136-555: ESPN Radio , which is alternatively branded platform-agnostically as ESPN Audio , is an American sports radio network and extension of the ESPN television network. It was launched on January 1, 1992, under the banner "SportsRadio ESPN". The network is based at the ESPN campus in Bristol, Connecticut , with multiple studio facilities nationwide, along with home studios . The network airs
272-408: 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
408-517: A July 1912 broadcast by Charles Herrold in San Jose, California that featured records supplied by the Wiley B. Allen company. However, this quickly fell out of favor once stations began to be numbered in the hundreds, and phonograph companies found that excessive repetition was hurting sales. The earliest U.S. radio stations were commercial-free, with their operations paid for by their owners. However,
544-680: 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
680-463: A broadcast station category. As of January 1, 1922 there were twenty-nine formally recognized broadcasting stations, in addition to a few experimental and amateur stations still in the process of being converted to meet the new standard. By mid-1922 a "radio craze" began, and at the end of the year there were over 500 stations, with the number of listeners now counted in the hundreds of thousands. Even President Warren G. Harding, whose May 1922 speech to
816-482: 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
952-504: A few entertainment broadcasts in the summer of 1920. As others joined the broadcasting ranks, in the late summer of 1920 QST magazine reported that "it is the rare evening that the human voice and strains of music do not come in over the air". However, broadcasting efforts were still scattered and largely unorganized. In the fall of 1920 a major industrial firm, the Westinghouse Electric & Manufacturing Co. , entered
1088-605: A few government stations renewed experimental work with broadcasting technology, and in February 1919 the Bureau of Standards in Washington, D.C. gave a public demonstration, predicting that "Washington merrymakers will soon be able to dance to the music made by an orchestra on one of New York's roof gardens". By May of the next year the Bureau was broadcasting weekly Friday night concerts over its station, WWV , and it displayed
1224-760: A group headed by RCA, which used the assets to form the National Broadcasting Company . Under the new management the WEAF chain became the NBC Red network, while the WJZ chain became the NBC Blue network. The agreement with AT&T gave NBC access to AT&T's long-distance lines for station links, and also allowed the new network to sell advertising. The Columbia Broadcasting System (CBS) began in 1927 as an initially struggling attempt to compete with
1360-594: A handful of local stations serving the Haitian diaspora and Creole populations also serve areas in the southeast. There are also radio stations broadcasting in the Navajo language to members of the Navajo tribe in Arizona , New Mexico , and Utah . Spanish language radio is the largest non-English broadcasting media. While other foreign language broadcasting declined steadily, Spanish broadcasting grew steadily from
1496-408: 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
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#17328018584251632-507: 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
1768-571: 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 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
1904-541: A longwave broadcasting band, the only other authorized use of longwave in the United States is the unlicensed low-frequency experimental radio band. In contrast to the over-the-air terrestrial radio services, wireline and subscription audio services are not regulated for content by the FCC. Depending on the medium, the FCC may have some indirect and general jurisdiction over some technical aspects of these broadcasts. Despite television's predominance, radio's impact
2040-679: 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 the role of Executive chairman focusing on acquisitions deal structuring, corporate finance, and internet from
2176-410: A nominal cost, thereby ensuring the widest possible distribution for both the programming and the advertising. The advertisers then became the network's primary clients and, because of the wider distribution brought by the growing network, Paley was able to charge more for the ad time. Affiliates were required to carry programming offered by the network for part of the broadcast day, receiving a portion of
2312-404: A prototype "portaphone" receiver, which would allow the public to keep "in touch with the news, weather reports, radiophone conversations, radiophone music, and any other information transmitted by radio". However, the Bureau soon concluded that it had successfully achieved its goal of demonstrating broadcasting's practicality, and ended its entertainment broadcasts over WWV that August. Although
2448-603: A regular schedule of daily and weekly programming as well as live radio play-by-play of sporting events. ESPN Radio is broadcast to hundreds of affiliate stations, along with national and Canadian carriage on Sirius XM . The network's content is also available online through its affiliates via Audacy , iHeartRadio and TuneIn , and the network also makes its programming available via podcast feeds and providers, with some additional content audio and video available through an ESPN+ subscription. Several of its programs are also featured as fully live or "best-of" video simulcasts on
