Sunday, March 8, 2009

Radio: Head in the clouds



Rewarding failure.

There’s a lot of that going on in the radio industry.

It’s what’s done when your ship is sinking and you want dibs on the first lifeboat.

Just a few weeks back, Cumulus Media, whose slogan is “the best run company in the business,” announced that it was thinning its herd by 259 employees – 7 percent of its total workforce.

“As a result of the economic challenges we face, the entire advertising sector has seen a big drop-off,” Cumulus CEO Lew Dickey whined to the Atlanta Business Journal.  “Like all media companies, we are not immune to this, and consequently have to realign our fixed costs to match the revenue environment, and that simply is what we are doing.”

Days later Lew rewarded his failure with a $500,000 bonus for a job well done in 2008.

He also gave his brother Executive VP/co-Chief Operating Officer John a $165,000 bonus plus 70,000 time-vested shares.

But this isn’t a case of blood being thicker than water.   It’s being thick as thieves.

The non-family EVP/Co-COO Jon Pinch’s failures were rewarded with a $100,000 bonus and 40,000 time-vested shares while CFO Marty Gausvik brought up the rear with a mere $50,000 bonus and 15,000 time-vested shares.

Now please don’t confuse Lew’s haul with the restricted $8.5 million time-valued share grants he furtively received in 2007 – and wasn’t known to us mere mortals until it showed up as a line item in Cumulus’ annual proxy filing.

I haven’t been able to confirm this – but I’ve been told that Lew Dickey’s all-time favorite song is “Crimson and Clover.”  Crimson because he is, after all, a Harvard MBA grad, which, in his own mind, undoubtedly makes him the smartest man in any room, and clover for a four-leaf clover – because he’s the luckiest man in the radio industry. 

It’s true that eventually luck runs out – but in Lew’s case it’s been doing a slow crawl.

Of course, of course Lew fully realizes the emotional, personal, and financial havoc his company recently wreaked on 7 percent of his workforce.  He knows that nearly all who were terminated did nothing to deserve it. Just don’t expect him to feel guilty about it.

At Cumulus, it’s a family affair – and charity begins at home.  In his case, charity begins and ends at home.

From “Most Eligible Bachelor” in People magazine in 2000 to poster boy for the gutted, nearly bankrupted radio industry in 2009.

Last week Dickey ousted Pat Fant as market manager for Cumulus Media’s three Houston stations.

Fant’s name has been synonymous with Houston radio for forty years.  He was managing KRBE, KFNC, and KHJK for Cumulus in the Greater Houston market.  Two of the three – KFNC, known as the Ticket and an ESPN outlet and KHJK, a musically all-over-the-road “Jack” format are suburban-licensed stations – and do not have full Houston-market coverage.

A manager with no Houston market experience replaced Fant. He’s a former Cumulus manager who left the company five-years ago to join the Spanish Broadcasting System – SBS – where, most recently, he was managing two Spanish-language FM stations in Los Angeles.

So instead of a manager who knows every nook and cranny of the market his former masters serve, the Houston cluster will now have a novice who’ll have to establish relationships from scratch in America’s sixth largest radio market.

Fant took the hit for declining revenues at the Houston FMs.  True, in 2009, his stations billed $2.4 million less than the year before.   What you may not know is that both the Ticket and Jack-FM were off-the-air during and following Hurricane Ike.  Lew also neglected to tell you that KRBE, which is Cumulus' only full-market FM signal posted a 1.8 percent gain in local sales.

And just one week ago, Fant was getting props from the local ad community for organizing a new ad campaign with the Greater Houston Partnership to boost the viability of local businesses.

That was Fant’s mistake.  Cumulus awards failure - not success.

Lew Dickey.   He left his bride stranded at the altar and his shareholders stranded in the poor house. What a legacy!

Do you know how to make Lew say “Huh?  You’ve got to be kidding me!”

Tell him if you work with good people and ensure that they all do well, you will succeed.

Let’s pay a quick visit to Toledo, Ohio, where Dickey founded Midwest Broadcasting and owned his first two stations: WLQR-AM and WWWM-FM.

Today, Cumulus clusters eight stations in that market.  It’s where they shut down its HD Radio signal and stations whenever the equipment overheats, which is often.   Sure, HD Radio is crap and doesn’t work well – but the problem’s compounded because its engineers have to oversee stations in Flint, Battle Creek, and Ann Arbor, Michigan, too – and are also called out on special projects in markets as far away as Florence, S.C.   

