Warshaw Implies Cumulus Had Eyes on Audacy Before SFM Got Involved
The Jeffrey Warshaw vs Soros Fund Management case has brought up questions about how SFM became majority owner of Audacy. Connoisseur Media owner Jeffrey Warshaw is suing SFM for breach of contract, unfair trade practices and more in alleging that he had a deal with the company’s Michael Del Nin in 2022 and began working together “to try acquiring Cox Radio, with Del Nin agreeing that Warshaw would
manage the business as CEO upon successful acquisition.” Warshaw also says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024 and alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition.
Now, in recent court filings, Warshaw claims that by mid-2023 he had identified HG Vora as the key holder of Audacy’s distressed debt and, through industry contacts, came to believe that HG Vora was already aligned with Cumulus Media to merge the two companies. But the filings stop short of proving that such a deal ever existed in a formal sense.
Warshaw relies on what he “deduced” from conversations in the market – not on a signed agreement, binding term sheet, or documented commitment between HG Vora and Cumulus. SFM’s response goes directly at that point saying it had been evaluating a potential investment in Audacy for more than a year before Warshaw’s involvement, positioning its eventual acquisition not as a hijacked opportunity, but as the result of an independent strategy already in motion.
Now we wait to see if Warshaw can prove a Cumulus-backed pathway was real or if SFM can demonstrate that it was already tracking Audacy. Whether the Cumulus-Audacy deal was a genuine near-transaction or simply informed speculation appears to hinge on what documents and/or third-party witnesses reveal.
Milner comments, “Joyce is an experienced market leader with deep relationships across Salt Lake City, enabling her to bring sharp local insight and credibility to every client partnership. She excels at delivering integrated marketing solutions, helping clients leverage our multi-platform strategies that maximize the combined power of audio and digital to drive results. Joyce will be a tremendous asset to our Salt Lake City team and a growth catalyst for our clients.”
Specifically, since the company must get permission from the court to retain PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company and its subsidiaries to complete the 10-K, it must wait to clear the objection hurdle expected to be complete by April 8. Cumulus notes that the ultimate timing of its filing of its Annual Report is dependent upon entry of the order.
to continue to operate its business as it makes its way through the Chapter 11 process that could be finalized in May if the pre-packaged bankruptcy plan continues to go smoothly. Attorneys for Cumulus reported to the court that the company now has the backing of 83% of its lenders for the reorganization plan that would put control of the company in the hands of the secured creditors. Once complete, the reorganization will have eliminated some $592 million of the company’s debt. 
include sports talk WXNT-AM. Cumulus Media president of operations Dave Milner comments, “We are thrilled to promote Darlene to Regional Vice President for Central Indiana, where she will oversee Indianapolis, Kokomo, and Muncie. Since joining Cumulus Media, Darlene has proven to be a strong leader who builds positive, high-performing cultures. Her ability to inspire teams and drive consistent, impactful results makes her exceptionally well-suited to lead this expanded region.”
reduction and asset-optimization initiatives, it went into refinancing mode in May of 2024, pushing loans that matured in 2026 into 2029. The filing states, “Despite these measures, ongoing industry revenue declines and macroeconomic headwinds continued to constrain liquidity and free cash flow. As a result of these various pressures, in the last quarter of 2025, the Company, with the assistance of its advisors, began to explore various strategic alternatives and potential liquidity-enhancing transactions. After considering the available options, the Debtors and their advisors determined that the best path forward was to implement a comprehensive recapitalization transaction either out-of-court or through the filing of prepackaged chapter 11 cases.” The key provisions of the Plan are: “2029 Secured Claims will be canceled in exchange for 95% of the equity in the reorganized Company” and “Other Funded Debt Claims will be canceled in exchange for 5% of the equity in the reorganized Company.” Additionally, the current Board of Directors will be discharged and it will be up to the new Board whether it keeps any or all of the current organization’s corporate officers. 