2584-431: A significant advance, but it took many years of research before quality audio transmissions became possible. In 1904 Valdemar Poulsen developed an arc converter transmitter, which, although still somewhat limited, would be the most commonly used transmitter employed for early audio experimentation. Initially the main objective for most inventors was developing devices usable for individual point-to-point communication, and
2720-448: 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, 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
2856-470: A small radio retailer in Cincinnati, Ohio, used a homemade transmitter to make occasional broadcasts over its experimental station, 8XB . That February 2 company president John L. Gates gave the station's first publicized broadcast, consisting of phonograph records, which garnered national attention, and a wire service report quoted Gates as predicting that nationwide broadcasts "will be an innovation of
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#17328018584252992-447: 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
3128-578: 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,
3264-400: A station at the company's East Pittsburgh plant in time for the upcoming presidential election, which successfully debuted on November 2, 1920, initially operating as 8ZZ . A short time later it became KDKA , operating under a Limited Commercial license originally issued to the company for point-to-point transmissions. At the time of KDKA's 25th anniversary, station publicity claimed this to be
3400-470: A very wide territory" for the "general transmission of news of every description", however he was never able to achieve adequate transmission distances. There were also a few examples of " telephone newspapers ", starting with the Budapest, Hungary Telefon Hírmondó , which in 1893 began transmitting a wide selection of news, instruction and entertainment over telephone lines to a local audience. In 1909
3536-508: 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
3672-540: Is primarily run by private foundations, universities and public authorities for educational purposes, which are financed by donations, foundations, subscriptions and corporate underwriting. A primary programming source is National Public Radio (NPR). The total listenership for terrestrial radio in the United States as of January 2017 was 256 million, up from 230 million in 2005. 82 million Americans listened to AM radio at some point in June 2023, with listenership strongest in
3808-453: Is still extensive, and every day it reaches 80 percent of the U.S. population. Ninety-nine percent of American households in 1999 had at least one receiver. By 2020, that figure had declined to 68 percent within the home, with the average home having 1.5 receivers. Revenue more than doubled in a decade, from $ 8.4 billion in 1990 to more than $ 17 billion in 2000. Radio continues to prevail in automobiles and offices, where attention can be kept on
3944-450: Is streamed over 215 stations and is ranked first nationally as a sports broadcasting program. The parent company ESPN focused on radio as of 2006. With more resources and money spent on it, ESPN radio expanded rapidly. On July 28, 2023, amid layoffs occurring across ESPN, Good Karma Brands —an operator of ESPN Radio affiliates in multiple markets that had also acquired the network's New York, Los Angeles, and Chicago flagships in 2021—assumed
4080-554: The American Telephone and Telegraph Company (AT&T) launched WEAF (now WFAN) in New York City. (There are a few reports of earlier examples of airtime being sold by other stations, however this was generally done secretly.) AT&T initially claimed that its patent rights gave it the exclusive right to sell airtime. However, responding to charges that it was attempting to monopolize radio broadcasting, in 1924
4216-552: The Golden Age of Radio it had a major cultural and financial impact on the country. However, the rise of television broadcasting in the 1950s relegated radio to a secondary status, as much of its programming and audience shifted to the new "sight joined with sound" service. Originally the term "radio" only included transmissions freely received over-the-air, such as the AM and FM bands, now commonly called "terrestrial radio". However,
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4352-783: The Tel-musici of Wilmington, Delaware beginning in 1909, and the Musolaphone , which operated in Chicago in 1913–1914. Radio communication—originally known as "wireless telegraphy"—was first developed in the 1890s. The first wireless transmissions were achieved by Guglielmo Marconi in Europe and they were first replicated in the United States in April 1899 by Professor Jerome Green at the University of Notre Dame . The spark-gap transmitters initially employed could only transmit
4488-466: The U.S. Agency for Global Media , an independent agency. The federal government instead subsidizes nonprofit radio programming through the Corporation for Public Broadcasting . Nonprofit broadcasting typically comes in three forms: radio evangelism , community radio , and government-subsidized public radio , all of which rely at least to some extent on listener donations. Public-radio broadcasting
