Cumulus Creates Poison Pill as COVID-19 Defense
Cumulus Media established a “poison pill” plan to protect itself from acquisition while its value is depressed by COVID-19, it said May 21. “The move is a mechanism to make an acquisition of the company, without negotiations with its Board,…
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prohibitively expensive,” Noble Capital Markets analyst Michael Kupinski emailed investors Tuesday. The plan is to expire April unless extended, Kupinski said. The FCC recently approved an unopposed request from Cumulus that would allow it to be up to 100 percent foreign owned (see 2005290046).