macroeconomic and industry-wide pressures we have faced have remained unrelenting. Against that backdrop, it became clear that Cumulus’s remaining debt burden limited our ability to fully realize the company’s potential, and this agreement represents a major step forward. The prepackaged process is intended to address the company’s debt efficiently with no disruption to our operations, our people, and our strategies. On emergence, a stronger financial foundation will better position Cumulus to continue investing in premium content, enriched audience experiences, advertiser performance enhancements, and the ongoing growth of our digital marketing offerings.” Cumulus has filed a proposed Plan of Reorganization that incorporates the terms of the RSA and is subject to approval by the Court. The requisite majority of debtholders committed to vote in favor of the Plan, which calls for the cancellation of 100% of the company’s existing funded indebtedness in exchange for 100% of the company’s reorganized equity and $50 million of new convertible notes, as well as the amendment and restatement of the company’s asset-based revolving credit facility to provide continued liquidity. Cumulus expects that the Court will hold a hearing to consider the approval of the Plan within 60 days of the filing date and that the company will emerge from bankruptcy following receipt of required regulatory approvals from the Federal Communications Commission.
times per week – Monday through Wednesday – and will be available on both YouTube and Rumble in digital video format with future expansion on other platforms. The company adds, “For the first time, Levin will offer audiences access to original digital video content via an ad-supported model, instead of a subscriber paywall. ‘Liberty’s Voice with Mark Levin’ will present exclusive, in-depth commentary from one of America’s most influential constitutional scholars and political thinkers. Sharing his intellectual rigor, brilliant wit, and signature passion, Levin will draw on history, economics, law, and philosophy as he goes beyond the headlines to examine the ideas and principles that shaped the United States – and the forces challenging them today. Each episode will deliver substantive analysis of current events, grounded in the founding ideals of liberty, limited government, and individual sovereignty, while exposing the dangers of centralized power and historical amnesia.” 
Frisk is also serving the company as regional manager for Alaska and Salt Lake City. She was most recently with Cumulus Media as VP and market manager for the Oxnard-Ventura, California market. Connoisseur Western Region SVP Tina Murley says, “Sommer’s leadership, passion for local media, and her ability to connect with communities make her an ideal addition to the Connoisseur family. As we deepen presence in Palm Springs, Alaska, and Salt Lake City, Sommer’s strategic vision, commitment to local communities, and operational expertise will be invaluable.”
politics! If you live and breathe politics, this is not the job for you. This is an 8-hour-a-day, full-time job doing prep, research, and living life that translates and relates to a 35-64-year-old. Must have an extremely strong work ethic, be sales department and client friendly, a team player and coachable, embrace all social media platforms daily, be a great interviewer, and have a proven track record of radio ratings success. The right fit for this job is extremely reliable, flexible and passionate about radio and digital audio mediums. 
WPHT, Philadelphia on “Sterling Every Damn Night” for Walter Sterling. Sterling says, “When I read in TALKERS that Casey was on the loose, I immediately grabbed him to guest star on my 10:00 pm to 1:00 am show. He has a stunning history of winning ratings in the Northeast on ‘New Jersey 101.5.’ We approach radio content from a similar perspective; it’s not that important. Our goal is to give the listener a reason to eat the wrong snack.”
appeal of the District Court’s ruling on Cumulus’ request to seal the record and protect witnesses’ identities. That request was granted by the District Court. Cumulus Media is suing Nielsen alleging that the company is illegally leveraging its dominance over national and local radio audience data to stifle rivals and charge inflated prices. At the heart of the complaint is the charge that Nielsen is providing access to the national broadcast radio ratings only if the client spends a lot of extra money on the separate local ratings. Cumulus argues that Nielsen’s policy forces them to buy ratings in U.S. markets where it doesn’t operate stations in order to have the complete national ratings data.
