ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months and year ended December 31, 2023. Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas. Specifically, we grew ou ...

Company Operations - The company operates a broad portfolio of 403 owned and operated stations across 85 markets, reaching over a quarter billion listeners monthly[80]. - As of December 31, 2023, the company employed 3,367 people, with 2,464 in full-time positions, reflecting a stable workforce[92]. - As of February 20, 2024, the company operates a total of 85 radio stations across various markets, with specific station counts detailed for each location[126]. - The company has two stations remaining in divestiture trusts as of February 20, 2024, following its acquisition of Citadel Broadcasting Corporation[101]. Revenue Generation - The company generates revenue from various sources, including local, regional, and national spot advertising, as well as non-advertising revenue such as licensing fees and satellite rental income[76][79]. - The company generates most of its revenue from terrestrial broadcast radio spot advertising, with local and regional advertising sold by in-house sales personnel[104]. - Digital advertising revenue is derived from various platforms, including podcasting, streaming audio, and digital marketing services, contributing significantly to overall revenue[105]. - The company has a significant presence in the network sales marketplace, distributing content through third-party affiliates[77]. Advertising and Market Segments - The top industry segments by advertising volume include professional services, entertainment, automotive, home products, and general services, indicating a diversified customer base[84]. - The company’s advertising exposure is highly diversified, which mitigates the impact of economic conditions on any specific industry or customer group[84]. - The company has exclusive radio broadcast partnerships with the NFL and NCAA, enhancing its ability to attract national advertising dollars[83]. - The company has the ability to leverage its national network platform to provide targeted access to diverse demographics, enhancing its advertising offerings[110]. Competitive Landscape - The company competes with various media platforms, including digital services, for both listeners and advertising revenues, making the competitive landscape challenging[116]. - The radio broadcasting industry is highly competitive, with the company competing for listeners and advertising revenues against other media platforms and digital services[116]. Corporate Culture and Employee Engagement - The company maintains a corporate culture focused on employee engagement, which is believed to drive higher performance and attract new talent[86]. - The company maintains a focus on diversity, equity, and inclusion (DEI) within its corporate culture, led by a steering committee since 2020[118]. - The company maintains a Diversity, Equity, and Inclusion Steering Committee to advance its corporate culture and foster a sense of belonging among employees[118]. Financial Considerations and Regulations - Inflation has impacted costs, particularly in personnel and equipment, prompting the company to seek continuous process improvements to mitigate these effects[122]. - The advertising revenue is subject to seasonal fluctuations, with the first quarter typically being the lowest and the fourth quarter the highest due to political advertising cycles[121]. - Future acquisitions may be subject to review under the Hart-Scott-Rodino Act, with the threshold for reporting increased to $119.5 million effective March 6, 2024[142]. - The DOJ has increased scrutiny on radio mergers and acquisitions, particularly those resulting in over 30% market share, with a rebuttable presumption of harm to competition[144]. - The company will not commence operations under any affected station acquisition until the waiting period under the HSR Act has expired or been terminated[145]. Royalties and Legal Considerations - The company pays royalties to performing rights organizations for broadcasting musical compositions, which could be subject to audits leading to additional payments[139]. - Federal law currently exempts terrestrial broadcast stations from paying royalties for sound recordings, but future legislation could change this[140]. Leadership - The company’s executive team includes Mary G. Berner as President and CEO, and Francisco J. Lopez-Balboa as CFO[146]. - Bob Walker, President of Operations, oversees markets measured by Nielsen Audio and has extensive experience in media management[149].

Cumulus Media Reports Operating Results for 2023 ATLANTA, GA — February 27, 2024: Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months and year ended December 31, 2023. 2023 Key Highlights: • Generated digital revenue of $146.4 million, an increase of 2.9% year-over-year – representing 17% of total revenue ◦ Increased streaming revenue by 16% driven by audience growth from NFL streaming ◦ Grew local digital marketing ...

ATLANTA, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on Tuesday, February 27th at 8:30 AM ET to discuss its fourth quarter and full year 2023 operating results. A press release containing a summary of these results will be issued before the call at approximately 8:00 AM ET. To participate in the conference call, please register in advance using this link. NetRoadshow (NRS) is the service provider for this call. Registration requires a one-time only email a ...

2024 Marks Westwood One's 51st Super Bowl Broadcast Kevin Harlan, Hall of Famer Kurt Warner, Dean Blandino, Laura Okmin, and Mike Golic Call the Action Live from Las Vegas Scott Graham and Three-Time Super Bowl Champion Devin McCourty Anchor Pregame, Halftime, and Postgame Coverage  NEW YORK, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One, America's largest audio network and the official network audio broadcast partner of the National Football League (NFL), will present compre ...

NEW YORK, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's Westwood One today announced that talk radio host Dan Bongino will host former President Donald J. Trump on "The Dan Bongino Show" for a live interview at 2:30 p.m. ET. "The Dan Bongino Show" can be heard on Westwood One terrestrial affiliates or streamed live at Bongino.com or on the audio streams of affiliated radio stations, including WMAL Washington DC. The interview will subsequently be available on the The Dan Bongino Show Sunday special podc ...

