow margin reached 27 percent. For 1999, Cumulus reported $ 180 million in revenue and $ 46.7 million broadcast cash flow. On November 19, 1999, Cumulus sold an additional 10 million shares at $ 24.93, raising $ 250 million. Acquisitions continued at an accelerating pace. At this point,
13152-553: The first nuclear weapons and used them against the Japanese cities of Hiroshima and Nagasaki in August 1945, ending the war. The United States was one of the " Four Policemen " who met to plan the post-war world , alongside the United Kingdom , Soviet Union , and China . The U.S. emerged relatively unscathed from the war, with even greater economic power and international political influence . After World War II,
13289-463: The integration of Army National Guard units and personnel into the U.S. Army and (since 1947) the U.S. Air Force. There are about 18,000 U.S. police agencies from local to national level in the United States. Law in the United States is mainly enforced by local police departments and sheriff departments in their municipal or county jurisdictions. The state police departments have authority in their respective state , and federal agencies such as
13426-408: The largest radio networks in the United States; it included the stations that made up the former ABC Radio group (like flagship stations KABC-AM , WLS-AM and WABC-AM ). The deal was finalized on September 16, 2011, after acceptance by the FCC and Citadel's shareholders. As part of the deal, Cumulus Media will have to place 14 stations into a separate trust to comply with ownership limits. Following
13563-450: The largest share of local advertising dollars. By offering a range of audiences like newspapers, Cumulus could gain a greater share of the local advertising dollar than the individual stations could garner separately. In addition, acquiring the top-performing stations in a given market as part of the operating cluster would yield more national advertising. The market focus would be on those deemed to offer substantial growth opportunities, while
13700-472: The mandate. On May 9, 2023, former News/Talk 98.9 WKIM Memphis morning show co-host Bob Boccia, who has Crohn's disease , sued Cumulus Media after failing to accommodate his medical condition and religious beliefs. His suit details violations of the Americans with Disabilities Act and Title VII of the Civil Rights Act of 1964 , as well as breach of contract. He is the first former Cumulus employee to sue
13837-482: The military draft (leading to the end of conscription in 1973) and wide opposition to U.S. intervention in Vietnam (with the U.S. totally withdrawing in 1975). A societal shift in the roles of women was significantly responsible for the large increase in female paid labor participation during the 1970s, and by 1985 the majority of American women aged 16 and older were employed. The late 1980s and early 1990s saw
13974-612: The most attractive to the population are the most vulnerable. The U.S. is one of 17 megadiverse countries containing large numbers of endemic species : about 17,000 species of vascular plants occur in the contiguous United States and Alaska, and over 1,800 species of flowering plants are found in Hawaii, few of which occur on the mainland. The United States is home to 428 mammal species, 784 birds, 311 reptiles, 295 amphibians , and around 91,000 insect species. There are 63 national parks , and hundreds of other federally managed parks, forests, and wilderness areas , managed by
14111-662: The most violent, the California genocide of thousands of Native inhabitants, lasted into the early 1870s, just as additional western territories and states were created. During the colonial period, slavery had been legal in the American colonies , though the practice began to be significantly questioned during the American Revolution. States in the North enacted abolition laws , though support for slavery strengthened in Southern states , as inventions such as
14248-408: The policy of redlining later adopted by the federal Home Owners' Loan Corporation . An explosion of technological advancement accompanied by the exploitation of cheap immigrant labor led to rapid economic expansion during the late 19th and early 20th centuries , allowing the United States to outpace the economies of England, France, and Germany combined. This fostered the amassing of power by
14385-574: The primary colonial grievances was a denial of their rights as Englishmen , particularly the right to representation in the British government that taxed them . To demonstrate their dissatisfaction and resolve, the First Continental Congress met in 1774 and passed the Continental Association , a colonial boycott of British goods that proved effective. The British attempt to then disarm the colonists resulted in
