It looks like Cumulus Media‘s Board of Directors may be making the necessary roadblocks to a potential takeover by an outside interest.
The nation’s No. 2 radio broadcasting company by number of stations on Monday adopted a rights agreement that, as it states in an 8-K filing with the Securities and Exchange Commission, is “designed to protect the company’s substantial net operating loss carryforwards in order to preserve [its] long-term value and maintain the integrity of the company’s ongoing restructuring process.”
