March Madness® Broadcasts Connect College Hoops Fans and Consumers across Multiple Platforms – 500+ Radio Stations, SiriusXM, NCAA March Madness Live™; via Free Online Streaming at WestwoodOneSports.com, The Varsity Network App, and on Alexa-Enabled Devices; and on TuneIn Premium Network's Coverage Includes the Final Four® in Spanish, sponsored by Werner Ladder  NEW YORK, March 19, 2024 (GLOBE NEWSWIRE) -- CUMULUS MEDIA's Westwood One (NASDAQ:CMLS), the largest audio network in the U.S. and the official net ...

avdyachenko A puzzling situation It's unusual to see a company simultaneously enact a poison pill defense against a potential hostile takeover and embark on a debt restructuring. This makes Cumulus Media’s (NASDAQ:CMLS) situation particularly intriguing. The Context Cumulus Media reported 2023 results last February, 27, 2024. Q4 and FY 2023 results were basically in line with expectations - CMLS total revenues for the year were $844.5 million, a decrease of 11.4% compared to 2022, and EBITDA shrank to $ ...

ATLANTA, March 12, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company" or "Cumulus") today announced that its subsidiary, Cumulus Media New Holdings Inc. (the "Issuer"), has extended the Early Tender Time in its previously-announced Exchange Offer and Consent Solicitation (the "Exchange Offer and Consent Solicitation"), in which the Issuer offered to exchange any and all of the Issuer's outstanding 6.750% Senior Secured First-Lien Notes due 2026 (the "Old Notes") for new 8.750% Senior S ...

NEW YORK, March 07, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One, America's largest audio network, will present a total of 24 NCAA Men's and Women's Basketball games from Conference Championship Week. Westwood One's postseason basketball coverage tips off on Saturday, March 9th, with the Ohio Valley Conference Championship game, and continues through Selection Sunday, March 17, with broadcasts that day of the Ivy League, the SEC, and the American Athletic Championship games. Westwood ...

Cumulus Media Inc. (NASDAQ:CMLS) Q4 2023 Earnings Conference Call February 27, 2024 8:30 AM ET Company Participants Collin Jones - EVP, Strategy and Development, President of Westwood One Mary Berner - President and CEO Frank Lopez-Balboa - CFO Conference Call Participants Michael Kupinski - NOBLE Financial Capital Markets Jim Goss - Barrington Research Dan Day - B. Riley Operator Hello, and welcome to the Cumulus Media Quarterly Earnings Conference Call. I'll now turn it over to Collin Jones, Executive Vic ...

Cumulus Media (CMLS) came out with a quarterly loss of $2.60 per share versus the Zacks Consensus Estimate of a loss of $0.59. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -340.68%. A quarter ago, it was expected that this radio station owner would post a loss of $0.34 per share when it actually produced earnings of $0.16, delivering a surprise of 147.06%.Over the last four quarters, the c ...

ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ:CMLS) (the "Company" or "Cumulus") today announced that its subsidiary, Cumulus Media New Holdings Inc. (the "Issuer"), has commenced an offer to exchange (the "Exchange Offer") any and all of the Issuer's outstanding 6.750% Senior Secured First-Lien Notes due 2026 (the "Old Notes") for new 8.750% Senior Secured First-Lien Notes due 2029 ("New Notes") to be issued by the Issuer, upon the terms of and subject to the conditions set forth in ...

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 ...

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 ...

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].