audience engagement – a considerable value add for Cumulus Media and its stakeholders and an important next step in the development of advanced capabilities for the audio sector.” Cumulus adds that Eon Media is an award-winning technology company for media that harnesses state-of-the-art artificial intelligence that is fully built in-house to extract metadata from media assets, including segments, stories, categories, audio transcription, music recognition, people mentioned, demographics, and much more. Cumulus Media president and CEO Mary G. Berner says, “We are excited to join forces with Eon Media to create innovative solutions that will provide Cumulus Media with access to new market opportunities and untapped monetization paths. Importantly, this partnership will significantly enhance our ability to drive greater discoverability. By expanding touchpoints and engagement opportunities, we ensure our listeners and audiences can connect with our content more easily and more often than ever.”
almost 4 years, and raising the ratings over 300% in some areas, I was informed that I was leaving my job to ‘pursue other opportunities.’ I didn’t even know I was looking at other opportunities. I wanted to ask them what they were, but they got off the phone before I could. (Yes. They did it over the phone.) So, if anybody knows what these ‘other opportunities’ are, could you let me know?” Cumulus is seeking Bartholomew’s replacement for the 9:00am to 11:00 am show. See the job opportunity below.
commercially unreasonable rate for its Nationwide Report may cause it to have to do away with the Nationwide Report altogether. This testimony accompanied Nielsen’s request for a stay pending appeal as it appeals to the Second Circuit. This is the latest in action in Cumulus’ suit alleging that 
Nielsen is illegally leveraging its dominance over national and local radio audience data to stifle rivals and charge inflated prices. Judge Vargas denied the stay pending appeal but did grant an administrative stay will be in effect only until January 16, 2026, to allow Nielsen time to file a motion for a stay in the Second Circuit Court of Appeals. Tunkel’s testimony states that the order would cause Nielsen “significant irreparable harm if required to comply with the Court’s ruling during the pendency of Nielsen’s appeal… As a result, Nielsen would not be able to apply that policy in any of the at least ten negotiations with clients that Nielsen expects to have in 2026. If Nielsen is unable to apply the Network Policy, then it will be hindered in its ability to ensure that it can recover the costs of collecting the local radio-ratings data that make up the Nationwide report and spread those costs appropriately across the customers that use the products generated from those joint costs. If Nielsen cannot recover these costs, then it may have to retire the Nationwide report, similar to when Nielsen retired its other national data product, RADAR. If it does not retire the Nationwide report, it may have to pass a higher share of the costs of collecting local data on to other customers, including local radio stations, hurting Nielsen’s negotiating position with respect to those customers, as well as those customers themselves.”
Media | Westwood One says, “The relaunch marks Bongino’s most extensive digital commitment to date, designed to meet increasing audience demand for long-form and in-depth content. The two-hour format strengthens the show’s position as a major voice in independent media, offering a highly engaging, daily destination for listeners seeking headline analysis, guest interviews, cultural commentary, and special ‘Bongino Army’ segments.” Bongino comments, “I’m excited to get back behind the mic and reconnect directly with the audience. This show has always been about cutting through the noise and talking honestly about what matters. We’re coming back bigger, bolder, and always unfiltered — exactly how people want it.” Westwood One and Cumulus Podcast Network president Collin Jones adds, “Dan Bongino is back! Few voices in talk media command the loyalty and firepower that Dan brings. His audience? Formidable. His influence? Undeniable. This promises to be an incredible journey as Dan drives the national conversation daily on the most important issues at hand, with authority that has been hard-fought and well-earned. Westwood One is beyond proud to help power the next chapter of ‘The Dan Bongino Show.’”
that the company is illegally leveraging its dominance over national and local radio audience data to stifle rivals and charge inflated prices. At the heart of the complaint is the charge that Nielsen is providing access to the national broadcast radio ratings only if the client spends a lot of extra money on the separate local ratings. Cumulus argues that Nielsen’s policy forces them to buy ratings in U.S. markets where it doesn’t operate stations in order to have the complete national ratings data. Vargas’ injunction orders Nielsen to cease conditioning national ratings access on local subscriptions during ongoing contract negotiations. It also bars Nielsen from charging a commercially unreasonable rate for its nationwide ratings when sold as a standalone product while the case proceeds.
