Westwood One, Official Audio Partner of the NFL, Delivers All the Action With Live Play-by-Play Coverage of All Six NFL Games on Saturday, January 11th, Sunday, January 12th, and Monday, January 13thNEW YORK, Jan. 09, 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 Wild Card Weekend on Saturday, January 11th, Sunday, January 12th, and Monday, Jan ...

“The Jim Rome Show” to be Exclusively Syndicated and Distributed by Westwood One During Coveted New Time Slot Jim Rome, Host of "The Jim Rome Show" Photo of Jim Rome, Host of "The Jim Rome Show", to be exclusively syndicated and distributed on Westwood One during coveted new time slot. Photo Credit: CBS Sports supplied image. NEW YORK, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's Westwood One (NASDAQ: CMLS) and Jim Rome continue to be at the forefront of the evolution and growth of live sports conte ...

Core Points - Cumulus Media has launched a new podcast series titled "Liberty and Learning with Mark Levin and Larry Arnn," which consists of 10 episodes focusing on the founding principles of the U.S. [1] - The podcast aims to address current crises in America through discussions on constitutional government and pressing national issues such as education, borders, and citizenship [2][4] Company Overview - Cumulus Media is an audio-first media company that reaches over a quarter billion people monthly through various platforms, including 400 radio stations and a growing podcast network [10] - The company produces and distributes several popular programs, including "The Mark Levin Show," and is known for its extensive reach in both local and national markets [10] Podcast Details - The podcast is hosted by Mark Levin, a prominent conservative commentator and constitutional scholar, alongside Dr. Larry Arnn, President of Hillsdale College [4][5] - The series is available on major podcast platforms and aims to engage listeners with informative and entertaining content [3][4]

Financial Data and Key Metrics Changes - In Q3 2024, the company reported revenue of $203.6 million and EBITDA of $24.1 million, aligning with analyst estimates [5][26] - Digital revenue accounted for 20% of total revenue, growing 8% year-over-year, with digital marketing services (DMS) increasing nearly 40% year-over-year [6][27] - Total expenses decreased by approximately $1 million year-over-year, reflecting ongoing cost reductions [30] Business Line Data and Key Metrics Changes - DMS revenue growth accelerated to approximately 40% year-over-year, marking the largest dollar increase in this segment [27] - Streaming revenue increased slightly, while podcasting revenue experienced a modest decrease, primarily due to declining revenue from the Daily Wire podcast [11][12] - The broadcast radio business saw a 5% revenue increase in the network segment, driven by robust demand for live sports [14] Market Data and Key Metrics Changes - Political revenue in Q3 was $4.4 million, down from $5.8 million in 2020 and $4.5 million in 2022, impacted by changes in the Democratic presidential candidate [29] - National advertising sentiment remains weak, with lower spending observed in local, automotive, professional services, and entertainment categories [17] Company Strategy and Development Direction - The company is focused on investing in digital growth, optimizing political spend, and driving cost efficiencies [5] - There is a commitment to capital allocation prioritizing organic growth in digital businesses rather than pursuing non-accretive M&A [23] - The company is leveraging AI for efficiencies across various business facets, including sales lead generation and marketing content development [22][21] Management's Comments on Operating Environment and Future Outlook - Management noted that many advertisers are cautious due to economic and interest rate concerns, impacting their spending [17][38] - The company expects political spending to rebound in Q4, with current bookings at approximately $9.7 million [19] - Management remains optimistic about the DMS business and overall digital growth prospects [10][24] Other Important Information - The company has achieved $8 million in cost reductions year-to-date, building on $120 million in fixed cost reductions from 2019 to 2023 [30] - The balance sheet at the end of the quarter showed $52.2 million in cash and gross debt of $642.1 million [31] Q&A Session Summary Question: What additional services are driving revenue growth in marketing services? - Management highlighted a robust suite of campaign products and integrated presence products, including listings, reputation management, website development, and SEO [33] Question: Is there potential upside in political revenue? - Management indicated that the fourth quarter is tracking close to expectations, with potential for additional revenue from political ads as the election approaches [36] Question: What are the expectations for advertising spend post-election? - Management noted that advertisers are waiting to see how the economy settles after the election and are cautious due to perceived clutter from political ads [38] Question: How is the network business performing heading into the sports season? - Management reported benefits from airing summer games and NFL scheduling, with expectations for continued strong interest in sports [40] Question: What impact do interest rates have on advertising spend? - Management explained that lower interest rates and inflation outlook are crucial for improving advertising sentiment across various categories [44]

