Cumulus Announces Stock Repurchase Program
May 22, 2008 at 5:30 AM (PT)
The Board Of Directors at CUMULUS MEDIA has authorized a new stock repurchase program. The purchase can up to $75 million of its shares of Class A Common Stock. . Repurchases may be made in the open market or through block trades, in compliance with Securities and Exchange Commission guidelines, subject to market conditions, applicable legal requirements and various other factors, including the requirements of Cumulus' credit facility. Cumulus has no obligation to repurchase shares under the repurchase program, and the timing, actual number and value of shares to be purchased will depend on the performance of CUMULUS' stock price, general market conditions, and various other factors within the discretion of management.
Chairman/CEO LEW DICKEY commented, "This new repurchase program once again demonstrates the confidence of the Board of Directors in the future of CUMULUS and our belief that, based upon our assessment of the future prospects of CUMULUS, our shares are currently undervalued. The Board feels strongly that further repurchases of our shares offers an excellent opportunity to enhance the long-term interests of CUMULUS and our shareholders."