Cumulus Media Inc.
Standard & Poors, September 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Potential for debt-financed acquisitions and shareholder favoring activity, which could limit financial profile improvement EBITDA margins near bottom of peer group Sluggish radio industry trends due to competition from alternative media Competitive position in small and midsize markets Healthy conversion of EBITDA to discretionary cash flow Largely resilient station asset values The rating on radio broadcaster Cumulus Media Inc. reflects the potential for debt-financed acquisitions and shareholder favoring activity that could limit financial profile improvement, EBITDA margins near the bottom of its peer group, and a competitive and stagnant radio advertising environment. The company's competitive positions in small and midsize markets, radio broadcasting's good margin and discretionary cash flow potential, and largely resilient station asset values only partially mitigate these...
Companies mentioned in this report are: Cumulus Media Inc.
Action: Review
Cumulus Media Inc.
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