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)
The DJV Show Wins Gracie Award
hese awards honor the most accomplished women in television, radio, and digital media with a presentation at the Beverly Wilshire Hotel in Los Angeles on May 24th.
The Alliance for Women in Media Foundation has announced the 47th Annual Gracie Awards winners, including the radio talk show, The DJV Show, hosted by Doug Stephan and Co-Hosts Jennifer Horn and Victoria Keelan, along with Jai Kershner presenting the What’s Trending Report.
These awards honor the most accomplished women in television, radio, and digital media with a presentation at the Beverly Wilshire Hotel in Los Angeles on May 24th.
“The DJV Show is customizable by daypart to fit any station’s needs. Stations can localize the show by including their own content at designated points throughout each hour,” the statement said, which Barrett News Media obtained.
“It can also be tailored to fit multiple formats, including talk, adult contemporary, classic hits, hot AC, oldies, and more. The Gracies honor the outstanding talent, such as The DJV Show, and content in radio, television, and digital media made by, for, and about women.”
The “DJV Show” is a morning talk-radio show that airs live Monday through Friday from 5 am until 9 am, featuring a fast-paced layout covering various topics. Furthermore, the program has over 325 affiliates nationwide.
Federal Judge Throws Out Lawsuit by a Former NPR Employee
Zandile Mkwanazi’s suit alleged he was subject to discrimination based on his race and a hostile work environment.
A federal judge has thrown out a lawsuit brought by a former NPR network operation technician who alleged that he faced racial discrimination and unfair treatment while employed at the network.
According to Inside Radio, Zandile Mkwanazi’s suit alleged he was subject to discrimination based on his race and a hostile work environment. His suit alleged that he was subject to discrimination based on his race and a hostile work environment.
Mkwanazi was fired in October 2019. He sought back pay and damages from NPR and a court order blocking the network from taking any retaliatory actions against him with future employers.
The lawsuit said, Mkwanazi’s supervisor, who was white, introduced him to coworkers as “a new boy working for us” and repeatedly used the term “boy.” Mkwanazi said he found the term racially offensive even though his supervisor referred to all employees as “boys.”
“The parties participated in mediation, and they have reached a resolution in principle,” attorneys said in a statement. Mkwanazi was seeking unspecified damages for lost wages as well as compensatory and punitive damages.
Dave Ramsey Documentary Wins 2022 Webby Award
“Borrowed Future: How Student Loans Are Killing the American Dream” will be honored during the 2022 Annual Webby Awards.
A web documentary produced by nationally syndicated radio personality Dave Ramsey has earned recognition from the International Academy of Digital Arts and Sciences (IADAS).
According to Inside Radio, “Borrowed Future: How Student Loans Are Killing the American Dream” will be honored during the 2022 Annual Webby Awards. The event will take place at the 26th Annual Webby Awards on May 16 in New York.
“There’s no doubt we stirred up a holy ruckus with this documentary, and I’m so proud of the team that put it together,” Ramsey said in a statement.
“The student loan industry is downright evil. We definitely can’t bank on student loan forgiveness, and it’s about time America said, ‘I’ve had it!’”
“Borrowed Future” is Directed by David DiCicco. The story follows college graduates who owe between $9,000 and $1 million in student loans, a college graduate who paid cash for college, and a group of high schoolers who haven’t made their choice yet.
For weeks, the film held top spots on multiple streaming platform charts: No. 1 documentary on Google Play, No. 2 documentary on Apple TV, and No. 5 documentary (rent or buy category) on Amazon Prime Video.
“This documentary has set the standard for innovation and creativity on the Internet,” Claire Graves, Executive Director of The Webby Awards. “This award is a testament to the skill, ingenuity, and vision of its creators.”