Core Insights - Cumulus Media and TuneIn have renewed and expanded their content partnership, allowing TuneIn to continue offering Cumulus Media's programming to its 75 million monthly global listeners [1][5] - The agreement includes a new non-exclusive sales and supply partnership aimed at optimizing digital audio advertising monetization for Cumulus' radio stations [1][3] Company Overview: Cumulus Media - Cumulus Media operates 400 radio stations across 84 markets, providing a wide range of nationally syndicated sports, news, talk, and entertainment programming [2][4] - The company engages over a quarter billion listeners monthly and offers content through its own stations and the Cumulus Podcast Network [4] Company Overview: TuneIn - TuneIn is recognized as the world's leader in live audio, with over 75 million monthly active users and distribution across more than 200 platforms and connected devices [5] - The platform provides access to live sports, news, music, audiobooks, podcasts, and radio, enhancing listener engagement globally [5] Strategic Alignment - The partnership aligns with Cumulus Media's strategy to expand its digital footprint and reach a global audience through TuneIn's extensive platform [3] - Both companies view the partnership as mutually beneficial, enhancing content accessibility for listeners while improving monetization opportunities for Cumulus [3]

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]

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]