ATLANTA (AP) — Radio station giant Cumulus Media Inc. says former magazine association head Mary Berner will replace founder Lew Dickey as CEO, citing the need get its traditional and emerging platforms working together more effectively.
The change happens Oct. 13.
Chairman Jeffrey Marcus, whose Crestview Partners controls 27 percent of Cumulus stock, cited Berner's experience growing digital brands, including as CEO of Reader's Digest Association where she built Allrecipes into a huge food website.
Atlanta-based Cumulus, the nation's second largest radio station owner, has 460 stations in 90 cities. It also built the Nash brand of country music content and took a stake in music streaming service Rdio.
Cumulus shares are down 84 percent this year, closing at 68 cents Tuesday. They fell to 65 cents in after-hours trade.