Cumulus Media has allowed its limited-duration stockholder rights plan to expire.
Originally implemented in February 2024, the “poison pill” maneuver was implemented after Singapore based Renew Group Private Ltd. increased its investment in Cumulus to over 10% in January 2024. In discussions with Cumulus leadership at the time, the group stated its intent to acquire 20% of the company. Cumulus allowed it to expire on February 20, 2025.
Cumulus also announced the appointment of Kindred Capital’s Steven Galbraith to serve on its Board of Directors and serve as Chairman of the Compensation Committee of the Board.
