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Cumulus Media Reviewing Offer Made by Jeff Warshaw

Cumulus saw its stock price jump about 40% following the Reuters report.

Eduardo Razo

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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)

News Radio

Howard Stern Reveals MSNBC Go-To Source for News

Stern told “Morning Joe” in an extensive interview that MSNBC is the network for him regarding cable news consumption.

Eduardo Razo

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SiriusXM radio host Howard Stern told “Morning Joe’s” Joe Scarborough and Willie Geist in an extensive interview that MSNBC is the network for him regarding cable news consumption. 

Stern stated that he’s a major fan of “Morning Joe” and went the extra mile to say that he and co-host Joe Scarborough share the same political idealogy.

“I watch you guys every morning,” Stern said (h/t Mediaite). “I really enjoy the show. Oddly, I agree politically with almost everything Joe says. I don’t think there’s much difference there.”

The radio host thanked MSNBC for providing him with what he loves: 24/7 news. Additionally, Stern offered a shoutout to network host Symone Sanders and stated he’s no fan of Dateline repeats.

“By the way, I want to give a shoutout to MSNBC,” Stern added. “Thank God you don’t play the old Datelines anymore on the weekends. I like news. I watch this channel exclusively for news. I tune out on the weekend. 

“It’s like all news stuff. I’m watching old Datelines. I like when you guys are onI like news 24/7, and now I find I’m getting it. I get Symone on the weekend. Big fan of hers. Symone coming on strong. What can I tell you? I know the whole lineup.”

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Trespassing Charges Against John DePetro Dismissed

DePetro have been dismissed as he faced a trespassing charge related to an incident over the summer during a Monday court hearing.

Eduardo Razo

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Charges against John DePetro have been dismissed as the radio host faced a trespassing charge related to an incident over the summer during a Monday court hearing.

DePetro was arrested in mid-August outside a home on Staples Avenue in Warwick.

Police searched the house several months earlier as part of an investigation into the disappearance of Charlotte Lester, who has been missing for six months.

“I respect our justice system and respect law enforcement, specifically the Warwick PD,” DePetro said on Twitter. “The search for Charlotte Lester continues as I resume efforts searching for answers into her disappearance and holding Mark Perkins accountable for his actions against myself and Ladybug.”

The man who lives there, Mark Perkins, was also arrested the following day after he allegedly charged at DePetro with a lawnmower while DePetro was live-streaming. 

Unlike DePetro, who had his charges dismissed, Perkins still faces an assault charge, according to court records.

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News Radio

Oklahoma’s The Eagle 96.9 Rebrands as Freedom 96.9

KZLS started simulcasting on KQOB at the beginning of this year after the 96.9 signal was leased to Citadel and Cumulus Media for nineteen years. 

Eduardo Razo

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Champlin Broadcasting Conservative Talk The Eagle 96.9 KQOB Enid/Oklahoma City and 1640 KZLS Enid will look a little different for its listeners as the station has rebranded.

Rather than calling itself The Eagle 96.9, the radio station will now be known as Freedom 96.9 (h/t Radio Insight). KZLS started simulcasting on KQOB at the beginning of this year after the 96.9 signal was leased to Citadel and Cumulus Media for nineteen years. 

The station features a syndicated lineup, including Hugh Hewitt, Brian Kilmeade, Dan Bongino, Mike Gallagher, Joe Pags, and Bill O’Reilly. Furthermore, with the rebrand possibly comes a new addition.

Freedom 96.9 is teasing the addition of Dana Loesch to the lineup as well to enhance the rebrand further as the station begins a new chapter as it provides news/talk to the residents. 

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