4624-677: The United States Telephone Herald Company licensed this technology and ultimately authorized a dozen or so regional affiliates. But due to financial and technical challenges only two systems, in Newark, New Jersey and Portland, Oregon, ever went into commercial service, and both were short-lived. Other early short-lived telephone-based entertainment systems included the Tellevent in Detroit, Michigan in 1907,
4760-494: The "world's first regularly scheduled broadcast". KDKA proved to be a very successful experiment, and during the next year Westinghouse constructed three additional prominent stations, in or near New York City (WJZ, now WABC ), Boston ( WBZ ) and Chicago ( KYW ). Responding to the growing activity, effective December 1, 1921 the United States Department of Commerce adopted regulations explicitly establishing
4896-513: The 1920s to 1970s. The 1930s were boom years. The early success depended on the concentrated geographical audience in Texas and the Southwest. American stations were close to Mexico which enabled a steady circular flow of entertainers, executives and technicians, and stimulated the creative initiatives of Hispanic radio executives, brokers, and advertisers. Ownership was increasingly concentrated in
5032-436: The 1960s and 1970s. The industry sponsored the now-defunct trade publication Sponsor from the late 1940s to 1968. Spanish-language radio has influenced American and Latino discourse on key current affairs issues such as citizenship and immigration. All AM and FM radio stations are assigned unique identifying call letters by the FCC. International agreements determine the initial letters assigned to specific countries , and
5168-451: 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
5304-413: The 20th century. However MP3 players and internet sources have grown rapidly among younger listeners. Unlike many other countries, American radio has historically relied primarily on commercial advertising sponsorship on for-profit stations. The federal and state governments do not operate stations or networks directed toward domestic audiences, although the federal government does operate overseas through
5440-478: The Atlantic. During the war the U.S. military conducted extensive research in audio transmissions using vacuum-tube powered transmitters and receivers. This was primarily oriented toward point-to-point communication such as air-to-ground transmissions, but there were also scattered reports of special musical broadcasts conducted to entertain the troops. Prior to the lifting of the wartime ban on civilian radio,
5576-550: The ESPN family of television networks. ESPN Radio Network was formed in September 1991 by ESPN Inc. and Capital Cities/ABC , Inc.'s ABC Radio Networks . Twenty-five stations had already signed on as affiliates at its September 5, 1991 announcement, with an expected total of 200 at the January launch. Shelby Whitfield , executive producer of ABC Radio Sports, and John A. Walsh, executive editor of ESPN, were placed in charge of
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5712-449: 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,
5848-574: The FM station itself lost 90% of its listenership after it flipped to national religious broadcaster K-Love . The majority of programming in the United States is in English , with Spanish the second-most popular language; these are the only two languages with domestically produced, national radio networks. In the largest urban areas of the United States, "world ethnic" stations broadcast a wide variety of languages, including Russian , Chinese , Korean and
5984-591: The Herrold College of Wireless and Engineering was inaugurating weekly musical concerts. These broadcasts were suspended during World War I, but after the war Herrold resumed broadcasting, and KCBS in San Francisco traces its history to Herrold's efforts. In the mid-1910s the development of vacuum tube transmitters provided a significant improvement in the quality and reliability of audio transmissions. Adopting this advance, Lee de Forest again took
6120-462: The NBC affiliates, owners typically viewed their stations as the broadcast equivalent of local newspapers, who sold ads to local business and had to pay for NBC's "sustaining" programs that didn't have sponsors. Individual stations bought programming from the network and, thus, were considered the network's clients. Paley changed the business model by providing network programming to affiliate stations at
6256-525: The NBC networks, which gained new momentum when William S. Paley was installed as company president. Unlike NBC, which initially saw itself as primarily a public service and said its only profit goal was to break even, Paley recognized the potential for a radio network to make significant profits. Surveys and polls were used to determine audience sizes and affluence. Frank Stanton , a later president, worked with Columbia University sociologist Paul Lazarsfeld to develop techniques for measuring audiences. For
6392-478: 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
6528-474: The Navy. The October 1 end of the civilian transmitting ban allowed non-government stations to resume operating. Initially there were no formal regulations designating which stations could make broadcasts intended for the general public, so a mixture operating under a variety of existing classifications, most commonly Experimental and Amateur, were free to take to the airwaves. Perhaps the first to take advantage of
