Cumulus Media on Wednesday morning distributed a letter to its shareholders that played up the audio content creation and distribution company’s “strong financial results and outlook,” shared details regarding a new capital return program, and addressed an unsolicited bid for the company from a purported consortium of investors led by the man who founded and runs Westport, Conn.-based Connoisseur Media, Jeff Warshaw.
The latter subject is likely the one most industry observers have an interest in. And, Cumulus made it clear where it stands on Warshaw’s offer. In short, Cumulus’ board gave it a thumbs down while noting that it is open “to all paths that continue to drive superior shareholder value.”
