Cumulus Media has reportedly rejected a second offer from Connoisseur Media CEO Jeff Warshaw to purchase the company for $15 to $17 per share.
Radio Ink reported the latest development Wednesday. In May, Warshaw sought to buy the company for $1.5 billion but that attempt was rebuffed by the company’s board. Cumulus Media owns and operates 406 radio stations across the country in 86 markets.
“After a careful and thorough review, conducted in consultation with our financial and legal advisors, the Board unanimously concluded that the indication of interest significantly undervalues the Company and is not in the best interests of its shareholders,” the board said in a statement in May.
Warshaw’s company owns and operates 13 radio stations in Maryland, New York, and Connecticut. In 2019, Connoisseur Media executed an asset exchange with Cumulus. In the deal, Connoisseur acquired two radio stations in Southern Connecticut, including news/talk brand WICC in Bridgeport, Connecticut.
Cumulus’ board reportedly believes that Warshaw’s current offer is still too low. The website was not able to reach either party for a comment.
