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].

Core Insights - Cumulus Media has announced the launch of two new podcasts under the Rich Eisen Podcast Network, expanding its offerings in sports programming [1][5] - The new podcasts are "No-Contest Wrestling," co-hosted by O'Shea Jackson, Jr. and TJ Jefferson, and "The Jim Jackson Show," hosted by Jim Jackson [2][4] Podcast Details - "No-Contest Wrestling" will feature weekly episodes that include interviews with major wrestling stars and behind-the-scenes stories from WWE, AEW, and independent promotions, with the first episode featuring CM Punk [2] - "The Jim Jackson Show" will cover basketball from college to the NBA, featuring guests like Charles Barkley and discussing various topics including finance and lifestyle [4] Hosts Background - O'Shea Jackson, Jr. is an actor known for roles in films such as "Straight Outta Compton" and has a deep passion for professional wrestling, which he has followed since childhood [3][8] - TJ Jefferson serves as an on-air producer for "The Rich Eisen Show" and is a self-proclaimed wrestling encyclopedia, having pursued a career in sports television since 1999 [10] - Jim Jackson is a former NBA player and respected broadcaster with experience in various media roles, as well as a background in business ventures including commercial real estate [11] Cumulus Media Overview - Cumulus Media is an audio-first media company that reaches over a quarter billion people monthly through its 401 radio stations and the Cumulus Podcast Network, which features a variety of original podcasts [12]

Core Insights - Cumulus Media's Westwood One has partnered with The Benny Show, hosted by Benny Johnson, to join the Cumulus Podcast Network, which aims to enhance the program's reach and monetization [1][3] - The Benny Show has gained significant popularity, amassing 12 million subscribers across various platforms during the 2024 news cycle, positioning itself as a key player in the news and entertainment landscape [1][2] Company Overview - Cumulus Media is an audio-first media company that delivers content to over a quarter billion people monthly through 401 owned radio stations and a vast network of affiliated stations [6] - The company offers a range of programming, including sports, news, talk, and entertainment, and is known for its Cumulus Podcast Network, which features original podcasts [6] Program Details - The Benny Show releases new episodes every weekday at 11 a.m. ET and is available on major podcast platforms like YouTube and Apple Podcasts [3] - The show features commentary and interviews with notable figures, including presidential candidates and cultural icons, appealing to a younger audience seeking independent news sources [2][4] Strategic Goals - Benny Johnson emphasized the goal of the partnership with Westwood One is to inform, entertain, and grow the community, while also addressing the absurdities of the political and cultural landscape [4] - Westwood One's President highlighted the addition of The Benny Show as a natural fit for their portfolio, aiming to expand into video content and enhance the network's personality-driven offerings [4]

Group 1 - Cumulus Media announced a new podcast series titled "On the Frontlines with Mark Levin and Yael Eckstein," which will investigate the October 7, 2023, terror attacks on Israel [1] - The podcast will explore themes such as Jewish cultures, Judeo-Christian values, historical anti-Semitism, and the cycle of violence leading to recent events [2][3] - The series will consist of four episodes, with the first episode airing on October 2, 2024, discussing life in Israel post-October 7, 2023 [2] Group 2 - The podcast will feature discussions on the evolution of anti-Semitism, the significance of ancient Jewish culture, and the ongoing conflicts in the Middle East [3][4] - Mark Levin, a prominent conservative commentator and radio host, will co-host the series alongside Yael Eckstein, President & CEO of The Fellowship [4][5] - Cumulus Media operates a vast audio network, including 401 radio stations and a growing podcast network, reaching over a quarter billion people monthly [8]

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 ...

Core Insights - Cumulus Media has promoted Carolyn Chauncey to Senior Vice President, Marketing and Podcasting, where she will oversee the Cumulus Podcast Network's operations and continue her role in corporate marketing [1][2] Company Developments - Carolyn Chauncey has nearly 30 years of media experience, having held senior leadership roles in various media sectors and has been with Cumulus Media since 2016 [2] - Jason Soderberg has been promoted to Vice President, Podcast Operations and Production, responsible for managing audio and video production for the podcast network [3] - Megan Devine has been promoted to Vice President, Podcast Sales Planning and Yield Optimization, aligning podcast sales planning with revenue-generating activities [4] Company Overview - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 401 radio stations and a national audio network [5] - The company provides advertisers with local and national advertising performance guarantees and offers a range of integrated digital marketing services [5]