Stock Market News
Cumulus Media Receives Acquisition Offer From Warshaw-Led Consortium, Reports
2022.04.14 23:36
By Sam Boughedda
Investing.com — Cumulus Media Inc (NASDAQ:CMLS) has received a $1.2 billion bid, including debt, from a consortium led by US radio station veteran Jeff Warshaw, according to Reuters.
Cumulus stock spiked 39% on the news, closing at highs of $14.21. They last hit that level back in July 2021.
Cumulus is an Atlanta-based broadcasting company and the third-largest owner and operator of AM and FM radio stations in the United States.
Reuters, citing sources, said Warshaw has told Cumulus that he is willing to take it private for $15 to $17 per share.
The source added that a deal is not certain and it is unclear how Cumulus will respond to the offer. However, Warshaw would be willing to pay more.