14522-464: The public market and common stock may then be converted to limited common stock, other stock or be liquidated altogether. Common stock listings may be used as a way for companies to increase their equity capital in exchange for dividend rights for shareowners. Listed common stock typically comes in the form of several stock classes in order for companies to remain in partial control of their stock voting rights. Non-voting stock may be issued as
14659-446: The radar", not attracting much notice or competition. In its first 12 months in operation, Cumulus acquired over 100 stations in 31 markets. Soon it was clear that the company would need over a billion dollars for its desired acquisitions, and an initial public offering of stock was soon made. The Cumulus strategy, as articulated in public filings, was to acquire multiple stations in a city or market, consolidate them physically to share
14796-503: The rapid growth might be false. The first quarter of 2000 proved to be troubling at Cumulus. A perfect storm of events drove the company's share price from $ 50 to $ 13 between January 1 and March 17 when over 30 million shares traded hands. Driving the decline was persistent rumours of possible accounting irregularities in the rapidly assembled radio group. On January 14 respected Wall Street analyst Frank Bodenchak advised institutional clients that Cumulus may miss his estimates for Q4 1999 and
14933-438: The remarkable growth with a share price that rose to a high of $ 51.00 on December 31, 1999. Cumulus was a part-time participant in the euphoria of the dot-com bubble and was impacted by the hysteria that followed its burst. The reasons included very rapid growth and skyrocketing share price which in the euphoria period fed on itself. The hysteria which followed was driven by both the absence of earnings and rumors which suggested
15070-780: The restatement of revenues and the shareholder lawsuits. This is consistent with reports in a radio industry newsletter which reported that it was a widely held belief in the Radio industry was that the Dickey brothers orchestrated events that lead to the board's decision not to back the Internet project, placing Dickey at the helm of Cumulus, moving the Cumulus headquarters from Milwaukee to Atlanta and to Weening's ultimate resignation as an employee and director in January 2001. According to public filings Weening, QUAESTUS management company and other Weening related interests sold their interests in Cumulus
15207-570: The rights of African Americans . National infrastructure, including transcontinental telegraph and railroads , spurred growth in the American frontier . From 1865 through 1917 an unprecedented stream of immigrants arrived in the United States, including 24.4 million from Europe. Most came through the port of New York City , and New York City and other large cities on the East Coast became home to large Jewish , Irish , and Italian populations, while many Germans and Central Europeans moved to
15344-614: The rocky Great Basin and Chihuahua , Sonoran , and Mojave deserts. In the northwest corner of Arizona , carved by the Colorado River over millions of years, is the Grand Canyon , a steep-sided canyon and popular tourist destination known for its overwhelming visual size and intricate, colorful landscape. The Sierra Nevada and Cascade mountain ranges run close to the Pacific coast . The lowest and highest points in
15481-568: The role of Executive chairman focusing on acquisitions deal structuring, corporate finance, and internet from the company's original headquarters in Milwaukee, Wisconsin . Dickey selected stations to buy and oversaw radio programming, operations and strategy as Executive vice-chairman. Dickey brought in highly regarded radio operator William Bungeroth to serve as President of Cumulus Broadcasting from new offices in Chicago's Hancock Center . Having
15618-573: The six service branches, which are made up of the U.S. Army , Marine Corps , Navy , Air Force , and Space Force . The Coast Guard is administered by the Department of Homeland Security in peacetime and can be transferred to the Department of the Navy in wartime. The United States spent $ 916 billion on its military in 2023, which is by far the largest amount of any country , making up 37% of global military spending and accounting for 3.4% of
15755-545: The sole authority of a state government. SDFs are authorized by state and federal law but are under the command of the state's governor . They are distinct from the state's National Guard units in that they cannot become federalized entities. A state's National Guard personnel, however, may be federalized under the National Defense Act Amendments of 1933 , which created the Guard and provides for
15892-634: The south, with the states of Alaska to the northwest and the archipelagic Hawaii in the Pacific Ocean . The United States also asserts sovereignty over five major island territories and various uninhabited islands . The country has the world's third-largest land area , largest exclusive economic zone , and third-largest population , exceeding 334 million. Its three largest metropolitan areas are New York , Los Angeles , and Chicago , and its three most populous states are California , Texas , and Florida . Paleo-Indians migrated across