operations Mark Sullivan comments, “Andrea and I have worked alongside each other for decades and shared in many successes together. She has a long track record of driving results for our Lexington stations, rooted in her passion for the business and service to the community, our advertisers, listeners, and employees. This is a well-deserved opportunity for her, and I’m looking forward to her success in this new role as VP/market manager.” Ayers says, “I’m truly honored to accept the role of VP/market manager for Cumulus Lexington. I’m excited to bring my experience and passion to the table and work alongside such a talented group to drive growth, strengthen relationships, and deliver exceptional results.”
president of news/talk for Cumulus Media for nine years. Cumulus Media chief content officer Brian Philips states, “Bill is an esteemed leader, teacher and journalist. He possesses intellect, a gift for talent development and strict high standards. It has been our good fortune to work in the trenches with Bill during the overheated recent news cycle. Bill will always be our trusted advisor. We wish Bill great things in retirement and thank him for his uncountable accomplishments with Cumulus Media and our high-performing news/talk stations – particularly for his work programming our news/talk flagship, WMAL. His legacy is forever secure.” Hess comments, “I am grateful for these 48 years in the business I love, programming both music and spoken-word stations, and working with the most exciting and entertaining teams in radio. Concluding with the past 15 years at WMAL and Cumulus Media has been a true highlight.”
rate increases. Cumulus argued, “Nielsen, a monopolist engaging in anticompetitive behavior, holds all of the power during contract negotiations, resulting in an unequal bargaining dynamic that is ripe for retaliation. For example, Nielsen can and has raised its rates significantly during negotiations. 
If identifying information is revealed to Nielsen’s businesspeople, Nielsen can retaliate with additional rate increases, resulting in manifest injustice to these third parties actively involved or who will be involved in negotiations with Nielsen.” After denying Cumulus’ request on December 4, Cumulus filed a supplemental brief and on December 15 Judge Jeannette Vargas agreed with Cumulus, writing, “Cumulus has established that sufficient countervailing factors – in particular, the privacy interests of these non-party declarants, the lack of bearing these narrowly tailored redactions have on the merits of this action, and the non-party declarants’ susceptibility to economic retaliation – outweigh the strong presumption in favor of public access to judicial documents.” 
transitioned by Audacy and Cumulus Media from Infinity Sports Network to Westwood One Sports at the end of December. That move was announced in October with the companies saying that beginning December 29, Westwood One will assume programming and distribution for the majority of the lineup of syndicated sports programming and Audacy will continue to produce BetMGM Network programs. Gelb says, “It’s sad to see CBS Sports Radio/Infinity Sports Network closing its doors as we once knew it, but grateful for the memories and excited to see what the next chapter in my sports talk journey brings.”
manager for the cluster that includes news/talk KMAJ-AM “The Big Talker,” sports talk KTOP-AM and four music brands. Lee announced her exit via social media saying, “After 11 years and 11 months, my position with Cumulus was eliminated. Reaching almost 12 years with a single employer is a remarkable feat in media. If you’ve listened, commented on social, came to an event, played a contest, or even waved at me while I was driving that huge van, thank you for engaging. The state of radio today can be hard to love. What’s next for me? TBD.”
2) Marketers and media agencies significantly overestimate audience shares to Pandora/Spotify and massively underestimate AM/FM radio audiences; and 3) Interestingly, as older demographics flock to podcasts, the median age of the podcast audience ages sharply from 29 in 2017 to 39. The study notes that “in 2017, podcasts’ daily reach was greatest among 18-24s. Eight years later, podcasts’ daily reach has surged, especially in older demographics. The older the age group, the greater the growth in the podcast daily audience. Today, podcasts’ greatest reach centers on 25-44s, with significant growth among 45-64s.” 
