Financial Performance - Total net revenue for 2024 was $827.1 million, a decline of 2.1% year-over-year[5]. - For Q4 2024, net revenue was $218.6 million, a decrease of 1.2% from Q4 2023[7]. - Net revenue for Q4 2024 was $218,576, a decrease of 1.3% from $221,301 in Q4 2023[28]. - The company recorded a net loss of $283.3 million, compared to a net loss of $117.9 million in 2023, reflecting a pre-tax non-cash impairment charge of $224.5 million[5]. - The net loss for the year ended December 31, 2024, was $283,254, compared to a net loss of $117,879 for the year ended December 31, 2023[28]. - The company experienced a loss before income taxes of $243,082 in Q4 2024, compared to a loss of $80,319 in Q4 2023[28]. Revenue Breakdown - Digital revenue reached $154.2 million, an increase of 5.3% year-over-year, accounting for 19% of total revenue[5]. - Political revenue for Q4 2024 was $10,118, which negatively impacted the reported net revenue[32]. Cost Management - The company achieved $43 million in annualized fixed cost reductions, with $15 million benefiting 2024[5]. - Total operating expenses increased significantly to $444,862 in Q4 2024, compared to $284,418 in Q4 2023, primarily due to impairment of intangible assets[28]. - Restructuring costs for the year ended December 31, 2024, totaled $13,889, compared to $17,684 in 2023[30]. EBITDA Performance - Adjusted EBITDA for 2024 was $82.7 million, down from $90.7 million in 2023, representing an 8.8% decrease[8]. - Adjusted EBITDA for Q4 2024 was $25,039, an increase of 9.3% from $22,798 in Q4 2023[30]. Debt and Cash Position - Total debt as of December 31, 2024, was $671.6 million, with net debt less total unamortized discount at $578.3 million[5]. - Total debt principal, gross, as of December 31, 2024, was $671,595, a slight decrease from $675,755 in 2023[32]. - The net debt less total unamortized discount as of December 31, 2024, was $578,281, down from $595,095 in 2023[32]. - Cash and cash equivalents at year-end totaled $63.8 million, with an undrawn $125.0 million ABL facility[6]. Strategic Initiatives - The company plans to continue investing in growth areas, particularly in digital marketing services, which are pacing up 30% in Q1 2025[3]. - The company maintained a top 10 podcast network positioning and grew streaming impressions by 15%[5].

Core Insights - Cumulus Media reported a challenging year in 2024, with a net revenue decline of 2.1% year-over-year, totaling $827.1 million, and a significant net loss of $283.3 million, compared to a net loss of $117.9 million in 2023 [5][8][7] - The company has focused on digital marketing services, which saw a 27% growth, and digital revenue increased by 5.3%, accounting for 19% of total revenue [7][4] - Cumulus Media implemented cost-saving measures that are expected to yield $43 million in annualized fixed cost reductions, with $15 million realized in 2024 [2][7] Financial Performance - For Q4 2024, Cumulus Media reported net revenue of $218.6 million, a decrease of 1.2% from Q4 2023, and an adjusted EBITDA of $25.0 million, reflecting a 9.8% increase [4][6] - The company recorded a net loss of $231.1 million for Q4 2024, a 135.6% increase in losses compared to the same quarter in 2023 [6][4] - The total debt as of December 31, 2024, was $671.6 million, with net debt less total unamortized discount at $578.3 million [7][10] Revenue Breakdown - In Q4 2024, broadcast radio revenue decreased by 2.7% to $149.3 million, while digital revenue increased by 1.9% to $40.3 million [9][4] - For the full year 2024, total broadcast radio revenue declined by 5.1% to $564.1 million, while digital revenue rose to $154.2 million [8][9] Strategic Initiatives - Cumulus Media is investing in growth areas, particularly in digital marketing services, which is expected to help mitigate the impact of local radio advertising slowdowns [2][7] - The company has evolved its broadcast go-to-market strategies, successfully attracting large new broadcast clients [2][7] Cash Position - As of December 31, 2024, Cumulus Media had $63.8 million in cash and an undrawn $125.0 million asset-based lending facility [7][10]

ATLANTA, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on Thursday, February 27th at 8:30 AM ET to discuss its fourth quarter and full year 2024 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 ...