Cumulus in Toledo hasn’t had a chief engineer in Toledo since March 2008. They now leave their Toledo octagon with an assistant engineer who moved up in rank from part-time announcer.  

There’s spread thin and dead thin and the only differences between the two are three letters.

Cumulus pays its employees like the old Brazil.   You’re either in six figures or hovering in or near minimum wage.   Come to think of it, their Toledo facilities resemble Brazil.  Rio’s Vidigal region - to be precise. 

Dickey also founded Stratford Research, a radio consulting and marketing firm. In 1994 he wrote The Franchise: Building Radio Brands for the National Association of Broadcasters’ book division, which is now out-of-print.   You can find a used copy on Amazon for a little over a hundred bucks.   

Quotes are like ghosts.  They can come back to haunt you.  Wasn’t it was only a couple of months back when Lew Dickey, playing the role of inveterate optimist, told J. Scott Trubey of the Atlanta Business Journal that within 36 months half the radio companies in the U.S. would no longer exist – but Cumulus would still be around?   He also called radio a “sound business” and that he’d “..continue to be a buyer.”

Now, Cumulus is known as just another radio company where shareholders’ dollars go to die.

----

The Buzzard Band

52 comments:

Anonymous said...

John, Take it from a former CUME-YOU-LESS employee. You hit a grand slam home run with this one. You told it like it was is and will be until he bankrupts his company.

Anonymous said...

Thank you for putting this self-centered egotistical trust funder in his place. If you have to tell everyone you are smart you are not. Lew Dickey learned little from his Harvard education. I had two conversations with Mr. Dickey. Both times I was assaulted with his bragging of his intelligence. I don't know how anyone can work for this man. I am sure that those who do on a management level are getting overpaid to comfort Mr. Dickey's insecurity. He should be a case study at HBS on how not to runa business.

Anonymous said...

Great expose on Clu-u-less. This company has been taking on water since before this economic crisis. Like the anonymous post that says "if you have to tell everyone you are smart you are not" I would like to add "if you have to tell everyone you are the best run company in the business...

Anonymous said...

I just wanted to add my 2-cents to say that kind of money will buy two shares of Citadel common stock.

Anonymous said...

I hadn't heard of Lew Dickey's book, so I jumped over to Amazon and sure enough, there it is for sale, and with a place for you to "review" the book if you've read it.. :)

http://www.amazon.com/franchise-Building-radio-brands/dp/0893242217

Anonymous said...

You mean to tell me that Lew Dickey doesn't care about the "little people"?

Inside joke.

Anonymous said...

John, your blog should be required reading for everyone in radio. Your insights into social media and how it could have benefitted radio is absolutely right.

You havent said anything that hasn't been said before about Lew Dickie but you said it best. He is a self centered egotistical silver spoon trust funding empty suit.

Anonymous said...

Head in the clouds is an appropriate headline. That describes the company. You have a handful of know-it-alls raking in big bucks and a workforce making poverty wages. I would not mind if it were not for some of their smaller market PDs pulling in nice six figure salaries for doing nothing. Cumulus is a family and friends operation Everyone else is a slave. I have worked for Clear Channel and CBS. Neither company was managed well but Cume-you-less is in a world of its own. Lew Dickey's world. Of the three "C"-word operations Cumulus was definitely the WORST!

Anonymous said...

Hey John. One minor error. Those two Toledo stations and Midwest were owned by Lew Dickey Sr. not Jr. Lew was heir apparent. His brother John was the PD of WWWM for a shor time. Otherwise you've got everything right.

Anonymous said...

Great post. You're exactly right on everything. Lew sends a daily 3 page e-mail to show off his brilliance. Then an overpaid consultant 2000 miles away will tell you what music to play even though you've lived here all your life and spent half of it on the air. You should try working here. Everyday is an adventure. Will the equipment work? Will I be fired today or just have my pay cut? Cumulus in Latin means "heap" or "pile", and did the Dickey's ever get that part right!

Anonymous said...

Every week brings new lay-offs, pay cuts and loss of resources. Lew thinks he can micro manage to the point of running markets from the confines of his Atlanta office. One day soon he will call a station to fire more people only to find he fired them all the week before. Last one out turn the lights off please.

