Cumulus Media turned down an offer to buy the company for $15 to $17, the broadcaster said on Wednesday.
The company has not named a potential buyer, although Reuters previously reported that the consortiumF. WarsawThe CEO of broadcaster Connoisseur Media has offered to buy the company and transfer it to private ownership at that price. In a letter to shareholders, Cumulus Media, the third-largest owner and operator of AM and FM radio stations in the United States, said the price was “reducing” the deal.
“After careful and exhaustive deliberation in consultation with our financial and legal advisors, the Board unanimously concluded that the interest is highly valued by the company and is not in the best interest of its shareholders,” the letter read. “The company’s board is open to all avenues that continue to increase shareholder advantage.”
Cumulus Media shares are up 46% last year. On Tuesday, the stock price fluctuated between $13.05 and $13.94 during trading.
On Wednesday, the company announced US$ 50 million share redemption program. Part of her became known about it. First-quarter profit of $232 million in revenue, up 15% year-over-year, and a net loss of $0.9 million compared to a net loss of $21.9 million in the previous quarter.
“Our strong momentum across all lines of business, multiple digital revenue growth drivers, operational efficiency and high cash flow provide the company with substantial untapped progress, which it expects will continue on behalf of its shareholders,” the company said in a statement. communicated.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
