Cumulus Media adopts limited-duration shareholder rights plan

Cumulus Media announced that its Board of Directors has adopted a limited-duration shareholder rights plan to protect the best interests of all Cumulus Media shareholders. The Rights Plan is effective immediately and will expire on February 20, 2025. The Board may consider an earlier termination of the Rights Plan if circumstances warrant. The limited-duration Rights Plan was adopted in response to the significant accumulation of Cumulus Media stock by Renew Group Private, an entity based in Singapore. In adopting the plan, the Cumulus Board considered, in consultation with legal and financial advisors, among other things, that: The Group initially disclosed that it had acquired approximately 5.15% of the Company’s outstanding Class A shares in a Schedule 13G filing on July 28, 2023; On January 24, 2024, the Group converted its filing to a Schedule 13D and reported beneficial ownership of approximately 10.01% of the Company’s outstanding Class A shares; In meetings with members of Cumulus Media leadership in the weeks following the Group’s Schedule 13D filing, the Group stated its intent to acquire 20% of the Company; and The Group has investments in other media companies, including a sizeable holding in a direct competitor of Cumulus Media