Westwood One Sports to Bring U.S. Soccer to Audio Listeners Nationwide;First Broadcast Set for 10th Annual SheBelieves Cup CHICAGO, Feb. 18, 2025 (GLOBE NEWSWIRE) -- U.S. Soccer and Cumulus Media's (NASDAQ:CMLS) Westwood One have reached an agreement for Westwood One Sports to serve as the new domestic English-language audio partner of U.S. Soccer. The multi-year exclusive partnership gives Westwood One Sports broadcast rights to all U.S. Soccer Federation-hosted matches, including all USWNT and USMNT frien ...

NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One announced today that legendary talk radio host Mark Levin will interview President Donald J. Trump on "The Mark Levin Show" on Monday, February 10, 2025. This will be President Trump's first radio interview since taking office in January.   "The Mark Levin Show" airs from 6 to 9 p.m. ET each weekday on nearly 400 radio affiliates, in all ten top metro markets as well as in 21 of the top 25 markets. Westwood One is the exc ...

Levin Scores President’s First Radio Interview Since Taking OfficeNEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One announced today that legendary talk radio host Mark Levin will interview President Donald J. Trump on “The Mark Levin Show” on Monday, February 10, 2025. This will be President Trump’s first radio interview since taking office in January. “The Mark Levin Show” airs from 6 to 9 p.m. ET each weekday on nearly 400 radio affiliates, in all ten top metro marke ...

2025 Marks Westwood One’s 52nd Super Bowl BroadcastKevin Harlan, Hall of Famer Kurt Warner, Gene Steratore, and Laura Okmin Call the Action Live from New OrleansScott Graham and Three-Time Super Bowl Champion Devin McCourty Anchor Pregame, Halftime, and Postgame CoverageWestwood One Will Air the Apple Music Super Bowl LIX Halftime Show for the First Time NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ: CMLS) Westwood One, America’s largest audio network and the official audio partner o ...

NEW YORK, Jan. 23, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ:CMLS) Westwood One, America’s largest audio network and the official audio partner of the National Football League, will present live play-by-play coverage of NFL Championship Sunday, sponsored by Intuit TurboTax, on January 26th. In the first of two highly anticipated championship games, the Washington Commanders square off against the Philadelphia Eagles in Philadelphia, with Westwood One’s live coverage beginning at 2:00pm ET. The excite ...

Board Appointment - Steven M Galbraith appointed to Cumulus Media's Board of Directors [1] - Galbraith is a longtime shareholder and managing member of Kindred Capital Advisors LLC, one of the largest shareholders of Cumulus Media [2] - Galbraith brings extensive financial services experience including roles as Chief Investment Officer at Morgan Stanley and managing member of Herring Creek Capital [2] Professional Background - Galbraith has a strong investment management background with experience at Maverick Capital and as an Adjunct Professor at Columbia University Business School [2] - Previously served as advisor to the Office of Financial Research, an independent bureau reporting to the US Treasury [2] Non-Profit Involvement - Galbraith serves on boards of various non-profit organizations including Tufts University, National Constitution Center, and Success Academy Charter Schools [3] - Currently sits on boards of Third Way, Educational Equity Lab, and American Friends of Hebrew University Endowment [3] Company Overview - Cumulus Media is an audio-first media company reaching over 250 million people monthly [4] - Operates 400 radio stations across 84 markets and partners with major brands like NFL, NCAA, and AP News [4] - Westwood One, Cumulus' audio network, reaches over 9,800 affiliated stations nationwide [4] - Offers integrated digital marketing services, influencer partnerships, and live event experiences [4]

NEW YORK, Jan. 16, 2025 (GLOBE NEWSWIRE) -- Cumulus Media’s (NASDAQ:CMLS) Westwood One, America’s largest audio network and the official audio partner of the National Football League, will present live play-by-play coverage of the NFL Divisional Round on Saturday, January 18th and Sunday, January 19th, sponsored by Intuit TurboTax. This season marks Westwood One’s 38th consecutive year as the official audio partner of the NFL. Westwood One kicks off the NFL Divisional Round on Saturday, January 18th, with ...