Anonymous said...

John, Did you know that a former nemesis of yours worked for the Dickeys after he was ousted by your old company? In your book "The Buzzard" you mention Gil Rosenwald as one of the people that brought down WMMS. When Rosenwald was fired from Malrite in Cleveland he joined the Dickeys Midwest company where he spent all of his time bragging about how he ran Malrite when it was doing well and how it fell apart after he left. After reading your book I now see exactly what you mean about him. He did not make it because he tried to act like he knew more than even Lew Dickey (Harvard) did.

Transistor Radio said...

John what a time to be alive..
We've elected the first black man, our elected represenatives haven't been paying their taxes and Gordon-Dick-Gekko is alive and well at Cume-you-less..

Hey Dick, nice bonuses for a company who's stock price is trading at $1.05. Isn't that illegal? It's nice work if you can find it. Could you sign me up too?

Anonymous said...

Gee. I always thought Lew Dickey was smarter than that. How could his brilliant intellect not detect that Cumulonimbus clouds had replaced his beloved Cumulus and his company was on the fast track to disaster? Someone with his Harvard education should have known that our economy was being propped up by smoke and mirrors and that old media was serving as the bellweather of what was to come.

I would let it go there except that instead of firing his own mistakes he chose to downsize his low paid staff while maintaining the high six figure salaries those he personally hired, not counting family.

Is that anyway to run the second largest radio group in America? You bet it is if Lew Dickey is in charge.

Could we start calling him "Smart Bomb" to his face?

Anonymous said...

Lew Dickey has all the answers. He just doesn't know what the questions are.

Working for Cume-U-Less is as the other poster put it - micromanaged and stressful. Decisions are made ass-backward and without discussion.

I will give Lew Dickey credit for being the smartest man in the world. Look at all the money he separated people from. Money that they will never see again. Lew and family will walk and turn a profit in the process while everyone else gets the shaft.

Anonymous said...

Pat Fant is one of the most respected radio managers in Houston. He has had a four decade career in this market. He truly cares about the community. Radio is a business whose audience measurement is questionable when compared to statistical data from new media. For that reason relationships with the ad community are a vital part of radio sales. Why on earth would Cumulus unceremoniously terminate Pat Fant and hire a Los Angeles unknown to take over these properties. I agree with your assessment on the limited reach two of the three Cumulus FMs have in this market. Cumulus bought those properties not Pat Fant. He is no more responsible for their revenue decline than he is for Hurricane Ike. Even in these tough times Pat had a smile on his face and a positive attitude. I expect to see Pat back in action in this market soon and he is too nice of a guy to look at it this way - I hope he steals away every last account from Cumulus. They deserve nothing less than receivership.

Anonymous said...

I dont know how Lew Dickey has managed to avoid the bad publicity that John Hogan, Dan Mason, Farid Suleman and the rest of that motley crew has gotten. I'm glad to see that John Gorman hasn't given Lew Dickey a free pass either.

He may actually be the worst of the bunch or at least tied with Farid. Hogan and Mason have to play the political game. They will sell anyone out to keep their jobs. Farid still thinks he is Mel Karmazin and is about to find out that he is just like Mel except that he has no friends and no exit strategy.

Lew is the silver spoon in his mouth kid. The true trust funder. The dumb son. His Cumulus cloud is about to go poof.

Anonymous said...

Boy is this guy full of himself or what? I did some Google searching on his background. What a narcissist.

Has he tried to buy his way on to the Bachelor.

Narcissitic meglomaniacs are the worst. Someone trusted HIM to run a radio company?

Those who are no longer with Cumulus are the lucky ones.

Anonymous said...

Amen on Pat Fant. Good guy. Lew Dickey does not fire his own mistakes. He fires people he did not make a mistake on. Best of luck, Pat. We know we will see you back in the business shortly. It may coincide with when Cumulus goes OUT of business which should be soon.

Anonymous said...

No disagreement here. You really nailed Dickey and his effed up company. I never thought I would say this. Radio needs regulation to keep these charlatans and crooks and wanna-bees from owning stations.

Anonymous said...

"Radio needs regulation to keep these charlatans and crooks and wanna-bees from owning stations."

