(CelebrityAccess) – Reuters is reporting that veteran radio executive Jeff Warshaw is leading a consortium of investors who have offered almost $1.2 billion to acquire the Atlanta-based radio network Cumulus Media Inc.
The deal would see the Warshaw-led consortium take Cumulus private in a leveraged buyout for $15 to $17 per share, sources familiar with the matter told Reuters.
As well, Warshaw hinted that he may be willing to take the bid higher based on the results due diligence for the deal.
Cumulus is one of the largest radio broadcasters in the U.S., operating 406 commercial radio outlets in 86 markets, according to the company.
Cumulus also services syndicated content, including talk shows, music programs and 24-hour formats to 9,500 affiliated stations through its Westwood One subsidiary, making it the largest audio network in the U.S.
The company also operates a digital platform and is currently one of the leading podcast distributors in North America.
Warshaw is the founder of Connoisseur Media, which operates radio and digital content delivery channels in multiple markets around the U.S., including WBZO in New York, WPLR in Connecticut, and WHLI in Long Island, among others.
It is unclear if Cumulus Media will consider the offer.
