Cumulus Media Poison Pill Sends Share Price Soaring, Live Nation Stock Rises on Record Earnings ...Middle East

Cumulus Media led all music stocks this week by gaining 20.2% to $4.70 after the radio broadcaster announced it had employed a “poison pill” to ward off a Singapore-based investor. In January, Renew Group Private Ltd increased its stake in Cumulus Media from 5.2% to 10.01%. To protect the best interests of all Cumulus shareholders, the board of directors explained, the company chose to enact a “limited-duration shareholder rights plan” that would dilute Renew Group’s equity if it exceeds a 15% stake. In justifying the move, Cumulus said Renew Group has investments in other media companies, including a direct competi

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