Yup, how about an investigation into Struble's HD Radio scam - he wants to hold the whole industry hostage.

Transistor Radio said...

"Radio needs regulation to keep these charlatans and crooks and wanna-bees from owning stations."

YUP prepare its coming. Along with regulating the scumbag bankers, Wall Street crooks and crooked insurance gang too. We'll have to see some go bust though and that includes radio. It won't be pretty but once Wall Street radio is force out, then we can rebuild again.

Let's hope Obamha has the sense to let these scumbagers fail, that means no bailout for you Dick!

Struble's HD Radio scam will be wash away by the coming tsunami.

Radio is finished as we know it. But that doesn't seem to matter to people in radio. They talk a big game... The guys that run radio are these big people and they regard themselves as big people... I laugh because they are big in their own minds." - Cramer

Anonymous said...

The godless Dickeys? I wish them Tetanus.

Anonymous said...

one of the worst companies to work for, never know whats coming next, regular firings of Market Managers leave each cluster in constant turmoil. One thing you can count on.., whoever is in charge today,probably won't be in that position in 6 months to a year. Company is good for expecting miracles from their people, and not rewarding them with decent salaries they can live off of.., no prizes at remotes, cookie cutter promotions, overworked staff (I know of one PD who comes in at 3am,eats lunch at his desk and never leaves the building until at least around 6pm! Religiously. If you are a great manager at cumulus ( that is..,your people love you) you won;t be around long. On the other hand this is a company that tolerates a lot of foolishness and unnecessary drama from NON TALENTED employees.

Anonymous said...

Cumulus is about to if they have not already done it today downsize at least one or more of their Ohio properties today.

Could anyone answer the question why WRQK in Canton which is supposed to be owned by Clear Channel is still managed and run by Cumulus?

Is this a Bain Capital manipulation and illegal?

Anonymous said...

my concern with cumulus, citadel, clear channel, cbs radio & some of the other major chains is that they give all radio a bad name. i could go on with salem, "the new" emmis. why bother? there are a small number of good operations that will weather the economic storm without wholesale firings. let us learn from those chains. not every radio group is in jeopardy. some are holding their own because they are not riddled with debt, politics, and inflated phantom employees. do you hear me, lew?

Anonymous said...

Another whiny trust fund kid who finds a way to wreck a business his family got him in to.

Anyone that shows off intelligence by telling you how smart they were are among the most insecure and also dangerous people you will ever meet.

Lew Dickey knows he is over his head and the reason he considers himself the smartest man in the room is the fact that he is. He has taken his shareholders for one hell of a wild ride.

He does not know how to operate a business other than to save his own money while risking everyone else's.

I wonder how legal it is to have Lew Dickey talking to himself on his own board? For all purposes he is the one-man band. He and his cohorts will walk with millions of dollars while leaving his employees and investors in the lurch.

What a fine outstanding radio executive.

Anonymous said...

Restructure debt, restructure debt, restructure debt restructure debt. For a Harvard grad that Lew Dickey kid doesn't have much of a vocabulary. Smart boy.

Anonymous said...

Pat Fant lives and breathes Houston. He loves and supports the city and has through all of its ups and downs. He is a survivor and will continue to do well.

Lew Dickey? I wouldn't want to be in his shoes? What an empty person. Enjoy your trust fund. You would never make it in the real world on your own two feet.

Anonymous said...

No question that Cumulus, Clear Channel, CBS, Citadel will all crash and burn sooner than later. But not one of the top men will miss a house payment, lose their health insurance or suffer any lifestyle loss when they pull the plug, declare bankruptcy or get bought out. Only the employees suffer that.
That's the great economic system the "loyal opposition" is fighting so hard to "protect".

Anonymous said...

Poor, poor, poor Lew Dickey. Such a smart man, such a stupid buy. Remember when Cume-u-less bought and gutted Susquehanna Radio? Sooner or later you have to pay for what you bought, Dickie boy! Your financial manipulation through CMP will force you to refinance your entire group except that you have become toxic, Harvard boy.

Sure, you will walk with your family fortune intact while those who believed in you will take a hit. But you have to live with yourself. You will be snickered at when you are at the country club. Your Harvard buddies will shun you that is if you have any. You will be another silver spoon loser.

Too bad, Dickie. You treated people like crap and now it's all coming back at you. Hey, isn't that your line?

