Steve Wybo: Cumulus Media seeks restructuring amid changing radio market – MiBiz
Steve Wybo was quoted in MiBiz‘ article titled “Cumulus Media seeks restructuring amid changing radio market.”
“To me, it’s a little like retail. You really can’t be an agnostic supplier anymore of any type of good or service,” said Steve Wybo, a senior managing director in the Birmingham office of Conway MacKenzie Inc., an international consulting and turnaround firm. “The (retailers) that have been successful have a niche product or service that people are willing to pay a premium for.”
Wybo — who is not involved in the Cumulus Media restructuring — notes that the possibility exists in which the company may have to shed some stations. Post-bankruptcy, the company may need to put a stronger focus on exclusive content to survive, he added.
“I think you’ve got to appeal to people that want to (tune) in to listen to something specific,” Wybo said. “If it’s pop radio or country, (you’ll) go to Spotify or Rhapsody and tailor your listening to those types of songs.”
Wybo with Conway MacKenzie said he could foresee a future where either Cumulus Media or iHeartMedia — the two dominant, national players left in radio — no longer exist.
“I don’t think there’s room for both in the market, frankly. I think what you’re going to see is these organizations have to scale up and get some synergies,” Wybo said. “Because there’s probably not enough room in the space for many large players.”