Company Performance - Cumulus Media reported a quarterly loss of $0.61 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.54, and a significant decline from earnings of $0.16 per share a year ago, resulting in an earnings surprise of -12.96% [1] - The company posted revenues of $203.6 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.22%, and down from $207.42 million in the same quarter last year [2] - Over the last four quarters, Cumulus has surpassed consensus EPS estimates only once and has also topped consensus revenue estimates just once [2] Stock Performance - Cumulus shares have declined approximately 78% since the beginning of the year, contrasting sharply with the S&P 500's gain of 19.6% [3] - The current Zacks Rank for Cumulus is 4 (Sell), indicating expectations for the stock to underperform the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.36 on revenues of $224.85 million, and for the current fiscal year, it is -$3.38 on revenues of $833.85 million [7] - The trend for estimate revisions ahead of the earnings release has been unfavorable, which could impact future stock performance [6] Industry Context - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, suggesting a challenging environment for the company [8] - Another company in the same industry, Beasley Broadcast Group, is expected to report break-even quarterly earnings, indicating a year-over-year change of -100%, with revenues projected at $61.1 million, up 1.6% from the previous year [9]

Revenue Performance - Net revenue for the three months ended September 30, 2024, decreased by $3.8 million, or 1.8%, compared to the same period in 2023, primarily due to a reduction in spot revenue of $9.5 million[116]. - For the nine months ended September 30, 2024, net revenue was $608.5 million, a decrease of $14.7 million, or 2.4%, compared to $623.2 million in the same period in 2023[114]. - Net revenue for the nine months ended September 30, 2024, decreased by $14.7 million, or 2.4%, primarily due to reductions in spot and network revenues of $21.9 million and $4.3 million, respectively[128]. EBITDA and Profitability - Adjusted EBITDA for the three months ended September 30, 2024, was $24.1 million, a decrease of $2.9 million, or 10.7%, from $26.9 million in the same period in 2023[113]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $57.7 million, a decrease of $10.3 million from $67.9 million for the same period in 2023[141]. - Net loss for the three months ended September 30, 2024, was $10.3 million, compared to a net income of $2.7 million in the same period in 2023, representing a change of $13.0 million[113]. - The loss before income taxes for the nine months ended September 30, 2024, was $49.9 million, compared to a loss of $20.4 million in the same period in 2023, representing an increase of $29.6 million[114]. Expenses - Content costs for the three months ended September 30, 2024, decreased by $0.4 million, or 0.5%, primarily due to reduced spending on third-party station inventory[117]. - Selling, general and administrative expenses increased by $2.1 million, or 2.2%, for the three months ended September 30, 2024, primarily driven by higher trade expenses[118]. - Corporate expenses decreased by $4.0 million, or 25.1%, for the three months ended September 30, 2024, primarily due to lower incentive compensation and restructuring expenses[120]. - Selling, general and administrative expenses increased by $2.5 million, or 0.9%, for the nine months ended September 30, 2024, driven by higher trade expenses and personnel costs[130]. - Corporate expenses increased by $5.4 million, or 10.1%, for the nine months ended September 30, 2024, primarily due to $16.4 million of debt exchange costs[132]. Interest and Tax - Interest expense for the three months ended September 30, 2024, decreased by $0.8 million, or 4.6%, compared to the same period in 2023[123]. - Total interest expense for the nine months ended September 30, 2024, decreased by $1.4 million, or 2.7%, compared to the same period in 2023[135]. - Interest income for the nine months ended September 30, 2024, decreased by $1.2 million, or 69.3%, due to reduced investment in government money market funds[136]. - The effective tax rate for the three months ended September 30, 2024, was approximately 0.4%, compared to an effective tax rate of approximately (132.3)% for the same period in 2023[125]. Cash Flow and Financing - As of September 30, 2024, the company had $52.2 million in cash and cash equivalents, having used $20.1 million for operating activities in the nine months ended September 30, 2024[144]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $(20.1) million, a decrease from $28.4 million provided in the same period in 2023[160]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $(979) thousand, compared to $(3.2) million in the same period in 2023[161]. - Net cash used in financing activities for the nine months ended September 30, 2024, was $(7.4) million, significantly lower than $(49.8) million in the same period in 2023[162]. Debt and Share Repurchase - The company completed a Term Loan Exchange Offer, exchanging $328.3 million in aggregate principal amount of its Term Loan due 2026 for $311.8 million in aggregate principal amount of Term Loan due 2029[151]. - The maturity date of all borrowings under the 2020 Revolving Credit Facility has been extended to March 1, 2029, with aggregate commitments increased to $125.0 million[154]. - Holdings accepted $323.0 million in Senior Notes due 2026 in exchange for approximately $306.4 million in Senior Notes due 2029, reflecting a successful Notes Exchange Offer[156]. - The Company did not repurchase any shares of its outstanding Class A common stock during the nine months ended September 30, 2024, while it repurchased 323,285 shares for approximately $1.5 million during the same period in 2023[157]. - As of September 30, 2024, $25.0 million of the Company's outstanding Class A common stock remained available for repurchase under the current share repurchase program[159]. - The Company incurred $16.4 million in debt exchange costs during the nine months ended September 30, 2024, contributing to the operating loss for the period[159]. - The Inflation Reduction Act of 2022 imposed a 1% excise tax on stock repurchases, but the tax owed on shares repurchased during the nine months ended September 30, 2023, was not material[158]. Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements as of September 30, 2024[164].

