Cumulus Media adopts poison pill after Renew Group accumulates 10.01%, targets 20%

CUMULUS MEDIA INC

Rights plan triggers at 15% beneficial ownership of Class A common stock; expires Feb 20, 2025.
Renew Group Private Ltd. reported 10.01% ownership on Jan 24, 2024, up from 5.15% in July 2023.
Renew Group told management it intends to acquire 20% of the Company; it also holds stake in a direct competitor.
Rights entitle holders (excluding triggering person) to buy shares at 50% discount or exchange 1 Right for 1 share.
Board may redeem Rights at $0.001 per Right at any time before a triggering event is announced.

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