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The Dickeys were good at leveraging debt to acquire successful radio stations. And they were really good at enriching their family. They were not so good at operating those stations.

Amid rapidly declining sales, operating profits at Cumulus were down 18 percent in the second quarter alone.

The price of Cumulus stock has tumbled 83 percent — 83% — just this year! It fell another 8.3% yesterday, and is now down to 68 cents a share.

Two weeks ago, Moody’s downgraded the rating of Cumulus’ massive $2.4 billion in debt to B3 — junk status.

For the thousands of talented people whose professional and personal lives have been ruined by this company, there can be little satisfaction today. The Dickeys will keep their millions. Their lifestyle won’t change all that much.

The company they created, Cumulus, not only hurt their own stations with their inept, short-sighted, top-down, cheapened, worsened product, they hurt almost every station in every market they’re in — because they kept downward pressure on advertising rates in all those markets.

This is the poster child for consolidated radio.

What a waste.