Warshaw is the founder and CEO of Connoisseur Media, which owns and operates 13 radio stations that broadcast in Connecticut, Maryland and Long Island, according to the company’s website. In 2020, he also launched a SPAC — a blank check corporation dubbed Virtuoso Acquisition Corp. that acquired a minority stake in Wejo, a Manchester, U.K.-based company described as a connected car company in press reports., has issued a statement saying it’s reviewing the offer.
Cumulus shares closed on April 14 at $14.21 on news of the bid, up 39.9% from the previous day’s close of $10.16, according to Yahoo! Finance. Since then, NASDAQ has apparently halted trading in the stock due to its volatility. With 20,625,542 shares of Cumulus common stock outstanding, the April 14 closing price gives the company a market capitalization of $293.1 million, an increase in valuation of $84 million from the prior day’s market capitalization of $209.1 million. The other $900 million from the $1.2 billion offer would likely be used to retire existing debt — a $353.84 million term loan and $445.1 million in debentures, as of Dec. 31, 2021, according to Cumulus’ 10-K filing with the SEC.
In 2021, Cumulus Media reported $17.3 million in net income, or 83 cents per diluted share, on revenues of $916.5 million. That represented a turnaround from a prior-year loss of $59.7 million, while revenues increased 12.2% from $816.2 million.
Bruh people still gaf about radio? Mind blown. Watch it be a bunch of Syrians from michigan 🤌🤌🤌🤷🏿♂️
💢😂👇🏼💢