Cumulus said it’s on track to roll out its daily...
Cumulus said it’s on track to roll out its daily deals platform SweetJack to 200 markets by the end of 2012. The daily coupon service, along the lines of Groupon or LivingSocial, will be heavily advertised on Cumulus and Clear…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Channel stations over the next several years, said Cumulus CEO Lew Dickey. The company has an agreement with Clear Channel to market the daily deal site and stream Cumulus station programming on Clear Channel’s iHeartRadio app. “It will be one of the largest brands advertised on radio for the next several years,” Dickey said during Cumulus’ Q4 earnings call Monday. Meanwhile, Cumulus’s integration of Citadel Broadcasting and Cumulus Media Partners is ahead of schedule, Dickey said. “Our team has a lot of experience with that,” he said. “We've done about 150 acquisitions to assemble the company,” he said. “We drilled very hard to prepare for it and our team has done an excellent job in execution. Sales during Q4 at the larger Cumulus fell 5.6 percent from what they would have been a year earlier had Cumulus owned all the assets it owns today to $290.2 million, the company said. The drop was mainly due to lower political ad sales, Dickey said. Its net loss for the quarter was $13.1 million, compared to a $7.5 million gain a year earlier. The drop was the result of higher interest expenses. Shares of Cumulus slid 8 percent Monday.