The Ghost of Louis Rukeyser said...

Hey, Lew and John. You just made the HIT LIST! You too, Far-greed $ule-boy. You're in their twice, Lewie, Baby. CMP Susquehanna and Citadel. Two for one, Mr. Crimson. How does it feel?

Emmis is in there too. Business can't be good when you don't know how to rock New York or stop rappers from shooting one another in front of your stations.

Radio One and Sirius XM are in there too. Liggett always pulls a rabbit out of his hat and Mel Karmazan has pictures and always finds a way out of the spider hole.

Lew and Far-greed on the other hand. Nice knowing you. See you at the place trustafarians go to die.

Moody's "Bottom Rung" Lists 283 Companies at Risk of Default

Moody's Investors Service published a new list on Tuesday called the Bottom Rung, which details companies that the ratings agency says are most likely to default on their debts. Moody's estimates that 45 percent of the companies on the list with default on debt in the next year.
Defaulting on debt does not necessarily mean bankruptcy; it can also include missing something such as a debt payment.
Nearly every sector of the economy is represented on the list. Dominant industries on the list include most of the U.S. auto industry, retail chains, newspapers, casinos, broadcast TV, and radio station networks. Airlines, restaurant chains, and energy firms also appear on the list often.
The Bottom Rung will be updated monthly, and represents about the riskiest 15 percent of all companies that it tracks.
To compile the list, Moody's chose companies with the lowest credit ratings (B3 or below), whose ratings were either negative or under review. Moody's B3 rating is the 16th lowest out of 21.
Applying this same methodology retroactively to 2008, there would have been 157 companies. 60 of which would have eventually defaulted.
The full list of 283 companies includes (for ratings and addition information you'll need a Moody's subscription):
155 East Tropicana
Accellent Inc
Accuride Corporation
ACIH Inc.
Advanced Micro Devices Inc
Advanstar Communications Inc
Affinity Group Holding Inc
AGS LLC
AirTran Holdings Inc.
Alion Science and Technology Corp. Allbritton Communications Company
Allison Transmission Inc
Alon USA Energy Inc
American Achievement Group Holding Corp.
American Axle & Manufacturing Holdings Inc.
American Media Operations Inc.
Ames True Temper Inc.
AMH Holdings Inc.
AMR Corporation
Arby's Restaurant Group Inc.
Arinc Incorporated
Atlantic Express Transportation Corp.
Autocam Corporation
Aventine Renewable Energy Holdings Inc.
Baker & Tayler Acquisitions Corp.
Barneys New York Inc
Barrington Broadcast Group LLC
BCBG Max Azria Group Inc.
Beverages & More Inc
Blockbuster Inc.
Bluegreen Corporation
Bonten Media Group Inc.
Bon-Ton Stores Inc.
Bowater Incorporated
Brigham Exploration Company
Broder Bros. Co.
Brookstone Company Inc.
Buffalo Thunder Development Authority
Builders FirstSource Inc.
Building Materials Corporation of America
Building Materials Holding Corporation
Burlington Coat Factor Warehouse Corp.
Cambium Learning Inc.
Canon Communications LLC
Caraustar Industries Inc.
Carmike Cinemas Inc.
CavTel Holdings LLC
CCM Merger Inc.
CCS Medical Inc.
Centaur LLC
Center Cut Hospitality Inc
Champion Enterprises Inc.
Chaparral Energy Inc.
Charter Communications Inc.
Chem Rx Corporation
Chemtura Corporation
Chiquita Brands International Inc.
Chrysler LLC
Circus and Eldorado Join Venture
Citadel Broadcasting Corporation
Claire's Stores Inc.
Clearwire Communications LLC
Cleveland Unlimited Inc.
CMP Susquehanna Corp.
Coach America Holdings Inc.
Coinmach Service Corp.
Commercial Vehicle Group inc.
Conexant Systems Inc.
Continental Alloys & Services Inc.
Cooper Standard Automotive Inc.
Culligan International Company
Cumulus Media Inc.
DAE Aviation Holdings Inc.
Dana Holding Corporation
Dayton Superior Corporation
DeCrane Aerospace inc.
DEI Holdings Inc.
Delta Petroleum Corporation
Destination Maternity Corporation
Diagnostic Imaging Group LLC
Dole Food Company Inc.
Dollar Thrifty Automotive Group Inc.
Downstream Development Authority
Duane Reade Inc.
Dune Energy Inc.
Eastman Kodak Company
Easton-Bell Sports Inc.
Eddie Bauer Inc.
El Pollo Loco Inc.
Electrical Components International Inc.
Emmis Communications Corporation
Endurance Business Media Inc.
Energy Partners Ltd.
Energy XXI Gulf Coast Inc.
EnviroSolutions Holdings Inc.
Euramax International Inc.
