Cumulus Closes on $74.1 million Bethesda Land Sale. The deal to sell a 75-acre parcel of land in Bethesda, Maryland to developers Toll Brothers has been in the works for some time and yesterday (6/24) Cumulus Media was finally able to announce the $74.1 million deal has closed. Cumulus Media president and CEO Mary Berner says, “Given the difficult operating environment, our ability to continue to strengthen our balance sheet with the proceeds of this deal is particularly meaningful, and we greatly appreciate the efforts of Toll Brothers in working with us to bring this five-year effort to completion.” Net proceeds from the sale are expected to be $71.3 million after transaction fees and expenses. Cumulus anticipates achieving minor expense savings from the elimination of real estate taxes after the closing and does not expect any tax liability as it relates to the transaction. Net proceeds from the sale are required to be used to pay down debt, unless otherwise reinvested in the company’s business over the next 12 months.

COVID-19 Statistics & Projections, BLM Movement/Confederate & Colonial-Era Statues, Seattle CHOP Situation, Second Stimulus, Financial Markets Activity, Presidential Race, Flynn Charges Dismissed, Bubba Wallace Case, and MLB Season to Open Among Top News/Talk Stories Yesterday (6/24). The explosion of new COVID-19 cases in some states and projections of future cases and deaths; the protests supporting the Black Lives Matter movement and the related move to take down statues of Confederate and Colonial-era statues; Seattle asks CHOP protesters to leave the area and local business consider suing the city; the debate over a possible second COVID-19 federal stimulus package; the world’s financial markets react to COVID-19 data; Democrat Joe Biden enjoys positive poll news in his race against Donald Trump; the DOJ officially dismisses the charges against Michael Flynn; the FBI concludes the Bubba Wallace “noose” incident was not a hate crime; and the MLB prepares to open on July 1 were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

International Rock Musician/Impresario Leslie Mandoki Is This Week’s Guest on Harrison Podcast. Munich, Germany-based, Hungarian rocker Leslie Mandoki is this week’s guest on the award-winning PodcastOne series, “The Michael Harrison Interview.” Mandoki is a seasoned professional forged by experience, passion and life, who is keeping the spirit and quality of the progressive, jazz rock era alive and well for generations old and new. His ensemble, MANDOKI SOULMATES, is a long-running loosely knit association of some of the greatest big-name musicians on the planet. Their brand-new release, “Living in the Gap & Hungarian Pictures,” is a double album that expresses their ideals of socially aware lyrics and complex musical arrangements – basic tenets of the progressive and jazz rock era. In his youth, Mandoki escaped from communist Hungary to West Germany where he built one of the finest studio complexes in Europe, produced and performed on records, became friends with a wide network of great musicians including the legendary Ian Anderson of Jethro Tull and launched a progressive rock juggernaut. Countless gold and platinum records decorate his walls. He also wrote, produced, and performed the superb charity song dedicated to the heroes of the coronavirus titled #WeSayThankYou with Ian Anderson that has garnered positive attention on international radio and on YouTube. Harrison and Mandoki discuss the music, social issues and politics that make Leslie Mandoki a fascinating individual – largely unknown to Americans. To listen to the podcast in its entirety, please click here or click on the player box marked “The Michael Harrison Interview” located in the right-hand column on every page of Talkers.com.

NEED A GUEST? We’ve Got Some Good Ones for You at ‘Expert Guests.’ Talk media hosts, producers, and bookers are advised to check out the newly expanded “Expert Guests” section of TALKERS. It is updated on a regular basis with outstanding experts and personalities available by telephone, Skype, or Zoom for booking on radio, TV, and online talk shows. This week you’ll find a wide array of guests that includes widely acclaimed Germany-based Hungarian progressive jazz-rock musician Leslie Mandoki and The Epoch Times leading edge investigative reporter on Communist China, Joshua Philipp. There are also guest commentators on diversity management, school and campus safety, as well as keeping Zoom events secure and private – plus a whole lot more. To visit “Expert Guests,” please click here.

Saga Seeks News/Talk Programmer. Saga Communications holds every one of our news/talk stations in extremely high regard. Our 11 AM/FM news/talkers have been and remain a most important part of Saga’s large portfolio of stations. They are near and dear to Saga president/CEO Ed Christian’s heart with a love and passion for the format that is truly eternal. Saga has a rare opening for a focused and skilled news/talk program director at WHCU in Ithaca, New York. The Cayuga Radio Group has a total of 10 outstanding radio stations in virtually every format and is led by president/GM extraordinaire Chet Osadchey and our terrific operations manager Chris Allinger. Check out Ithaca! It’s home to some of the most prestigious colleges and universities in the nation such as Ithaca College and Ivy League member Cornell University. Looking to make a difference in one of the most beautiful parts of the country? We want to hear from you. Send your materials, including cover and resume, to operations director Chris Allinger at callinger@cyradiogroup.com. Join one of the premiere broadcast companies in the world. Saga is an EOE. No calls please.

Tags: $74.1 million, 75-acre parcel, Cumulus Media, debt, Mary Berner, net proceeds, news/talk radio, Talkers Magazine, Toll Brothers

Category: Front Page News, Industry News