6664-453: 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
6800-714: 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 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
6936-415: The United States since the early 1920s to distribute news and entertainment to a national audience. In 1923, 1 percent of U.S. households owned at least one radio receiver , while a majority did by 1931 and 75 percent did by 1937. It was the first electronic " mass medium " technology, and its introduction, along with the subsequent development of sound films , ended the print monopoly of mass media. During
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#17328018584257072-590: The United States was Lee de Forest , who employed versions of the Poulsen arc transmitter to make a series of demonstrations beginning in 1907. From the outset he noted the potential for regular entertainment broadcasts, envisioning "the distribution of music from a central station" and that "by using four different forms of wave as many classes of music can be sent out as desired by the different subscribers". However, after 1910 he suspended his broadcasting demonstrations for six years, due to various financial issues, and
7208-477: The Washington, D.C. Chamber of Commerce was the first radio broadcast by a president, had a radio installed in the White House. The existence of early radio stations encouraged many young people to build their own crystal sets (with ear phones) to listen to the new technical marvel. Entrepreneurs established radio stores to sell parts as well as complete sets that evolved into stylish and expensive consoles
7344-629: The aforementioned citizens band, the Family Radio Service and the General Mobile Radio Service . Unlike most one-way broadcast services, these services are generally limited to voice transmission. With the exception of WWVB , a station mainly operating to allow electronic clocks to synchronize with the NIST atomic clock, the United States does not license longwave radio services. Unlike Europe, which established
7480-506: The backing of 3 venture capital firms ( Bain Capital Partners LLC , The Blackstone Group and Thomas H. Lee Partners, L.P. ) for 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
7616-526: The beginning of advertisement-supported broadcasting, AT&T also introduced its plans for the development of the first radio network. The concept was based on a memo prepared by two company engineers, John F. Bratney and Harley C. Lauderback, who proposed a nationwide "chain" of thirty-eight stations, linked together by the company's telephone lines for simultaneously transmitting commercially sponsored programming. The network's primary studios were located at AT&T's WEAF (now WFAN ) in New York City, and
7752-414: 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,
7888-471: 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
8024-432: 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 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
8160-403: The call sign WCBS from 1946 until 2024. Ideas for distributing news and entertainment electronically dated to before the development of radio broadcasts, but none of these earlier approaches proved to be practical. In 1902, Nathan Stubblefield predicted that his wireless ground-conduction technology would become "capable of sending simultaneous messages from a central distributing station over
8296-414: 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
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#17328018584258432-480: The company announced that it would permit other stations to accept advertising if they were willing to first pay a one-time fee to AT&T for use of its radio patents. Following AT&T's industry-wide settlement, a majority of stations began to operate on a commercial basis. Initially stations were very cautious about the content of their advertising messages, generally preferring "indirect advertising" such as general sponsorship announcements, in order not to offend
8568-592: 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
8704-413: 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
8840-449: 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
8976-410: 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
9112-563: 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 a reputation as an advertising sales leader, Bungeroth oversaw market-level tactical execution, including
9248-659: The day-to-day operations and advertising sales for the ESPN Radio network. Prior to 2022, ESPN Radio had four company-owned and/or operated stations in New York City , Los Angeles , Chicago , and Dallas , as well as in Pittsburgh prior to 2010, with the Chicago station managed by Good Karma Brands , which owns and operates a number of other ESPN Radio stations in Wisconsin, Ohio and Florida. The Dallas station
9384-544: 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
9520-561: The demise of ESPN Deportes Radio in 2019. All the other owned or operated stations were sold; WEPN, KSPN, WMVP, and WEPN-FM's local marketing agreements were sold to Good Karma Brands , while KESN was being sold to the religious VCY America network. The sales to Good Karma Brands and VCY America closed in 2022, with all of the Good Karma stations remaining a part of ESPN Radio. On June 12, 2023, Disney sold KRDC, its last broadcast radio asset, to Calvary Chapel Costa Mesa , for $ 5 million,
