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Report: Cumulus Media Rejects Second Offer From Jeff Warshaw

In May, Warshaw sought to buy the company for $1.5 billion but that attempt was rebuffed by the company’s board.

Ryan Hedrick

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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. 

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Mike Max Is Out at Minnesota’s WCCO

WCCO is cutting into its sports content as parent company Audacy is making cuts nationwide earlier this week, leading to the departure of Max

Eduardo Razo

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WCCO is cutting into its sports content at the news/talk station as parent company Audacy is making cuts nationwide earlier this week, leading to the departure of Mike Max. 

Max is a stable in the news media scene in Minnesota and is often more famous than many of the athletes he covers, which is why the decision to part ways with the sports journalist might surprise some. 

“In an effort to reduce costs, we had to make some difficult decisions today and had to say goodbye to Mike Max,” wrote Jeff Gonsales, senior vice president, and Minneapolis market manager for Audacy. 

The former WCCO reporter did provide remarks following Audacy’s decision to let him go. 

“It was a thrill to host at the same time slot for 24 years on the station I grew up with,” Max told the Star Tribune. “I leave with no regrets.”

As of now, no decision has been made regarding who will permanently fill the 6:30-9 p.m. weekday spot where “Sports to the Max with Mike Max” aired. 

Nonetheless, the Star Tribune reports that Henry Lake, who hosts the 9 p.m. program, will take over the time slot.

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WTOP Names Winners for Best Local Restaurants Contest

WTOP recently announced its plan to help several local restaurants in Maryland, D.C., and Virginia through its “WTOP Top 10 Contest.”

Eduardo Razo

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WTOP recently announced its plan to help several local restaurants in Maryland, D.C., and Virginia through its “WTOP Top 10 Contest,” and now the radio station has revealed the winners. 

The winner of each category will receive a $1,000 check that includes: BBQ, Burger, Pizza, International Cuisine, Bakery, Coffee Shop, Vegetarian/Vegan, Place to Grab a Drink, Seafood, Brunch.

“The last few years have been especially hard for the small businesses that make up the heart of our community,” Joel Oxley, SVP/GM said. 

“We are so excited to be able to continue our annual WTOP Top 10 Contest and work together with our neighbors to highlight and support the best local restaurants across our region.”

Here is the list of winners:

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KFI’s Corbin Carson Wins NABJ Award for Best Documentary

Carson won the award for his piece on “This Sand is My Sand: The Stolen Legacy of Bruce’s Beach.”

Eduardo Razo

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KFI news reporter, Corbin Carson, has won the “Salute to Excellence Award” for Best Documentary from the National Association of Black Journalists for his piece on “This Sand is My Sand: The Stolen Legacy of Bruce’s Beach.”

The two-hour documentary concentrates on property in Manhattan Beach that was stolen from the Bruce family via eminent domain in the 1920s amid threats from the KKK. 

Furthermore, the feature contains exclusive interviews with historians, protestors, pundits, and the Bruce family about racism, reparations, and a yearlong campaign to return the $20+ Million-dollar beachfront parcel.

“Proud to be chosen for the 2022  @NABJ Salute To Excellence Award for Best Documentary: “This Sand is My Sand: The Stolen Legacy of Bruce’s Beach,” Carson tweeted on Tuesday

“Thanks to the Bruce Family (and many others) for letting me tell their powerful story.”

This Sand is My Sand: The Stolen Legacy of Bruce’s Beach” resulted in the California Governor signing a bill that would return the multi-million-dollar property to descendants of the Bruce family.

Anyone interested in listening to Carson’s documentary can click here

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