Eurofresh Inc.
Evergreen International Aviation Inc.
Evergreen Tank Solutions Inc.
Finlay Fine Jewelry Corporation
Fleetwood Enterprises Inc.
Fontainebleau Las Vegas Holdings LLC
Ford Motor Company
FoxCO Acquisition Sub LLC
Freedom Communications Inc.
Freescame Semiconductor Inc.
French Lick Resorts & Casino LLC
Frontier Drilling
Gastar Exploration USA Inc.
GateHouse Media Operating Inc.
GenCorp Inc.
General Motors Corporation
Georgia Gulf Corporation
Global Crossing Ltd.
Gold Toe Moretz Holdings Corp.
Golden Nugget Inc.
Grande Communications Holdings Inc.
Gray Television Inc.
Green Valley Ranch Gaming LLC
Guitar Center Holdings Inc.
Haights Cross Communications Inc.
Hanely Wood LLC
Harrah's Entertainment Inc.
Harry & David
Hawker Beechcraft Acquisition Company LLC
Hilite International Inc.
HLI Operating Company Inc.
Hollywood Theaters inc.
Hovnanian Enterprises Inc.
Human Touch LLC
Idearc Inc.
Indalex Holding Corp.
Indianapolis Downs LLC
Inn of the Mountain Gods Resort and Casino
Instant Web Inc.
Intcomex Inc.
Integra Telecom Inc.
Intelsat Ltd.
InterDent Service Corporation
International Coal Group Inc.
IPS Corporation
Jacuzzi Brands Corp.
James River Coal Company
JetBlue Airways Corp.
JHCI Acquisitions Inc.
Jobson Medical Information LLC
Keystone Automotive Operations Inc.
Krispy Kreme Doughnut Corporation
Landmark FBO LLC
Lazy Days' RV Center Inc.
Lear Corporation
Level 3 Communications Inc.
Libbey Glass inc.
LifeCare Holdings inc.
Little Traverse Bay Bands of Odawa Indians
Local TV Finance LLC
Lodgenet Interactive Corporation
MACTEC Inc.
MAPCO Express Inc.
Mark IV Industries Inc.
Mattress Holdings Corp.
MediaNews Group inc.
Metaldyne Corporation
MetoKote Corporation
MGM MIRAGE
Michaels Stores Inc.
Milacron Inc.
Millenium New Jersey Holdco LLC
Morris Publishing Group LLC
Motorsport Aftermarket Group Inc.
MSX International Inc.
MXenergy Holdings Inc.
NBC Acquisition Corp.
Neenah Foundry Company
Neff Corp.
NES Rentals Holdings Inc.
Newark Group Inc.
Newport Television Holdings Inc.
Nexstar Finance Holdings Inc.
NextMedia Operating Inc.
Novamerican Steel Finco Inc.
November 2005 Land Investors LLC
NTK Holdings Inc.
Open Solutions Inc.
Orbitz Worldwide Inc.
Oriental Trading Company Inc.
OSI Restaurant Partners Inc.
Palm Inc.
Panavision Inc.
Panolam Industries International Inc.
Parallel Petroleum Corp.
Pegasus Solutions Inc.
Penhall Holding Company
Penton Business Media Holdings Inc.
Perkins & Marie Callender's Inc.
Ply-Gem Industries Inc.
Primus Telecommunications Group Incorporated
Quality Distribution LLC
Quality Home Brands Holdings LLC
Quantum Corporation
Questex Media Group Inc.
Quiksilver Inc.
R.H. Donnelly Corporation
Radio One Inc.
Rafaella Apparel Group Inc.
Rare Restaurant Group LLC
RathGibson Inc.
Reader's Digest Association Inc.
Real Mex Restaurants inc.
Realogy Corporation
Regent Broadcasting LLC
Renfro Corporation
Revere Industries LLC
Rhodes Companies LLC
Rite Aid Corporation
Riviera Holdings Corporation
Rotech Healthcare Inc.
Roundy's Supermarkets Inc.
Sagittarius Restaurants LLC
Salem Communications Holding Corporation
Sbarro Inc.
Securus Technologies inc.
Sirius XM Radio Inc.
Sitel LLC
Six Flags Inc.
Shoqualmie Entertainment Authority
Source Interlink Companies Inc.
Spanish Broadcashing System Inc.
St. John Knits International Incorporated
Standard Motor Products Inc.
Standard Steel LLC
Stanley-Martin Communities LLC
Station Casinos Inc.
Sterigenics International Inc.
Stillwater Mining Company
Sunstate Equipment Co. LLC
Swift Transportation Co. Inc.
Synagro Technologies Inc.
Synchronous Aerospace Group
Targus Group International Inc.
TCO Funding Corporation
Telgrant Corporation
Telcordia Technologies Inc.
Tenneco Inc.
Thermadyne Holdings Corporation
Trailer Bridge Inc.
True Temper Sprots Inc.
Truvo Subsidiary Group
TSA Stores Inc.
UAL Corporation
United Site Services Inc.
United Subcontractors Inc.
Univision Communications nic.
US Airways Group Inc.
US Xpress Enterprises Inc.
USEC Inc.
Value Creation Partners - Best Brands
Veyance Technologies Inc.
Viskase Companies Inc.
Visteon Corporation
WasteQuip Inc.
Waterford Gaming LLC
Western Refining Inc.
White Birch Paper Company
WII Components Inc.
William Lyon Homes
Wilton Products Inc.
Wise Metals Group LLC
Wm. Bolthouse Farms Inc.
Wolverine Tube inc.
Workflow Management Inc.
WP Evenflo Holdings Inc.
Xerium Technologies Inc.
X-Rite Incorproated
YRC Worldwide Inc.

