In a recent 13G filing with the US Securities and Exchange Commission, Jonathan Savitz and James Gillespie‘s Greywolf Capital Management revealed having increased its stake in Cumulus Media Inc (NASDAQ:CMLS), with the firm currently owning 12.85 million Class A common shares of the company, which account for 5.49% of its outstanding stock. The current stake compares is up from the 10.13 million Class A common shares that Greywolf Capital Management reported holding in its latest 13F filing, for the end of March.
Cumulus Media is a radio broadcasting company, which, through its NASH brand, promotes lifestyle shows and country music. Year-to-date, the company’s stock is down by 7.91%. For the first quarter of 2016, Cumulus Media (NASDAQ:CMLS) disclosed a loss per share of $0.06 and revenue of $268.53 million, beating the estimates of a loss per share of $0.09 and revenue of $262 million. At the end of June, Noble Financial reiterated its ‘Hold’ rating on Cumulus Media’s stock.
Among the investors followed by Insider Monkey, 13 were long Cumulus Media (NASDAQ:CMLS) at the end of March, compared to 16 funds with long positions a quarter earlier. Greywolf Capital Management held the biggest position in Cumulus Media (NASDAQ:CMLS), with the second-biggest position being held by Geoffrey Raynor’s Q Investments (Specter Holdings), and being worth around $3.7 million. Some other investors with similar bullishness included James Dondero’s Highland Capital Management, Gordy Holterman and Derek Dunn’s Overland Advisors, and Joshua Friedman and Mitchell Julis’ Canyon Capital Advisors.
Investors who lost interest in the stock and sold off their positions during the first quarter were Simon Sadler’s Segantii Capital, which said goodbye to a position worth around $0.8 million in stock, and Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, which dumped $0.1 million in shares.
You can access the original SEC filing by clicking here.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Under the Securities Exchange Act of 1934
(Amendment No. )*
Cumulus Media Inc.
|(Name of Issuer)|
Class A Common Stock, par value $0.01 per share
|(Title of Class of Securities)|
|June 24, 2016|
|(Date of Event Which Requires Filing of this Statement)|
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
o Rule 13d-1(b)
x Rule 13d-1(c)
o Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).