CEO 101: Lew Dickey and the Realm of Radio The Inventivity Pod

Recalling his time in the radio business, guest Lew Dickey tells host James Di Virgilio that, as a CEO, it is important to recognize that you are often forced to take things as you go: “The landscape is changing—you might be able to see a little bit around the corner, but nobody has perfect vision into the future.” Currently, Dickey is the Co-Founder and Chairman of DM Luxury, America’s largest regional magazine company. However, this piece of advice rings especially true considering his background as the former CEO of Cumulus Media, the nation’s second largest radio company.
In this episode, Dickey remembers the quick and drastic shift into the digital realm, a time when somebody like Steve Jobs showed up to Stanford University with his latest Apple products and showed them to eager students, including Dickey, who took inspiration from those moments—as well his own father’s history in broadcasting—to create his own company.
 
TRANSCRIPT:
Intro: (00:01)Starting and running your own company. It's not for everyone, but for those who have done it, it can be exhilarating, exhausting, and easily the hardest thing they've ever done. So we decided to go on and talk to some of those people and find out what they've learned, what they'd repeat and what they'll never do again. We'll hear stories from their first year, then from the period when they realized they're going to survive and how they intend to position their companies for the future. We'll find out what a CEO's normal day is like, how they build and manage their teams, what it's done to their personal lives. And finally, when is it time to move on? Joining us for CEO 101, a limited series of deep looks at people who are their own boss, for better or for worse. Intro: (00:40)Today's guest CEO, Lew Dickey came to prominence as co-founder and CEO of Atlanta-based Cumulus Media, the nation's second largest radio company. He is also the co-founder and chairman of DM Luxury, America's largest regional magazine company. James Di Virgilio: (00:56)Lew, take us back to your first year, starting your venture. How did it feel to take on such a role and how did that necessitate some changes in your life?  Lew Dickey: (01:05)It's interesting because I had a market research business that I was running and had started that when I got out of school back in 1985, and that business I was working for all the major television groups and radio groups across the country doing market research and strategy consulting. My sort of purview was nationwide. I was operating in dozens and dozens of markets from the largest to the smallest providing consulting services and market research, consumer insights. So I understood the landscape and I knew a lot of the owners and managers across the country. And I was doing some work for early stage venture capitalists that own some stations in the Caribbean, and they were a mess and I was down there helping this person try to get them figured out. And I was talking about the telco act, which had just passed. This was in 1996, the telco act that had passe