Cumulus Media (CMLS) Issues Letter to Shareholders
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Cumulus Media Sends Letter to Shareholders Regarding Strong Financial Results and Outlook, New Capital Return Program and Response to Unsolicited Indication of Interest
May 4, 2022 8:02 AM EDTDelivers Strong Q1 Earnings Results with Total Revenue Up 15% Led by Digital Revenue Growth of 18%
Achieves Lowest Net Leverage Ratio in More Than a Decade and Best Among Peers
Reiterating 2022 EBITDA Guidance Range of $175-200 Million
Announcing $50 Million Share Repurchase Program
Board Determined Unsolicited, Non-Binding, Highly Conditional Indication of Interest Significantly Undervalues Cumulus Media and is Not in the Best Interests of Shareholders
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