NEW YORK, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One, America's largest audio network and the official network audio partner of the National Football League, will present live play-by-play coverage of NFL Conference Championship Sunday, presented by Intuit Turbo Tax. Doubleheader coverage will begin with the pregame show at 2:00 p.m. ET on Sunday, January 28 before the Kansas City Chiefs and the Baltimore Ravens meet for the AFC Championship game and the Detroit Lions battl ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2023 Earnings Conference Call October 27, 2023 8:30 AM ET Company Participants Collin Jones - EVP, Strategy & Development Mary Berner - President & Chief Executive Officer Frank Lopez-Balboa - Chief Financial Officer Conference Call Participants Michael Kupinski - Noble Capital Markets James Goss - Barrington Research Dan Day - B. Riley Securities Operator Good morning. Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Collin Jone ...

Financial Performance - Net revenue for the nine months ended September 30, 2023, was $623.2 million, a decrease of $78.99 million or 11.2% compared to $702.2 million for the same period in 2022[160] - Adjusted EBITDA for the nine months ended September 30, 2023, was $67.93 million, down $55.34 million or 44.9% from $123.27 million in the prior year[160] - Operating income fell to $21.84 million, a decline of $48.48 million or 68.9% compared to $70.32 million for the same period in 2022[160] - Net revenue for the three months ended September 30, 2023, decreased by $26.0 million, or 11.2%, compared to the same period in 2022, primarily due to reductions in spot and network revenues[185] - Operating income for the three months ended September 30, 2023, was $17.6 million, down $10.8 million, or 38.1%, from the previous year[183] - Net income for the three months ended September 30, 2023, was $2.7 million, a decrease of $5.8 million, or 68.1%, compared to $8.5 million in 2022[183] - Adjusted EBITDA for the three months ended September 30, 2023, was $26.9 million, down $19.6 million, or 42.2%, from $46.6 million in the same period last year[204] Costs and Expenses - Content costs decreased by $18.9 million or 7.3% to $238.94 million for the nine months ended September 30, 2023, primarily due to lower syndicated programming costs[169] - Content costs for the same period decreased by $6.5 million, or 7.9%, mainly due to lower syndicated programming costs and reduced personnel costs[186] - Selling, general and administrative expenses decreased by $1.4 million, or 1.5%, attributed to lower research expenses and sales commissions[187] - Corporate expenses rose by $5.57 million or 11.5% to $54.05 million for the nine months ended September 30, 2023[160] - Corporate expenses increased by $1.4 million, or 10.0%, primarily due to higher incentive compensation and increased employee benefit costs[189] Debt and Interest - Interest expense increased by $5.98 million or 12.6% to $53.47 million for the nine months ended September 30, 2023[160] - The gain on early extinguishment of debt for the nine months ended September 30, 2023, was $9.85 million, driven by repurchases of $34.7 million and $8.9 million principal amounts of debt[173] Taxation - The effective tax rate for the nine months ended September 30, 2023, was impacted by valuation allowances and changes to projected full-year effective tax rates[174] - The company recorded an income tax benefit of $1.6 million for the three months ended September 30, 2023, compared to an income tax expense of $4.6 million in 2022[193] Cash and Liquidity - Cash and cash equivalents as of September 30, 2023, totaled $82.8 million, with cash generated from operating activities amounting to $28.4 million for the nine months ended September 30, 2023[205] - The company anticipates that its business model and current cash reserves will help manage anticipated liquidity needs for at least the next twelve months[207] Corporate Actions - The company authorized a share repurchase program for up to $25 million of outstanding Class A common stock, which is set to expire on May 15, 2025[178] - The loss on sale or disposal of assets for the nine months ended September 30, 2023, was primarily related to the sales of WDRQ-FM and WFAS-FM[171] Legal Matters - The Ninth Circuit ruled that no public performance right exists for pre-1972 recordings under California law, impacting ongoing litigation involving Pandora[218] - A summary judgment in favor of Pandora was granted on July 25, 2023, indicating an absence of public performance rights owned by the plaintiff[218] - The appeal filed by the plaintiff on August 25, 2023, regarding the Pandora case is still pending, with uncertain implications for the company's financial position[218] Internal Controls - The company has effective disclosure controls and procedures as of September 30, 2023, ensuring timely reporting and decision-making[242]

Cumulus Media Inc. (NASDAQ:CMLS) Q2 2023 Earnings Conference Call July 28, 2023 8:30 AM ET Company Participants Collin Jones - EVP, Strategy and Development Mary Berner - President and CEO Frank Lopez-Balboa - CFO Conference Call Participants Dan Day - B. Riley Securities Avi Steiner - JPMorgan Michael Kupinski - NOBLE Capital Markets Jim Goss - Barrington Research Operator Good morning, ladies and gentlemen. Welcome to the Cumulus Media Quarterly Earnings Conference Call. I will now turn it over to Collin ...