Cumulus Media approves 1-for-8 reverse split

• Cumulus Media (NASDAQ:CMLS -3%) -- after trading below $0.75/share for most of the past year -- will execute a 1-for-8 reverse split of each class of common stock, to boost the trading price.
• Shareholders have approved the move in today's special meeting, and it should become effective at 5 p.m. today. Each eight shares in each share class will be converted to one share in that same class.
• The company won't issue fractional shares, rounding up to the next whole share.