9656-514: The dots-and-dashes of Morse code . Despite this limitation, in 1905 a small number of U.S. Navy stations inaugurated daily time signal broadcasts. In 1913 the high-powered station NAA in Arlington, Virginia began broadcasting daily time signals and weather reports in Morse code which covered much of the eastern United States. It was recognized that developing audio-capable transmitters would be
9792-567: The early 20th century, including NOF , NSS and NAA .) In the United States, by tradition the stations west of the Mississippi River normally receive call signs starting with "K", with "W" assigned to those east of the river. Almost all of the earliest AM band radio stations received three-letter call signs, however beginning in 1922 most have been issued four-letter ones, and the last new AM band three-letter assignment occurred in 1930. (FM and TV sister stations are permitted to share
9928-578: The entrance of the United States into World War I in April 1917, as the federal government immediately took over full control of the radio industry, and it became illegal for civilians to possess an operational radio receiver. However some government stations, including NAA in Arlington, Virginia, continued to operate to support the military during the conflict. In addition to time signals and weather reports, NAA also broadcast (in Morse code ) news summaries that were received by troops on land and aboard ships in
10064-623: The fact that radio signals could be overheard by others was at first seen as a defect that limited secure communication. Thus, it took a while before the potential of "sending signals broadcast" was recognized. In late 1906, Reginald Fessenden demonstrated an alternator transmitter at Brant Rock, Massachusetts, and many years later stated that he had also conducted broadcasts on the evenings of December 24 and 31. However following this he concentrated on point-to-point transmissions and made no further efforts towards establishing organized broadcasting. The leading early proponent of radio broadcasting in
10200-491: The federal level under the U.S. Constitution's Commerce Clause . However, in the years immediately after its development in the late 1890s, radio communication remained completely unregulated in the United States. The Wireless Ship Act of 1910 mandated that most passenger ships exiting U.S. ports had to carry radio equipment under the supervision of qualified operators; however, individual stations remained unlicensed. The U.S. policy of unrestricted stations differed from most of
10336-595: The field, and historian Erik Barnouw summarized this watershed event as "There was a fervent of interest, but without a sense of direction—until something happened in Pittsburgh." Westinghouse's entry was a result of a Pittsburgh department store advertisement, seen by company vice president H. P. Davis, for radios capable of receiving Frank Conrad's ongoing broadcasts over 8XK. Davis concluded that, expanding on work done during World War I, Westinghouse could make and market its own receivers. He quickly worked to establish
10472-434: 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
10608-770: 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,
10744-455: The form of Bain Capital and Crestview partners who helped finance 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
10880-535: The idea. Information for this period is limited, but there were a number of other inventors during this era who made occasional experimental broadcasts. One example was the American Radio and Research Company (AMRAD), which operated experimental station 1XE in Medford Hillside, Massachusetts. As early as March 1916 the station was occasionally used to make voice and music broadcasts, although at
11016-543: The inability to perfect the arc transmitter for consistent quality audio transmissions. De Forest received national attention, but far less known at the time was Charles "Doc" Herrold of San Jose, California, who is generally credited with being the first in the United States to conduct entertainment radio broadcasts on a regular schedule. Herrold began making test transmissions in 1909, and, after switching to an improved arc transmitter, announced in July 1912 that his station at
11152-418: The industry soon faced a crisis due to mounting costs, and the financial model eventually adopted by a majority of stations was selling advertising airtime, which became known as "American Plan". (This was contrasted with the "British plan" of charging license fees for set users.) The formal introduction of a "for hire" commercial station (initially called "toll broadcasting") was announced in early 1922, when
11288-496: 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
11424-453: The languages of India ; although the relatively widespread languages French and German have comparatively few radio outlets; in the case of German, due to the fact that most of its speakers are Amish or from similar sects and thus shun radio technology. French speakers can generally receive programming direct from Canadian broadcasters, which are receivable across the Canada–US border , and
11560-450: 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
