Warshaw Implies Cumulus Had Eyes on Audacy Before SFM Got Involved
The Jeffrey Warshaw vs Soros Fund Management case has brought up questions about how SFM became majority owner of Audacy. Connoisseur Media owner Jeffrey Warshaw is suing SFM for breach of contract, unfair trade practices and more in alleging that he had a deal with the company’s Michael Del Nin in 2022 and began working together “to try acquiring Cox Radio, with Del Nin agreeing that Warshaw would
manage the business as CEO upon successful acquisition.” Warshaw also says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024 and alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition.
Now, in recent court filings, Warshaw claims that by mid-2023 he had identified HG Vora as the key holder of Audacy’s distressed debt and, through industry contacts, came to believe that HG Vora was already aligned with Cumulus Media to merge the two companies. But the filings stop short of proving that such a deal ever existed in a formal sense.
Warshaw relies on what he “deduced” from conversations in the market – not on a signed agreement, binding term sheet, or documented commitment between HG Vora and Cumulus. SFM’s response goes directly at that point saying it had been evaluating a potential investment in Audacy for more than a year before Warshaw’s involvement, positioning its eventual acquisition not as a hijacked opportunity, but as the result of an independent strategy already in motion.
Now we wait to see if Warshaw can prove a Cumulus-backed pathway was real or if SFM can demonstrate that it was already tracking Audacy. Whether the Cumulus-Audacy deal was a genuine near-transaction or simply informed speculation appears to hinge on what documents and/or third-party witnesses reveal.
and more in alleging that he had a deal with Del Nin in 2022 and began working together “to try to acquiring Cox Radio, with Del Nin agreeing that Warshaw would manage the business as CEO upon successful acquisition.” Warshaw also says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024 and alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition. As for the change of venue, both parties agree the case involves both complex legal issues and a claim for monetary damages. The defendants says it’s likely to require resolution of “complicated legal and factual issues.” (Del Nin has already moved to dismiss on jurisdiction grounds, which involves questions of constitutional law.) Plus, SFM anticipates the case will benefit from careful discovery oversight as it will need discovery from Warshaw as well as potentially from third parties, including from Connoisseur and the other investment firms Warshaw references in the Complaint.
business as CEO upon successful acquisition.” While both parties were doing due diligence on the CMG deal, Warshaw learned that an Audacy majority stake holder was willing to sell its stake in the company. Warshaw says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024. Warshaw alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition. After that though, Warshaw says Del Nin balked and denied there was ever an agreement, calling any such claims “fabricated.” Now, Soros and Del Nin filed both a Motion to Dismiss saying the “Court lacks personal jurisdiction over Mr. Del Nin under Connecticut’s long-arm statute”; and a Motion to Revise that asks Warshaw to revise his complaint with specific details about his contracts – written or verbal – that he claims were breached, and more. In the Motion to Revise, Soros and Del Nin imply that Warshaw doesn’t have the contractual proof necessary to support his claim. 
Cox Radio, with Del Nin agreeing that Warshaw would manage the business as CEO upon successful acquisition.” While both parties were doing due diligence on the CMG deal, Warshaw learned that an Audacy majority stake holder was willing to sell its stake in the company. Warshaw says he steered SFM and Del Nin to the deal that made SFM a majority stake holder of the new Audacy in early 2024. Warshaw alleges he was promised he’d be the next CEO of Audacy or that he would get 5% of SFM’s profits from the Audacy acquisition. After that though, Warshaw says Del Nin balked and denied there was ever an agreement, calling any such claims “fabricated.” Warshaw is seeking compensatory and punitive damages and asking that the court award specific performance of their agreement.
Atlanta radio programmer Pete Spriggs will be among this year’s inductees to the Legends of Georgia Radio Hall of Fame. He commented to The Atlanta Journal-Constitution’s Rodney Ho, “It’s really great to be recognized with so many fantastic broadcasters. It was a blessing to have Cox Radio hand me the keys [to Atlanta news/talk WSB-AM] to work beside such great talent. We all accomplished some great things together.” Spriggs took over as program director of WSB-AM in 2000 and served as director of branding and programming. WSB-AM was the top billing radio station in America for four consecutive years. In 2010, Spriggs managed the addition of an FM signal (WSBB) and the departure of Neal Boortz, as well as bringing in new talent such as Herman Cain, Erick Erickson, Eric Von Haessler, and Mark Arum. The station also acquired Rush Limbaugh from cross-town rival WGST. WSB-AM earned multiple Marconi Awards, 
including 2018’s “Major Market Station of the Year.” Spriggs retired in February 2020. Also named as part of the third annual Hall of Fame inductees are Rome Radio Partners managing partner Howard Toole; Steve Craig; Bobby Ellerbee; Bob Helbush; Brady McGraw; and Wendy Williams. The Friends of Georgia Radio will celebrate the inductees into the Legends Hall of Fame next month (8/24) at the Sandy Springs Performing Arts Center.
Spectrum Cable. During his career he’s also served with Cox Radio in Jacksonville and the former Journal Broadcast Group at WTMJ, Milwaukee. Audacy regional president Rachel Williamson states, “I am excited to welcome Jason to lead our Milwaukee cluster. His experience across radio, video and digital combined with his deep knowledge and relationships throughout the Milwaukee market brings an increased expertise to our cluster and clients.” Bjorson comments, “I’m thrilled to join the Audacy Milwaukee team, with some of Milwaukee’s most iconic brands and an innovative broadcaster. I’ve competed with this team and tried to recruit them for years, so I know how much talent is here. I’m looking forward to working with them to win big here in Milwaukee!”