Connoisseur Media CEO Jeff Warshaw made headlines a couple of days ago when a reported offer to buy Cumulus Media surfaced.
Warshaw reportedly floated a proposal to purchase the company for between $300 and $340 million. Radio Ink provided a statement made by Cumulus regarding the offer they have on the table.
“Cumulus Media confirmed receipt of a letter with respect to an unsolicited, non-binding, highly conditional indication of interest. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the Cumulus Board of Directors is reviewing the letter,” the statement said.
Cumulus saw its stock price jump about 40% following the Reuters report. The reported Warshaw bid is for $15 to $17 per share. The stock price had been treading ahead in the $10-$11 range for the past year.
Furthermore, the report also stated that Warshaw might be keen to spend more for the company once he looks closer at the books. Radio Ink also spoke to financial experts, who said that Cumulus has two options.
“The Cumulus Board of Directors could ignore the offer and continue to operate as is, or they could engage with Warshaw and allow a possible sale move to the next step,” Radio Ink wrote.
“Everyone we spoke to believes it’s prudent for the shareholders of the company that the Board at least take a look at this offer or justify why it did not engage.”
Cumulus’ Board of Directors is made up of:
Andy Hobson (Innovatus Capital)
David Baum (former investment banker)
Mathew Blank (former CEO of Showtime Networks)
Tom Castro (Founder and CEO of El Dorado Capital)
Joan Gillman (former cable executive)
Brian Kushner (FTI Consulting)
Mary Berner (CEO of Cumulus)
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at firstname.lastname@example.org.
Jay Weber: Media ‘Covering’ For Biden, Democrats On Border Crisis
“Biden and the Democrats are allowing it to happen. Allowing it! And the news media covers for them.”
Many conservative commentators have maligned the interview President Joe Biden conducted with Scott Pelley of 60 Minutes last Sunday, and have claimed he got a “pass” on the nation’s southern border. 1130 WISN host Jay Weber can be added to that list.
“Trust me, if a Republican was president, dozens of terrorists roaming America because of the president — intentionally — reopened the borders, it would be a huge deal and a relentless obsession by the news media,” Weber said. “Biden and the Democrats are allowing it to happen. Allowing it! And the news media covers for them.”
Weber pointed out a perceived hypocrisy in liberal circles, as many have claimed Governor Ron DeSantis (R-FL) is guilty of kidnapping after sending illegal immigrants to Martha’s Vineyard, MA, but are ok allowing the southern border to remain open.
He continued by pointing out the southern border’s role in national security, saying it took only 13 people to attack America on 9/11.
Dan Mandis: There’s A Reason Greg Gutfeld Is Winning Late-Night Competition
“There are consequences for doing that. It is now well known that Greg Gutfeld, over there on Fox News, is beating the snot out of Stephen Colbert.”
After playing a recent clip from The Late Show with Stephen Colbert, Mandis said it was the chief reason why network shows are losing to Gutfeld. In the clip, Colbert’s audience cheers when the host brings up a Texas sheriff opening an investigation into the actions of Governor Ron DeSantis (R-FL) for shipping illegal immigrants to Martha’s Vineyard, MA. Colbert called DeSantis “a body builder who skips head day” in his monologue, and Mandis found the comments offensive. He claimed shows on ABC, NBC, CBS, and FOX should be a place for all viewers, not just members of the “progressive left”.
“To me, Colbert’s show should be on CNN or MSNBC to cater to the left,” Mandis said. “But again, he’s on the network where he should be welcoming for all. There are consequences for doing that. It is now well known that Greg Gutfeld, over there on Fox News, is beating the snot out of Stephen Colbert. I know what you’re thinking. ‘Isn’t Gutfeld blowing off half of America?’ Perhaps, but he’s on Fox News, where people know what they’re going to get.”
Mandis then pointed out the difference in Gutfeld’s approach compared to Colbert’s, saying Gutfeld’s panel approach is easier to digest than Colbert’s solo monologue followed by celebrity interviews.
Will Dahlberg New GM For WBHM
“I look forward to working with our team, our listeners and our supporters in the weeks and years ahead to put more ‘public’ in public media by better serving all our communities.”
WBHM, the news/talk station owned by the University of Alabama at Birmingham, has named Will Dahlberg as its new Executive Director and General Manager.
“Working at WBHM for the past decade has been the highlight of my professional career, and I am honored to serve as executive director,” Dahlberg said. “I appreciate the search committee’s confidence in my abilities to lead this amazing station and the talented and diverse team that works hard to serve our community. I am so grateful to the amazing WBHM team for their time, support and patience during my time as interim and throughout this search. I am also grateful to the many people at UAB who continue to support WBHM’s important mission.”
He also added how important WBHM has been, and will continue to be to the greater Birmingham communitiy.
“WBHM has done an excellent job as a public radio station since 1976, but it is important that we continue to strive to do more,” Dahlberg continued. “I look forward to working with our team, our listeners and our supporters in the weeks and years ahead to put more ‘public’ in public media by better serving all our communities. As Birmingham evolves, so should its public radio station, and I can’t wait for us to do that together.”
Dahlberg has previously worked as the Deputy Director and Membership Manager for the station. He has been the interim executive director since mid-2021.
“Will has more than a decade of experience at WBHM in a range of roles, including 15 months as interim executive director, and his passion for public radio and the people it serves is evident in everything he does,” said UAB Chief Communications Officer Jim Bakken. “WBHM provides an invaluable service to the Birmingham community and beyond, and Will’s commitment and vision will lead the station in delivering on its mission.”
Garrett Searight is the Editor of Barrett Sports Media and Barrett News Media. He previously was the Program Director and Afternoon Co-Host on 93.1 The Fan in Lima, OH. He is also a play-by-play announcer for TV and Radio broadcasts in Western Ohio.