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Cumulus Media Inc.s stock price perked up last Tuesday, after the Milwaukee-based radio-station consolidator said it had hired KPMG L.L.P. as its auditor.

5/14/2000 08:00:00 PM Eastern

Cumulus Media Inc.'s stock price perked up last Tuesday, after the Milwaukee-based radio-station consolidator said it had hired KPMG L.L.P. as its auditor. Its previous auditor, PricewaterhouseCoopers L.L.P. resigned on April 24 after signing off on Cumulus' late 1999 financial report. PwC noted, however, that it had found two "material weaknesses" in Cumulus' accounting system that have been or are being corrected. After PwC's replacement was announced last Monday, Cumulus' stock rose 7.2%, to close the next day at $13 per share. But it drooped again last Wednesday to close at $12.625. Cumulus also is seeking a new chief financial officer.

 

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