DARK CLOUDS OVER CUMULUS—NEW UPDATE

UPDATE: Sources inside Cumulus say that SVP Content and Programming Mike McVay will assume an enhanced programming role with the exit of EVP John Dickey.

Cumulus Media President Lew Dickey and EVP John Dickey have exited the company.

Their departure ends weeks of speculation about imminent big changes at Cumulus, the Atlanta-based radio power, whose stock plummeted to a new low yesterday. The next step for America’s #2 broadcaster is expected to involve a wholesale reorganization, along with the naming of a new top executive.

Veteran radio execs Dan Mason Sr. and John Hogan are said to have spoken with the Cumulus board, which has a meeting is scheduled for Thursday.

Stay tuned for further news from Peachtree Road.

The major labels are watching these developments with great interest. The respected and well-liked John Dickey has been a willing and capable partner on the artist-development front; indeed, many believe he’s singlehandedly responsible for transforming the relationship between his company and the majors.