http://greenewable.wordpress.com/2009/03/10/moodys-bottom-rung-the-kids-who-will-be-left-behind/

Anonymous said...

At the other end of the spectrum we have, in this horrible economy, a company that showed positive net operating income for the first time in its history, Sirius XM.

Anonymous said...

I like how Inside Radio (owned by Clear Channel) spun it as, "Sirius XM's Growth Grinds to a Halt". Adding subscribers is growth (and not a loss of them), and they did add 85,000 new subscribers during the quarter, not bad during these times when some terrestrial-types expected a drop. You don't suppose Clear Channel (and Inside Radio) are also a little upset that XM dropped WLW from the lineup last week, do you?

Anonymous said...

Dickey's world is closing in around him. He does not know what to do. They didn't teach him what to do when he fails at Harvard. He was too busy chasing skirts to pay attention even if they did. Poor Lew. The hunter gets captured by the game. The screwer gets screwed. F him.

Anonymous said...

Hey Harrrrrr-varrrrrd Boy, what happened? Your Q4 revenues or in your case, your 4Q (smart boy, get it?) revenues were down 15.5% for Cumulus Media Partners, the piece of crap portion of Cumulouse Media you share with some pvt. equity including Thomas H. Lee. Since you are such a brilliant mind. Please explain and don't say the economy because then you won't sound so smart. Loser.

Anonymous said...

Something interesting here....I (a former News Person for Cumulus) have it on good authority that a major federal investigation is about to go down on Cumulus, Dickey in particular. From what I've been told, someone close has turned over some "very interesting" information. My source tells me tha things are set to get EXTREMELY ugly for Dickey

Anonymous said...

There is really nothing I can say that all of you have not already said except.... the sad part of this is that he keeps firing people, stripping money from the company all to pay for that $5M home on Blackland in Atlanta. He will get what is coming to him. Those kinds always do, sooner or later.

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Danazrgu said...

I like how Inside Radio (owned by Clear Channel) spun it as, "Sirius XM's Growth Grinds to a Halt". Adding subscribers is growth (and not a loss of them), and they did add 85,000 new subscribers during the quarter, not bad during these times when some terrestrial-types expected a drop. You don't suppose Clear Channel (and Inside Radio) are also a little upset that XM dropped WLW from the lineup last week, do you?

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