16029-543: The states are also represented by local elected governments , which are administrative divisions of the states. States are subdivided into counties or county equivalents , and further divided into municipalities . The District of Columbia is a federal district containing the U.S. capital, Washington, D.C. . The federal district is an administrative division of the federal government. Federally recognized tribes govern 326 Indian reservations . The United States has an established structure of foreign relations, and it has
16166-630: The station focus was the leading station in the market and other stations well-positioned for significant growth. Cumulus became a publicly traded company on June 26, 1998. The company raised $ 400 million selling 7.6 million common shares at $ 14.00 each, $ 125 million in preferred stock , and $ 160 million in Senior Subordinated Bonds. At that time Cumulus owned or was committed to buy 176 stations – 124 FM stations and 52 am stations in 34 U.S. markets. In its first 17 months, Cumulus acquired 207 stations, creating
16303-510: The structure and responsibilities of the national federal government and its relationship with the individual states. The U.S. Constitution is the world's oldest national constitution still in effect (from March 4, 1789). Composed of three branches, all headquartered in Washington, D.C., the federal government is the national government of the United States. It is regulated by a strong system of checks and balances . The three-branch system
16440-574: The syndication of its radio content in-house, with distribution handled by Skyview Networks. On September 15, 2013, Cumulus announced that it had entered into a partnership with music streaming service Rdio ; Cumulus took a stake in Rdio, and provided the company with access to its advertising sales team for a freemium tier, the ability to offer Cumulus radio stations on the Rdio service, and $ 75 million in marketing on Cumulus stations over five years. The stations launched on Rdio in August 2015; prior to
16577-507: The value of its radio station licenses, resulting in large non-cash losses – $ 498.9 million in 2008, $ 230.6 million in 2007, and $ 63.4 million in 2006. The company's stock, priced over $ 56 in 1999, then over $ 22 in 2004, was as low as $ 0.45 per share toward the end of 2008. Starting in June 2010, Cumulus made multiple unsuccessful offers to buy out Citadel Broadcasting after its emergence from bankruptcy. In February 2011, Cumulus
16714-582: The world's fourth-longest river system , runs predominantly north–south through the heart of the country. The flat and fertile prairie of the Great Plains stretches to the west, interrupted by a highland region in the southeast. The Rocky Mountains , west of the Great Plains, extend north to south across the country, peaking at over 14,000 feet (4,300 m) in Colorado . Farther west are
16851-583: The world's second-largest diplomatic corps as of 2024 . It is a permanent member of the United Nations Security Council , and home to the United Nations headquarters . The United States is a member of the G7 , G20 , and OECD intergovernmental organizations. Almost all countries have embassies and many have consulates (official representatives) in the country. Likewise, nearly all countries host formal diplomatic missions with
16988-444: The world's oldest surviving federation, and its presidential system of national government has been adopted, in whole or in part, by many newly independent states worldwide following their decolonization . It is a liberal representative democracy "in which majority rule is tempered by minority rights protected by law ". The Constitution of the United States serves as the country's supreme legal document , also establishing
17125-553: The world's tornadoes occur in the country , mainly in Tornado Alley . Overall, the United States receives more high-impact extreme weather incidents than any other country. Extreme weather became more frequent in the U.S. in the 21st century, with three times the number of reported heat waves as in the 1960s. In the American Southwest , droughts became more persistent and more severe. The regions considered as
17262-510: The world, with almost 2 million people incarcerated . An analysis of the World Health Organization Mortality Database from 2010 showed U.S. homicide rates "were 7 times higher than in other high-income countries, driven by a gun homicide rate that was 25 times higher". Common stock The owners of common stock do not directly own any assets of the company; instead each stockholder owns
17399-463: The year. A combination of the possible earnings miss and the rumours of accounting problems created a significant loss of investor confidence. On March 17, Cumulus reported a loss of $ 0.20 per share vs $ 0.15 per share expectation. Broadcast cash flow was $ 12.3 million vs estimates around $ 17 million. In addition the Company reported that company CFO Rick Bonick had left earlier in January. It
