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Jeff Warshaw Makes Approximately $1.2B Bid to Buy Cumulus Media

According to Reuters, Warshaw and several unnamed investors want to take Cumulus private for $15-$17 per share.

Ryan Hedrick

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Connoisseur Media CEO Jeff Warshaw reportedly made an unsolicited offer to purchase Cumulus Media for approximately $1.2 billion. The proposed deal, which was reported on Thursday afternoon, caused shares of Cumulus to jump nearly 40%.  

According to Reuters, Warshaw and several unnamed investors want to take Cumulus private for $15-$17 per share. Warshaw declined to comment when reached via text by rbr.com.

Warshaw’s Connoisseur Media 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.  

A Cumulus Media spokesperson told Inside Radio that the company received  “an unsolicited, non-binding, highly conditional indication of interest.” The company added the letter was “consistent with its fiduciary duties.” 

Adding that, “the Cumulus Board of Directors is reviewing the letter.” 

Cumulus is radio’s third-largest group with 406 stations, the Westwood One radio network, and a growing digital platform that includes the Cumulus Podcast Network.

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Ben Shapiro: Donald Trump Endorsing People Doesn’t Carry a Lot of Power

During his show on Wednesday, Shapiro said Trump may hold power over the Republican party but when it comes to local political races, there are other factors at play.

Ryan Hedrick

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AFP/Getty Images/Jason Kempin

Syndicated radio host and author Ben Shapiro suggested that an endorsement from former President Donald Trump is not the golden ticket it’s portrayed to be.

During his show on Wednesday, Shapiro said Trump may hold power over the Republican party but when it comes to local political races, there are other factors at play.

“So, there’s a difference between Donald Trump endorsing a person, which I don’t think has a lot of power. And Donald Trump is destroying people,” Shapiro said via Mediate.

“He (Trump) actually talked about how Brian Kemp was terrible and horrible and no good and very bad. And Brian Kemp won because he had earned the loyalty of the Republican voting base in Georgia, despite Trump’s anger at Brian Kemp.”

Shapiro concluded that “Trump does not have the sort of stranglehold the media thinks he has on the Republican Party.” 

Recently, Pennsylvania Senate candidate Dr. Mehmet Oz is one Trump-endorsed candidate that has backed away from the former president.

An Axios analysis of Oz’s social media and campaign website uncovered that the Republican candidate is no longer lauding his Trump endorsement ahead of the midterm elections this fall.

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Longtime WIBC News Anchor Retires After Nearly 30 Years

Stan Lehr is calling it quits with his final day coming July 1.

Ryan Hedrick

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Longtime WIBC-FM news anchor Stan Lehr is calling it quits after nearly 30 years behind the microphone. The Indianapolis Star reports that Lehr’s last day will be July 1. 

WIBC is owned by Emmis Communications who last week announced a move to sell its Indianapolis radio properties to Maryland-based Radio One. Lehr’s retirement reportedly had nothing to do with the news of the impending sale. 

“This will bring to an end a long chapter in the station’s history,” WIBC News Director Chris Davis wrote in his email. “His reputation as a stickler has been widely-known in the industry for decades.” 

Davis described Lehr as a “stickler” who never wanted recognition for his work. 

“Instead, he made it clear to all who work or have worked with him that strong writing, accuracy, and excellence in delivery are the best ways to serve the listeners,” added Davis. 

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WWL, FEMA Unveiling New Emergency Broadcast Studio

The news conference will occur at 9 a.m. CT, leading to official remarks, Q&A, a tour of the facility, and a live demonstration at the WWL PEP station emergency studio. 

Eduardo Razo

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FEMA and Audacy’s WWL-AM/FM will present the unveiling of an all-hazards upgrade to the “Primary Entry Point” facility on June 28th. 

The news conference will occur at 9 a.m. CT, leading to official remarks, Q&A, a tour of the facility, and a live demonstration at the WWL PEP station emergency studio. 

Some of the speakers at the event will include Erik Hooks, Deputy Administrator, FEMA, and Kevin Cassidy, Senior Vice-President, Market Manager, Audacy-WWL. 

“The modernization to the emergency studio increases WWL’s resiliency to continue broadcasting under all conditions, including natural disasters and acts of terrorism,” the statement said which Barrett News Media obtained. “This facility is one of 77 across the country that serve as a National Public Warning System Primary Entry Point (PEP) station, participating with FEMA to provide emergency alert and warning information to the public before, during and after incidents and disasters.”

“WWL is the 15th radio station in the country to work with FEMA to complete the all-hazards upgrade, which includes increased sheltering capabilities, expanded broadcast capacity, and sustainable power generation for all types of hazardous events.”

Anyone attending the event will arrive at check-in 15 minutes before the press conference starts.

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