What the hell does this all mean?
"Under this new shareholder rights plan, Cumulus Media will issue one right for each share of Class A and Class B common stock owned by March 4, 2024. These rights will become exercisable if any entity acquires 15% or more of Cumulus’s Class A common stock, offering other shareholders the option to buy additional shares at a significant discount, thus diluting the acquirer’s stake. This condition applies equally to all shareholders, with the board retaining the option to terminate the plan if necessary.
Renew also acquired a sizeable share of Audacy in August.
Cumulus Chairman of the Board Andrew Hobson stated, “Given the facts, the Cumulus Board firmly believes it is necessary to adopt a limited-duration rights plan to protect the interests of all Cumulus shareholders. The Rights Plan is intended to enable the Company’s shareholders to realize the long-term value of their investment, ensure that all shareholders receive fair and equal treatment in the event of any proposed takeover of the Company, and guard against tactics to gain control of the Company without paying all shareholders an appropriate premium for that control.”
“Cumulus Media’s leadership maintains open dialogue with its investors, including the Group, and intends to continue that practice.”
https://radioink.com/2024/02/22/cumulus-media-takes-poison-pill-as-hostile-takeover-emerges/