There's a 45-day shopping period, during which the board will "solicit superior proposals from third parties" - but the top offer on the table now, and the one the board has accepted, is from a group led by CEO Lew Dickey and Merrill Lynch Global Private Equity. The cash offer is for $11.75 a share, a 40% premium over last Friday's closing price. Read the press release here.

"CMLS" stock zooms on the news. The stock soared nearly $3 a share just in the first 30 minutes after the market opened, pushing close to the buyout price of $11.75. Cumulus timed the news to hit just before the opening bell.