Cumulus Media Inc. (CMLS) owns and operates radio stations in the United States.
It owns and operates 406 stations in 86 markets, as well as approximately 9,500 affiliated stations through Westwood One.
The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and other partners.
It also provides digital marketing services, such as email marketing, geo-targeted display and video solutions, website and microsite building, hosting, social media management, reputation management, and search engine marketing and optimization.
The company serves advertisers through broadcast and on-demand digital, mobile, social, and voice-activated platforms.
Shares have formed a bullish "flag" following rumors that the company has received a buyout offer.
Cumulus Media confirmed that it has received a non-binding and “highly conditional indication of interest” after Reuters reported that a consortium led by Jeff Warshaw had offered to buy Cumulus.
A Cumulus spokesperson said that “consistent with its fiduciary duties and in consultation with its financial and legal advisers,” the board is reviewing the letter.
The Reuters reported Warshaw told Cumulus he would be willing to pay $15 to $17 per share, with a potentially higher price subject to due diligence.
Entry Point: $14.75
Trading Range: $8.91 - $15.20
Stop Loss: $13.75
Target Price: $17.00
CMLS closed at $13.40