Cumulus Assembles Post-Chapter 11 Board
• A “plan supplement” filed by Cumulus Media in U.S. Bankruptcy Court shows what the company’s corporate structure will look when it emerges from Chapter 11 reorganization later this year. Among the notable changes — current majority shareholder Crestview Partners will be gone, as will any vestiges of the Dickey family.
With Cumulus President/CEO Mary Berner the lone holdover on the board, the revised board will also include six brand new members. Let’s meet them now, shall we — Andy Hobson, former longtime Univision CFO and current partner at Innovatus Capital Partners; David Baum, former partner at Goldman Sachs; Matthew Blank, former Chairman/CEO of Showtime Networks; Thomas Castro, CEO of El Dorado Capital, former Time Warner Cable Director and the co-founder of Border Media Partners; Joan Hogan Gillman, former EVP at Time Warner Cable and former President/COO of Time Warner Cable Media and Brian Kushner, Sr. Managing Director of FTI Consulting.
The plan as submitted is subject to an April 12 confirmation hearing in front of Judge Shelley C. Chapman in New York’s Southern District. Any objections must be filed by this Friday, March 23 at 4pm ET.