California station group that includes sports talk KESP-AM and five music brands. Price most recently served with Alpha Media prior to the Connoisseur Media merger in Bakersfield. Cumulus Media regional vice president Patty Hixson comments, “Jeremy is a very special leader and a highly effective manager who will greatly contribute to the success of the Stockton-Modesto cluster. We are pleased to welcome him aboard.”
standard in audio, and it’s an honor to join a brand creatively steeped in sports storytelling. Not unlike the Savannah Bananas, I’m prepared to push the limits of sports talk. I’ll deliver for Jimmy in Tucson, Arizona just as much as Joe in Marshall, Texas. And for every groundbreaking Los Angeles Lakers trade, there’s a Boston College linebacker who survived cancer. You’ll hear the same fire and heart for each. We’re going to create something special; I promise you that.” Cumulus SVP sports/content & audience Bruce Gilbert comments, “Drake represents exactly what we’re building – a modern, interactive sports experience that is driven by personalities and fueled by fans – programming that breaks away from the predictable and formulaic. Drake’s ability to entertain, connect, and innovate makes him the ideal voice for mornings on Westwood One.”
Elizabeth Mayer states, “In our continued focus on YouTube and watchable podcasts, this edition of the Podcast Download reveals YouTube at an all-time high for consumption. Regardless of tenure or heavy usage, YouTube remains in the top spot, which speaks to podcast consumers seeking out watchable podcasts. 12% of weekly podcast consumers use Smart TVs where video components are intuitive and easy to access to listen to podcasts.” Signal Hill Insights president and CEO Paul Riismandel adds, “Audio is still key. While we see yet another bump in the preference to use YouTube for podcasts, we don’t see notable change in the number of weekly podcast consumers who are only watching their podcasts. This segment remains a tiny minority – just 8% in this report.” 
to develop, produce, and own all content. Shots Podcast Network shows include “Full Send Podcast,” hosted by Kyle Forgeard; “One Night with Steiny,” featuring Aaron “Steiny” Steinberg; and “The Rush with Maxx,” hosted by NFL star Maxx Crosby.Westwood One and Cumulus Podcast Network president Collin Jones says, “Shots is one of the most dynamic and influential creator networks in media today. Their fearless approach to content and ability to engage millions of fans makes them a perfect fit for the Cumulus Podcast Network. We’re thrilled to welcome John, and the entire Shots team.”
says he’ll “oversee all aspects of sports talk content across the network, including daily technical operations, social media strategy, and brand management. He will build a talented team of hosts and producers responsible for compelling on-air programming – featuring original content, interviews, benchmarks, and fan interaction.” Williams says, “There’s never been a more exciting time to be in audio – the industry is thriving, innovative, and constantly evolving. This is a unique opportunity to build on the incredible foundation created by our partners at Audacy and BetMGM and combine it with the reach, heritage, and credibility of Westwood One Sports. I’m honored to help shape the next chapter, delivering smart, entertaining, and authentic sports content for listeners everywhere.”
8.4% excluding the $6.9 million impact from discontinuing the DailyWire and Dan Bongino relationships. The company posted a net loss of $20.4 million compared to net loss of $10.3 million in Q3 2024. Cumulus breaks down its revenue by segment and reports that its broadcast radio spot revenue declined 13.1% to $83.7 million, while network revenue fell 26.5% to $31.2 million. Total broadcast revenue was 
$114.9 million, a decrease of 17.2% from the same period in 2024. Cumulus president and CEO Mary G. Berner says, “In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter. Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth. These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the company for long-term success through strong execution and by maximizing value from the company’s underlying assets.”
Conduct a “brand early and often” creative audit: Watch/listen to all your ads. Check off if your brand is mentioned in first two seconds and if there are at least five or more audio track brand mentions in 30-second ads; 2) You can look away but you cannot shut your ears: In video ads, audio branding does all the brand recall heavy lifting; 3) Audio case studies reveal implementing the “brand early and often” creative best practice generates stronger purchase intention and increased brand lift and website attribution; 4) Do you want your brand association and recall to explode? Use a jingle with melody that says the name of your company; and 5) Don’t blame the media plan or media vendors for weak attribution and brand lift: Usually creative is the issue and the ad copy fails to “brand early and often.” 