11696-473: The lead, establishing experimental station 2XG in New York City. During a successful demonstration program held in October 1916, de Forest now prophesied "in the near future a music central in every large city whence nightly concerts will radiate to thousands of homes through the wireless telephone". The next month a daily program of news and entertainment was begun, which included election returns broadcast on
11832-564: The lifting of the civilian station restrictions was a Westinghouse engineer, Frank Conrad , who had worked on radio communication contracts during the war. On the evening of October 17, 1919 he made the first of what would ultimately become a twice-weekly series of programs, broadcast from his home in Wilkinsburg, Pennsylvania over experimental station 8XK . Beginning in early 1920 the Precision Equipment Company,
11968-467: The listeners who had "invited them into their homes". At first "hard sell" and "direct advertising" was discouraged under the oversight of the then-head of the Department of Commerce, Herbert Hoover . However, Madison Avenue recognized the importance of radio as a new advertising medium, and commercials eventually became more prominent and insistent. At the same time in early 1922 that it announced
12104-477: 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
12240-419: The midwest (Western New York was noted as being the only media market where a majority of listeners listened to AM) and portions of California where terrain makes groundwave reception more reliable. 68 percent of homes have at least one radio, with the average home having 1.5 radios as of 2020, both figures being steep declines from 2008. According to information collected from a data analytics company in 2019, it
12376-461: The near future". Programming offered by the station gradually expanded, including a special broadcast arranged at the end of October that featured the playing the latest Victor phonograph records, held in conjunction with the local Rudolph Wurlitzer Company . In early November 8XB conducted an election night broadcast, coinciding with Westinghouse's broadcast of returns from East Pittsburgh, Pennsylvania over station 8ZZ (later KDKA ), which included
12512-478: The network became known as " WEAF chain ". Specially prepared broadcast-quality lines had to be used for the station connections, so the network took a while to be constructed. The first permanent link, between WEAF and WMAF in South Dartmouth, Massachusetts, went into service during the summer of 1923. RCA responded by establishing its own smaller network, centered on station WJZ (now WABC ), although it
12648-534: The network's fees from advertising revenue. Paley also eased the standards on what was considered appropriate commercial content, most notedly by allowing a cigar maker to include a shouted "There is no spit in Cremo!" in its advertisements. Cumulus Media 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
12784-674: The night of the November 7th presidential election. However, 2XG also had to suspend operations the following April due to the World War I restrictions. While it was active, it inspired David Sarnoff , then the Contract Manager at American Marconi and future president of the Radio Corporation of America (RCA), to author his first "Radio Music Box" memo, suggesting that his company establish a broadcasting station and sell receivers, but his superiors did not take him up on
12920-502: The ones used by U.S broadcasting stations—currently "K" and "W"—date back to an agreement made in 1912. The assignment of the letters "K" and "W" to the United States was randomly made and there was no particular reason given for their selection. (The United States was also allocated full use of the letter N, and later some of the range for the letter A, but does not allocate those initial letters to broadcasting stations. A small number of U.S. Navy stations with N call signs made broadcasts in
13056-542: The playing Victor records for entertainment. The station was later relicensed as broadcasting station WMH , however it was shut down in early 1923 after Precision was purchased by the Crosley Manufacturing Company. Some time in the fall of 1919 Lee de Forest reactivated 2XG in New York City. However, the station was ordered to shut down in early 1920, after it was moved to a new site without first getting government approval. De Forest transferred
13192-584: The prohibition on civilian radio transmitters would continue until the following October, effective April 15, 1919 the ban on private citizens owning radio receivers was lifted. A short time later a wartime station located at the Glenn L. Martin Co. in Cleveland announced it was inaugurating a weekly concert broadcast, although these broadcasts were suspended a few weeks later due to a complaint about interference from
13328-602: The promotion of newspaper-run broadcasting stations, offering local franchises and asking in national advertisements "Is Your Paper to be One of the Pioneers Distributing News and Music by Wireless?" The Detroit News became the company's first—and ultimately only—newspaper customer, leasing a small de Forest transmitter, initially licensed as 8MK. On August 20, 1920 the newspaper began limited daily broadcasts, which were expanded beginning August 31 with programming featuring local election returns. The station