Cumulus Media Reports Operating Results for the Third Quarter 2024 Increased Digital Marketing Services Revenue by 38%, Total Digital Revenue by 8% Reported Q3 Total Revenue of $204 Million, Down 1.8%, in Line with Pacing Guidance ATLANTA, GA — November 1, 2024: Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2024. Mary G. Berner, President and Chief Executive Officer of Cumulus Media ...

Increased Digital Marketing Services Revenue by 38%, Total Digital Revenue by 8% Reported Q3 Total Revenue of $204 Million, Down 1.8%, in Line with Pacing Guidance ATLANTA, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2024. Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "During the third quarter, we delivered revenue ...

ATLANTA and SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Cumulus Media, a top audio-first media company, and TuneIn, the world's leader in live audio, today announced that they have renewed and expanded their existing content partnership. Under the terms of the deal, TuneIn will continue to make Cumulus Media's high-quality local sports, news, talk and entertainment programming available to its 75 million monthly global listeners. The extended agreement also includes a new, non-exclusive sales and suppl ...

Core Viewpoint - Cumulus Media Inc. will host a conference call on November 1, 2024, to discuss its third quarter 2024 operating results, with a press release summarizing these results to be issued beforehand [1]. Group 1: Conference Call Details - The conference call is scheduled for 8:30 AM ET on November 1, 2024, with a press release at approximately 8:00 AM ET [1]. - Participants must register in advance to join the call, and a unique PIN will be provided upon registration [1]. - The call will be available in listen-only mode on the company's investor relations website, with a recording accessible shortly after the call [1]. Group 2: Contact Information - For investor relations inquiries, Cumulus Media can be contacted via email at IR@cumulus.com or by phone at 404-260-6600 [4]. Group 3: Company Overview - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 400 radio stations across 84 markets [3]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, which features original podcasts [3]. - Cumulus Media provides advertisers with local and national advertising performance guarantees, leveraging various platforms for marketing [3].