LOS ANGELES (AP) — Cumulus Media Inc. CEO Lew Dickey Jr. straddles two worlds: traditional broadcast radio, where his company is the second-largest station owner in the U.S., and Internet radio, where it's just getting started. Last year, Cumulus created a bridge to the future, taking a 15 percent stake in Internet music streaming service Rdio in exchange for providing $75 million worth of promotional airtime on its stations. In the first quarter, Cumulus' revenue ticked up an adjusted 1 percent to $267 million while it pared operating losses by two-thirds to around $9 million. Who do you view as your biggest competitor — top radio station owner Clear Channel or one of the Pandora-type services? The digital services —which is why we put our toe in the water and took a stake in Rdio — we believe the digital services are increasingly going to play a role in the business. Janus Friis (who co-founded Skype) has spent close to $200 million on this business to build it. How much of Cumulus' revenue comes from traditional radio and what portion comes from all the other expansions? Where Rdio has had good radio promotion and good promotional partners like in Mexico, where it's the market leader, Australia and New Zealand, where it's the market leader, Rdio has proven its ability to compete successfully against other entrants and incumbents in various countries.
Reported by SeattlePI.com 6 hours ago.
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