ATLANTA, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on Friday, November 1st at 8:30 AM ET to discuss its third quarter 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 address verificati ...

No-Contest Wrestling Launches October 2 with Hosts O'Shea Jackson, Jr. And TJ Jefferson The Jim Jackson Show Launches October 3 NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ: CMLS) today announced two new podcasts from the Rich Eisen Podcast Network, the fourth and fifth shows in Marconi-winning and Emmy-nominated host Rich Eisen's expanding network of sports programs for the Cumulus Podcast Network. Eisen is tag-teaming with actor O'Shea Jackson, Jr. to bring the new weekly original pod ...

NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ: CMLS) Westwood One today announced that The Benny Show has joined the Cumulus Podcast Network. Award-winning creator, streamer, and podcaster Benny Johnson has cracked the code for a new generation of breaking news and entertainment. Benny's audience has skyrocketed in the 2024 news cycle, amassing a combined 12 million subscribers across platforms. The Benny Show has become a go-to platform for the next generation of news consumers and cr ...

On the Frontlines with Mark Levin and Yael Eckstein ~ Presented by The International Fellowship of Christians and Jews Four-Part Series Launches October 2 with an Investigation into the October 7, 2023, Terror Attacks on Israel NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ: CMLS) today announced a new original podcast series, On the Frontlines with Mark Levin and Yael Eckstein, which will be exclusively presented by the International Fellowship of Christians and Jews (The Fellowship). Th ...

Special Podcast Will Drop Monday, August 26 from The Heritage Foundation Bongino to Testify at Hearing NEW YORK, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ: CMLS) Westwood One today announced that The Dan Bongino Show podcast will offer a special two-hour edition on Monday, August 26, 2024, the first day of hearings for the House Republicans' independent investigation into the assassination attempt against former President Donald J. Trump led by Reps. Cory Mills (R-FL) and Eli Crane (R-AZ). M ...

NEW YORK, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Cumulus Media (NASDAQ: CMLS) today announced Carolyn Chauncey's promotion to Senior Vice President, Marketing and Podcasting. In this new role, Chauncey will lead the Cumulus Podcast Network's day-to-day operations, content acquisition, editorial, and production. In addition to her new responsibilities, Chauncey will continue to direct corporate marketing for Cumulus Media, Westwood One, and the Cumulus Podcast Network, reporting to Collin R. Jones, President of W ...

July Audio Downloads Increase 40% Over June Podcast Hits High Marks Across Ranking Charts Rumble Views Up 25% Over June NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ: CMLS) Westwood One today announced that The Dan Bongino Show podcast saw a surge in growth in July 2024. Listeners turned to Bongino for his expertise and insight as a former United States Secret Service agent following the assassination attempt against former President Donald J. Trump just prior to the Republican Nationa ...

Financial Data and Key Metrics Changes - Q2 revenue was $205 million, down 2.5% year-over-year, consistent with prior guidance, while EBITDA was $25.2 million [18][19] - Cash generated from operations was $8 million, excluding $16 million of costs related to the exchange offer [19] Business Line Data and Key Metrics Changes - Digital marketing services (DMS) revenue grew by 24%, driven by new customers, improved retention, and higher average campaign order size [18] - Digital businesses accounted for 19% of total revenue, with overall digital revenue increasing by 5% year-over-year [5][18] - Podcasting revenue increased for the fourth consecutive quarter, while streaming revenue declined due to the expiration of a fixed-rate sales contract [9][18] Market Data and Key Metrics Changes - National broadcast advertising businesses, which make up approximately 50% of total annual broadcast revenue, showed improvement in categories like insurance, retail, and telecom [10] - Local spot revenue was down 4% year-over-year, with high interest rates impacting auto dealers and financial services [11][12] Company Strategy and Development Direction - The company is focused on driving growth in digital revenue streams and has made significant investments in expanding its digital sales force [4][14] - A disciplined approach to capital allocation has been emphasized, prioritizing organic growth and avoiding dilutive acquisitions [14][15] - The company aims to continue reducing fixed costs, achieving $4 million in reductions during Q2 and $8 million year-to-date [13][19] Management's Comments on Operating Environment and Future Outlook - The advertising environment remains challenging, but there are signs of improvement in certain categories, particularly in political advertising [21] - Management remains cautious about the macroeconomic environment, noting that while some parts of advertising are improving, uncertainty persists [21] - The company has extended debt maturities to 2029, providing financial flexibility to navigate economic challenges [16][20] Other Important Information - The company has reduced gross debt by approximately 50% since emerging from bankruptcy, enhancing its capital structure [16] - The focus on local insights in DMS campaigns has led to a 65% year-over-year increase in multimarket local broadcast revenue [12] Q&A Session Summary Question: Political advertising outlook for the remainder of the year - Political revenue in Q2 was $1.9 million, higher than $1.2 million in 2020, with expectations for significant spending as races become more competitive [22][23] Question: Expectations for the network business with lower interest rates - The network business was lower in Q2 but is expected to improve in Q3, driven by sports advertising [26][27] Question: Challenges in monetizing streaming revenue - The decline in streaming revenue was due to the expiration of a favorable third-party ad sales contract, but the company now has the capabilities to manage its own inventory [31][32] Question: Key verticals for digital marketing services - The top categories for DMS include automotive, HVAC, plumbing, and home improvement, each with tailored go-to-market strategies [33]

Financial Performance - Cumulus Media reported a quarterly loss of $0.68 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.49, and compared to a loss of $0.06 per share a year ago, indicating an earnings surprise of -38.78% [1] - The company posted revenues of $204.85 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.56%, and down from $210.14 million in the same quarter last year [2] - Over the last four quarters, Cumulus has surpassed consensus EPS estimates two times and topped consensus revenue estimates just once [2] Stock Performance - Cumulus shares have declined approximately 62.6% since the beginning of the year, contrasting with the S&P 500's gain of 14.2% [3] - The current Zacks Rank for Cumulus is 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.41 on revenues of $208.7 million, and for the current fiscal year, it is -$1.91 on revenues of $845.58 million [7] - The trend for estimate revisions ahead of the earnings release has been unfavorable, which could impact future stock movements [5][6] Industry Context - The Broadcast Radio and Television industry, to which Cumulus belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting a challenging environment [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38108 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or ...