With the release on Wednesday of its first quarter 2022 earnings results, Cumulus Media effectively spurned a buyout offer from a consortium led by Connoisseur Media founder and head Jeff Warshaw and announced it would move forward with a share repurchase program — “a clear reflection” of the Board’s confidence in Cumulus’ long-term operating plan.
“We expect to begin this program in the very near term,” Cumulus Media EVP/CFO Frank López-Balboa said during the company’s Q1 2022 earnings call.
The program has begun, with a “modified Dutch auction” tender offer that will see Cumulus acquire half of the $50 million in shares it intends to repurchase.
