Cumulus media announces modified dutch auction tender offer to purchase up to $10 million of its outstanding class a common stock

Atlanta, may 12, 2023 (globe newswire) -- cumulus media inc. (nasdaq: cmls) (the “company” or “cumulus”) today announced that it commenced a “modified dutch auction” tender offer to purchase up to $10 million of shares of its class a common stock, or such lesser number of shares of its class a common stock as are properly tendered and not properly withdrawn, at a price not greater than $3.25 and not less than $2.85 per share of class a common stock, to the tendering shareholder in cash, less any applicable withholding taxes and without interest (the “offer”). the offer is made upon the terms and subject to the conditions described in the offer to purchase and in the related letter of transmittal. the offer begins today, may 12, 2023, and will expire at midnight, new york city time, at the end of the day, on june 9, 2023 (the “expiration date”), unless extended or earlier terminated by cumulus.
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