17536-575: Was annexed in 1845, and the 1846 Oregon Treaty led to U.S. control of the present-day American Northwest . Victory in the Mexican–American War resulted in the 1848 Mexican Cession of California, Nevada, Utah, and much of present-day Colorado and the American Southwest . The California gold rush of 1848–1849 spurred a huge migration of white settlers to the Pacific coast, leading to even more confrontations with Native populations. One of
17673-408: Was "going to great lengths to keep two of its executives on board" and that Hannan had been offered "a big bonus to stay" as incentive to remain with the company. In October 2016, it was announced Hannan had taken the role of chief financial officer at programmatic advertising company, Social Reality, Inc. [NASDAQ: SRAX]. Per SEC filings, Hannan would also "assist the company for several months to ensure
17810-675: Was acting as a consultant to a small radio group in which Weening had a personal investment. Weening signed onto Dickey's idea to acquire and operate radio stations in mid-size markets as opposed to the largest markets on which competing radio group Clear Channel Communications was focusing. Dickey was the radio expert and Weening was the corporate finance and start-up CEO. Dickey was president of both radio consulting firm Stratford Research and his family company, Midwestern Broadcasting, with two stations in Toledo, Ohio ; these stations would later be acquired by Cumulus. Weening had successful experience as
17947-759: Was adopted on July 4, 1776. The political values of the American Revolution included liberty , inalienable individual rights ; and the sovereignty of the people ; supporting republicanism and rejecting monarchy , aristocracy , and all hereditary political power; civic virtue ; and vilification of political corruption . The Founding Fathers of the United States , who included Washington, Jefferson, John Adams , Benjamin Franklin , Alexander Hamilton , John Jay , James Madison , Thomas Paine , and many others, were inspired by Greco-Roman , Renaissance , and Enlightenment philosophies and ideas. The Articles of Confederation were ratified in 1781 and established
18084-444: Was again said to be in "exclusive negotiations" to acquire Citadel for $ 2.5 billion paid to Citadel shareholders, according to CNBC . Some Citadel shareholders were said to have been pushing the board to consider a sale. On March 10, 2011, Citadel Broadcasting stations announced via email that Cumulus had purchased Citadel Broadcasting. Citadel was made up of 225 radio stations in over 50 markets, as well as Citadel Media , one of
18221-575: Was completed on November 14, 2013. On January 11, 2013, after acquiring the station from Family Radio , Cumulus re-launched WFME in New York City as a country music station under its new Nash FM brand. Nash was designed to serve as an umbrella brand for all country music-related content across the company's properties, including radio, digital, and live events such as the "Nash Bash". All country stations owned by Cumulus would either be branded as Nash FM, or be strongly cross-promoted as part of
18358-583: Was elected the country's first president under the Constitution, and the Bill of Rights was adopted in 1791 to allay skeptics' concerns about the power of the more centralized government. His resignation as commander-in-chief after the Revolutionary War and his later refusal to run for a third term as the country's first president established a precedent for the supremacy of civil authority in
18495-400: Was established in August 1998 by radio consultant Lewis Dickey Jr. and media and technology entrepreneur Richard Weening. The Telecommunications Act of 1996 , among other legislation, relaxed media ownership restrictions, allowing a single owner to possess or control an unprecedented number of radio stations per market and nationwide. Dickey, then a nationally known radio programming consultant,
18632-451: Was not officially announced a fact that CNN Money says "roiled the already active rumour mill about accounting irregularities. The company also reported it would restate quarterly revenues in 1999 as some markets did not comply with Cumulus' revenue recognition policies and booked some advertising contracts for their full value rather than recognizing revenue as the ads aired. As a result, class-action lawsuits were filed against Cumulus charging
18769-412: Was reported that most exemption claims were being rejected. The rejections were reported to use boilerplate messages. In December 2021, political commentator, radio show host, and author Dan Bongino , who has railed against a COVID-19 vaccine mandate, volunteered in an interview with The New Yorker and said that he was vaccinated against COVID-19 upon advice of his doctor. He threatened to quit over
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