Cumulus Media’s share price climbed 11.9% to $3.30 on Friday (May 12) after the company announced it commenced a “modified Dutch auction” tender offer to purchase up to $10 million of shares of its common stock at up to $3.25 per share. That news led to a 19.1% improvement this week and made Cumulus, the third-largest radio company in the U.S. by revenue, the week’s top performer on the Billboard Global Music Index.
Radio companies have suffered from an advertising slowdown since the second half of 2022. Two weeks ago, Cumulus CEO Mary Berner cited “considerable
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