13464-399: The publication also questioned its practicability, noting "no one wants to pay for shouting to the world on a system by which it would be impossible to prevent non-subscribers from benefitting gratuitously". A form of barter adopted by many early experimental stations was publicizing the name of the provider of phonograph records played during a broadcast. This practice dated back to at least
13600-447: 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
13736-503: 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
13872-438: 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
14008-552: The rest of the world. The 1906 International Radiotelegraph Convention , held in Berlin, called for countries to license their stations, and although United States representatives had signed the agreement, the U.S. Senate did not ratify this treaty until April 3, 1912. In order to codify the 1906 Convention's protocols, the Radio Act of 1912 , which also incorporated provisions of a subsequent London Convention signed on July 5, 1912,
14144-728: 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
14280-520: The road or the task at hand, while radio acts as an audio background. The popularity of car radios has led to drive time being the most listened-to daypart on most stations, followed by midday (or the "at work" shift). Transistor radios , available since the 1950s, were the preferred listening choice for music on-the-go for most of the late 20th century, before personal stereos , portable CD players , digital media players , and later smartphones (some of which include FM receivers) took those roles in
14416-477: The same "base" three-letter call.) While some stations, especially on the AM band, still use their call signs as the main way of identifying themselves to the general public, a majority now prefer to emphasize easy to remember identifying slogans or brand names. Stations frequently choose call signs that relate to their slogan or brand; the longtime flagship of the CBS Radio Network , for example, used
14552-632: 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
14688-481: The station had carried a simulcast of KSPN along with selected overflow programming during the sale process after the wind-down of the Radio Disney network in 2021. The sale closed on September 8 of that year, with KRDC changing its callsign to KWVE and subsequently simulcasting the existing KWVE-FM . ESPN Xtra is a satellite radio station that carries sports talk programming produced by ESPN . The channel
14824-496: The station's transmitter to the California Theater building in San Francisco, where it was relicensed as 6XC , and in the spring of 1920 it began daily broadcasts of the theater's orchestra. De Forest later stated this was the "first radio-telephone station devoted solely" to broadcasting to the public. In March 1920 Radio News & Music, Inc., established by Lee de Forest associate Clarence "C.S." Thompson, took up
14960-576: 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
15096-469: The term has evolved to more broadly refer to streaming audio services in general, including subscription satellite, and cable and Internet radio . Radio communication in the United States is regulated by the Federal Communications Commission (FCC). Under its oversight a variety of broadcasting services have been developed, including: Two way radio services take up most of the rest of the geomagnetic spectrum, including marine VHF radio , amateur radio ,
15232-454: The terms of the CMP lending agreement. While Cumulus operated the CMP stations, they initially held only 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
15368-482: The time this was described as "merely incidental" to the company's primary efforts. In addition, George C. Cannon reported that from December 1916 to February 1917 he had maintained "a regular schedule from 9:30 p.m. to 10:30 p.m." of news and entertainment broadcasts over Special Amateur station 2ZK, located at his New Rochelle, New York home. Because radio signals readily cross state and national boundaries, radio transmissions were an obvious candidate for regulation at
15504-422: The venture. The network launched as Sports Radio ESPN on January 1, 1992. At first, ESPN Radio broadcast only on weekends. The network debuted with 16 hours running on 147 affiliates in 43 states. Its initial programming consisted of news shows, update segments, and occasional features. By 1996, ESPN Radio had expanded to weekdays with a show hosted by The Fabulous Sports Babe , Nancy Donnean. One hour of that show
15640-436: The whole family could listen to, or which restaurants and shops could buy to entertain customers. Although radio stations were primarily used to broadcast entertainment, many educational institutions used their stations to further their educational missions. One early example occurred in April 1922, when WGI in Medford Hillside, Massachusetts introduced an ongoing series of lectures provided by Tufts College professors, which
15776-464: 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
15912-411: 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
16048-707: Was a mainstay in the afternoons until his departure from ESPN in 2007. Gradually, ESPN added more dayparts and became a 24-hour service. In 1995, ESPN Radio gained national radio rights to the NBA. In 1997, it gained the national radio rights to MLB. Disney purchased WEVD from the Forward Association in September 2002 to become WEPN , ESPN Radio's flagship station. On June 12, 2007, Disney spun off and merged its ABC Radio Networks with Citadel Broadcasting into Citadel Communications while retaining its ESPN Radio and Radio Disney networks and stations. ESPN Radio
