Cumulus Media (CMLS) is up 38% on news that the company’s CEO and Merrill Lynch Global Private Equity will pay $11.75 a share for the company. It closed Friday at $8.37.
The company traded at $11.68 last November.
In the last quarter net revenues decreased from $75.3 million in 2006 to $72.4 million in 2007, a 3.8% decrease. This decrease was primarily the result of the contribution of the Company’s Houston and Kansas City stations to our affiliate, Cumulus Media Partners, LLC ("CMP"), on May 4, 2006.
Looks like a good deal for the insiders.
Douglas A. McIntyre
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