Reuters is reporting that a consortium led by Connoisseur Media head Jeff Warshaw has made a $1.2 billion offer to acquire Cumulus Media.
The report states that Warshaw told Cumulus he’d be willing to take the company private for between $15 to $17 per share and potentially more subject to due diligence.
Connoisseur currently operates in Fairfield County CT, Frederick MD, and Long Island NY.
Cumulus’ stock jumped from $10.94 per share to $14.21 in the final half hour of trading prior to close following the release of the report.