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Connoisseur Media makes bid to buy Cumulus

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Realist
Posts: 979
Joined: Wed Dec 13, 2006 10:36 pm
Location: Northern Michigan

Connoisseur Media makes bid to buy Cumulus

Post by Realist » Thu Apr 14, 2022 7:47 pm

I’m really hoping this happens as Cumulus has, amongst several things, ruined the old Citadel stations.

From RAMP:

Warshaw Makes Offer To Buy Cumulus

Reuters reports that a consortium led by Jeff Warshaw, CEO of Connoisseur Media has made an offer to acquire Cumulus Media for close to $1.2 billion, including debt.

Connoisseur currently owns 13 radio stations, while Atlanta-based Cumulus owns and operates 406 radio stations. hat he would be willing to take it private for $15 to $17 per share, the sources said. Cumulus shares were hovering around $11 before news of the bid emerged on Thursday afternoon.

Warshaw indicated he would be willing to pay more, subject to due diligence, the sources added. Further details on Warshaw's consortium could not be learned; however, Reuters notes that Warshaw's blank-check acquisition firm Virtuoso Acquisition Corp merged with automotive data analytics firm Wejo last year in a $1.1 billion deal.

It was unclear how Cumulus would respond to the offer and no deal was certain, sources told Reuters. Warshaw and Cumulus could not immediately be reached for comment.



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