16184-418: 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 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
16320-513: 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
16456-579: Was described as a "wireless college". Other colleges also added radio broadcasting courses to their curricula; some, like the University of Iowa in 1925, provided an early version of distance-learning credits. In 1932 Curry College in Massachusetts introduced one of the nation's first broadcasting majors, with the college teaming up with WLOE in Boston for student-produced programs. Although it
16592-460: 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 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
16728-494: 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 a start-up CEO in book and magazine publishing, online services and enterprise software systems. He
16864-599: Was found that every week, approximately 92% of all American adults listen to radio. As of 2021, an estimated 12% of listenership to FCC-licensed AM and FM radio stations comes from means other than the actual AM or FM signal itself, usually an Internet radio stream. In an exceptional example, a radio station that had abandoned terrestrial broadcasting in 2022 ( KRTY in the San Francisco Bay Area) retained half of its listening audience after selling its license and going exclusively to Internet streaming, while
17000-492: Was handicapped by having to use inferior telegraph lines to link the stations, due to AT&T's general refusal to supply telephone lines. By the fall of 1926 the WJZ chain had only four core stations, all located in the mid-Atlantic, while WEAF's network reached seventeen cities, stretching from Portland, Maine to Kansas City, Kansas. At this point AT&T abruptly decided to exit the broadcasting field, and in July 1926 signed an agreement to sell its entire network operations to
17136-451: 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
17272-701: Was operated by Cumulus Media until October 2020, when ESPN took back operational control. Before the conversion of the sites to general blog presences requiring an ESPN+ subscription to access, each station was partnered with an ESPN local website named for the city and featuring a completely separate staff of sportswriters and reporters for each market who gave their local viewpoints of local sports (for example, espnnewyork.com for New York); some stations remain hosted on ESPN.com , including audio and FCC disclosures. Most other markets have ESPN Radio affiliates, whether they be part-time or have their entire format dedicated to ESPN Radio. WEPN converted back to ESPN Radio after
17408-508: Was originally on XM 141, but is now broadcast on Sirius XM Radio channel 81. XM announced the addition of this channel on January 28, 2008. Sirius Satellite Radio announced changes to its audio simulcast of ESPNEWS, now called ESPN All Access , on December 12, 2007, but would not be adding any content announced for XM, as it will be exclusive to XM. Radio in the United States Radio broadcasting has been used in
17544-422: Was passed by Congress on August 13, 1912 and signed by President William Howard Taft, going into effect December 13, 1912. The law only anticipated point-to-point communication, and did not address using radio to broadcast news and entertainment to the general public. The shortcomings of this law would be brought to light more than a decade later. The initial broadcasting experimentation came to an abrupt halt with
17680-434: Was recognized early in radio's development that, in addition to point-to-point communication, transmissions could be used for broadcasting to a widespread audience, the question immediately arose of how to finance such a service. As early as 1898 The Electrician noted that Oliver Lodge had broached the idea that "it might be advantageous to 'shout' the message, spreading it broadcast to receivers in all directions". However,
17816-712: 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
17952-414: 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
18088-538: Was simulcast on ESPN2 (1-2 p.m. Eastern time ). Two years later, Tony Bruno and Mike Golic were brought together for a new morning show, the Bruno & Golic Morning Show which aired until Bruno left the network in 2000. Mike Greenberg was named as Bruno's replacement, and the morning show became Mike & Mike , which aired until 2017 (and was also simulcast on ESPN2). In January 2010, Mike & Mike celebrated their 10-year anniversary on ESPN Radio. Dan Patrick
18224-400: 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 the country. Quaestus provided the seed capital to make the first station acquisitions as
18360-453: Was ultimately relicensed as WWJ, and while observing its 25th anniversary in 1945 the News claimed for it the titles of "the world's first station" and where "commercial radio broadcasting began". After the war the American Radio and Research Company (AMRAD) in Medford Hillside, Massachusetts reactivated 1XE . Although there is limited documentation for this station, it reportedly began making
18496-434: 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 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,
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