Renew Group Private Ltd. has again reduced its ownership stake in Cumulus Media, according to a new SEC filing. The Singapore-based investment firm, led by billionaire Manoj Bhargava, now holds 7.2% after owning more than 10% of shares to start the year.
The filing shows that Renew Group now holds 1,239,917 shares of Cumulus Class A Common Stock. This follows a series of recent sales totaling nearly 190,000 shares between March 28 and April 4, executed on the open market at prices ranging from $0.4395 to $0.4967 per share.
Renew Group originally acquired its Cumulus holdings at a total cost of $5,129,395.88, according to the filing. Since the end of February, the broadcaster’s share price has plummeted from $0.90 to just above $.30 and is in danger of being delisted from Nasdaq over an equity shortfall.
The moves come just weeks after Cumulus allowed its “poison pill” shareholder rights plan to expire, which was originally presented to prevent any shareholder from acquiring more than 15% of Cumulus stock without triggering dilution. Renew previously held over 10% and had indicated an intent to increase its stake to 20%, triggering hostile takeover fears.
Bhargava was at the center of a controversial takeover of The Arena Group, the parent company of Sports Illustrated, in 2023 after paying $50 million in cash for a 65% stake That acquisition was marked by executive upheaval, missed debt payments, and widespread layoffs that led to a lawsuit.
