Cumulus Media launches $25M modified Dutch auction tender offer at $14.50-$16.50/share

CUMULUS MEDIA INC

Offer to purchase up to $25M of Class A common stock at a price between $14.50 and $16.50 per share.
Tender offer commences May 6, 2022, expires June 3, 2022, unless extended or terminated.
Follows Board's authorization of a $50M share buyback program announced on May 4, 2022.
CEO says action reflects belief that company is 'significantly undervalued' and allows shareholder liquidity.
Morgan Stanley serves as dealer manager; D.F. King as information agent; Continental Stock as depositary.

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