Cumulus announced yesterday that it would be reporting earnings on Wednesday, May 4th at 8:30AM. Attendance for that call may be fairly high with what transpired recently regarding Cumulus.
When CEO Mary Berner recaps the 1st quarter of 2022, that may be the first time we hear anything about the Warshaw offer to buy Cumulus.
She may also say nothing about it at all, although all the analysts and investors on the call will certainly want to hear if the company plans to accept or reject his offer.
The Connoisseur Media CEO reportedly floated an offer to buy Cumulus for between $300 and $340 million. The report said Warshaw might even sweeten that offer when he gets a closer look at the books. Of course all of this is speculation as Warshaw has never actually issued a press release announcing his offer or commented on the leaked story to Reuters. Warshaw didn’t respond to a request for comment yesterday either.
The Cumulus Board of Directors immediately responded to the report of the offer with a statement that it received an unsolicited letter and was reviewing it. Cumulus has said nothing more.
Warshaw’s alleged offer to buy one of radio’s biggest companies, with hundreds of radio stations and a network, will certainly be the buzz at the NAB show in Las Vegas which kicks off this weekend. At least where the radio executives are hanging out.
