J.P. Hannan, senior vice president, treasurer and chief financial officer of cash-strapped radio giant Cumulus Media, has vacated his position at the Atlanta-based broadcaster after six years.
Industry trade publication Radio Ink reports that Hannan, who first joined Cumulus in 2008 as vice president and controller, has left Cumulus “to pursue other interests.” He will now be succeeded by John Abbot, who fills the CFO slot on July 1.
Abbot joins Cumulus from data center industry tech provider Telx Holdings Inc., where he served as CFO. Prior to that he was CFO of cable television company Insight Communications. That company was sold to Time Warner Cable in 2012 for $3 billion.
Cumulus Media is the second largest radio operator in the U.S. The radio giant in 2015 posted a net loss of $546.5 million, with debt standing at $2.4 billion. The Atlanta Business Chronicle in April reported that Cumulus had previously attempted to persuade Hannan to stay on board.
Radio Ink reports that Hannan, who was previously CFO of Modern Luxury Media and held COO and CFO stints at Lambert Television, Inc., will assist with the company’s leadership transition over the course of the next several months.
Boston Globe Media acquires InstaTrac, a company that provides subscription-based services aimed at making government information easier to find, track, and understand... AARP names former New Republic CEO and publisher Michael Caruso as its SVP and chief content officer, unifying the organization's portfolio of media, live events and digital platforms... The Fund for American Studies, an educational nonprofit, awards its inaugural Journalism Excellence Fellowships.
Trump Media and Technology Group Corp. has replaced CEO and former California Congressman Devin Nunes with Kevin McGurn, a seasoned media sales executive.
The Pittsburgh Post-Gazette is being bought by the Venetoulis Institute for Local Journalism, a nonprofit that is the parent organization of the Baltimore Banner... The British Broadcasting Corporation is axing approximately 2,000 jobs, about 10 percent of its work force... Snap, the company behind Snapchat, is also succumbing to layoff fever, announcing plans to lay off 16 percent of its employees, about 1,000 people.
CBS News Radio will go off the air on May 22, part of the axe-swinging managerial plan put into play by CBS editor-in-chief Bari Weiss... The Economist, which was first published in 1843, is changing hands. Canadian billionaire Stephen Smith has agreed to acquire a 26.9 percent stake in the publication from Lady Lynn Forester de Rothschild, her family and family foundation... Nexstar Media Group says it has closed its acquisition of TEGNA, the broadcast, digital media and marketing services company that was formed in 2015, when the Gannett Company split into two publicly traded companies.
USA TODAY brings on Jamie Stockwell as VP of news, effective March 30. Stockwell was most recently deputy managing editor of news for the Washington Post... YouTube expands its likeness detection capabilities to a pilot group of government officials, journalists and political candidates... The AP Fund for Journalism adds 50 news organizations to its local news program, bringing the total number of participating newsrooms to 100. 
