By Adam R Jacobson
RBR + TVBR
As the radio industry — and Cumulus Media shareholders — digests the news that a debt for equity deal that would have sliced $305 million off of its borrowings is no longer happening, the nation’s No. 2 owner of AM and FM stations by station count is expressing confidence that this episode is simply a small hiccup on its long road to recovery.
“This is a non-event,” a Cumulus spokesperson said on Sunday, two days after Cumulus suffered a bruising 24-cent decline on Wall Street, closing at 76 cents per share. Trading was massive, at 1.79 million shares; average volume is 164,729 shares.