Financial Performance - Net revenue for the three months ended June 30, 2024, decreased by $5.3 million, or 2.5%, compared to the same period in 2023, primarily due to reductions in network and spot revenues[98]. - Adjusted EBITDA for the three months ended June 30, 2024, was $25.2 million, a decrease of $5.5 million, or 17.8%, from $30.7 million in the same period in 2023[96]. - Net loss for the three months ended June 30, 2024, was $27.7 million, compared to a net loss of $1.1 million in the same period in 2023, representing an increase of $26.6 million[96]. - Loss before income taxes for the three months ended June 30, 2024, was $26.9 million, compared to a loss of $5.9 million in the same period in 2023, an increase of $21.0 million[96]. - For the six months ended June 30, 2024, net revenue decreased by $10.9 million, or 2.6%, compared to the same period in 2023, primarily due to reductions in spot and network revenues[109]. - Adjusted EBITDA for the six months ended June 30, 2024, was $33.6 million, a decrease of $7.4 million from $41.0 million for the same period in 2023[121]. Expenses - Corporate expenses increased by $7.6 million, or 31.6%, for the three months ended June 30, 2024, primarily due to $16.3 million of debt exchange costs[101]. - Content costs for the three months ended June 30, 2024, increased by $0.1 million, or 0.1%, compared to the same period in 2023, driven by higher digital costs[99]. - Selling, general and administrative expenses remained consistent, with a slight increase attributed to higher personnel costs from an expanded digital sales force[99]. - Corporate expenses increased by $9.4 million, or 24.7%, for the six months ended June 30, 2024, primarily due to $16.3 million of debt exchange costs[114]. - Content costs for the six months ended June 30, 2024, decreased by $3.5 million, or 2.2%, primarily due to lower syndicated programming costs[111]. Interest and Tax - Interest expense for the three months ended June 30, 2024, decreased by $0.3 million, or 1.8%, compared to the same period in 2023[104]. - Interest income for the three months ended June 30, 2024, decreased by $0.6 million, or 79.5%, compared to the same period in 2023[96]. - Total interest expense for the six months ended June 30, 2024, decreased by $0.6 million, or 1.7%, compared to the same period in 2023[117]. - Interest income for the six months ended June 30, 2024, decreased by $0.6 million, or 54.5%, compared to the same period in 2023[117]. - The company recorded an income tax expense of $2.3 million on a pre-tax book loss of $39.6 million for the six months ended June 30, 2024, resulting in an effective tax rate of approximately (5.8)%[120]. Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were $53.5 million, with the company using $24.1 million for operating activities in the first half of 2024[126]. - Net cash used in operating activities for the six months ended June 30, 2024, was $(24.1) million, a decrease from $35.2 million provided in the same period of 2023[141]. - Net cash provided by investing activities for the six months ended June 30, 2024, was $2.3 million, compared to $(6.4) million used in the same period of 2023[142]. - Net cash used in financing activities for the six months ended June 30, 2024, was $(5.5) million, a significant decrease from $(43.8) million used in the same period of 2023[143]. - The company did not repurchase any shares during the six months ended June 30, 2024, but repurchased 323,285 shares at an average price of $4.65 per share for approximately $1.5 million in the same period of 2023[139]. Debt and Credit Facilities - The gain on early extinguishment of debt for the three months ended June 30, 2024, was $0.2 million, significantly lower than the $8.4 million gain in the same period in 2023[105]. - The gain on early extinguishment of debt for the six months ended June 30, 2024, was $0.2 million, compared to a gain of $9.0 million for the same period in 2023[118]. - Holdings completed a Term Loan Exchange Offer, exchanging $328.3 million of Term Loan due 2026 for $311.8 million of Term Loan due 2029[132]. - As of May 2, 2024, there was $1.2 million outstanding under Term Loan due 2026 and $311.8 million outstanding under Term Loan due 2029[132]. - The 2020 Revolving Credit Facility was amended to increase aggregate commitments to $125.0 million and extend maturity to March 1, 2029[136]. - Holdings accepted $323.0 million of Senior Notes due 2026 in exchange for approximately $306.4 million of Senior Notes due 2029[138]. Other Information - The company experienced a loss on sale or disposal of assets or stations for the six months ended June 30, 2024, that was not material[115]. - As of June 30, 2024, $25.0 million remained available for repurchase under the share repurchase program[140]. - There were no off-balance sheet arrangements as of June 30, 2024[145].

Q2 Key Highlights: Cumulus Media Reports Operating Results for the Second Quarter 2024 Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance Increas ...

Core Insights - Cumulus Media successfully completed a debt exchange that reduced debt obligations by approximately $33 million and extended maturities to 2029, while also obtaining favorable interest rates [1][2][3] - The company reported Q2 total revenue of $204.8 million, a decline of 2.5% year-over-year, which was in line with pacing guidance [3][4] - Digital marketing services revenue increased by 24%, contributing to a total digital revenue growth of 5% [3][4] Financial Performance - For Q2 2024, Cumulus Media reported a net loss of $27.7 million compared to a net loss of $1.1 million in Q2 2023, with Adjusted EBITDA of $25.2 million, down from $30.7 million in the prior year [3][4][5] - Total revenue for the six months ended June 30, 2024, was $404.9 million, a decrease of 2.6% from $415.8 million in the same period of 2023 [5][7] - Digital revenue accounted for 19% of total company revenue, with radio-only customers adding digital marketing services increasing by 25% year-over-year [3][4] Debt and Balance Sheet - The company reported total debt of $674.4 million and net debt of $588.6 million as of June 30, 2024 [4][33] - The ABL facility was upsized by 25% to $125 million, with maturity extended to 2029 [1][3] - Fixed costs were reduced by approximately $4 million year-over-year, contributing to improved operating leverage [2][3] Operational Highlights - Cumulus Media's digital marketing services growth was driven by an increase in new customers, improved customer retention, and higher average order size [3][4] - The company generated $39.4 million in digital revenue for Q2 2024, reflecting a 5% increase year-over-year [3][4] - The successful completion of the exchange offer saw approximately 96% participation of debt outstanding, further strengthening the balance sheet [3][4]

Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance Increased Digital Marketing Services Revenue by 24%, Total Digital Revenue by 5% ATLANTA, Aug. ...

NEW YORK, July 31, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ:CMLS) Westwood One today announced that talk radio host Dan Bongino will host JD Vance, the Republican Vice-Presidential candidate, today on "The Dan Bongino Show" for a live interview during the 2-3:00 p.m. ET hour of the program. "The Dan Bongino Show" can be heard on Westwood One terrestrial affiliates or streamed live at Bongino.com or on the audio streams of affiliated radio stations, including WMAL Washington DC. The interview will su ...

Group 1 - Cumulus Media's Westwood One announced a live interview with Republican Vice-Presidential candidate JD Vance on "The Dan Bongino Show" scheduled for July 31, 2024, from 2-3:00 p.m. ET [1] - The interview will be available as a podcast on August 4, 2024, across various platforms including Apple Podcasts and Spotify [2] - "The Dan Bongino Show" is a live broadcast hosted by Dan Bongino, airing Monday to Friday from 12 to 3 p.m. ET on 340 stations in the U.S. [3] Group 2 - Cumulus Media is an audio-first media company reaching over a quarter billion people monthly through 401 owned radio stations and a large network of affiliated stations [4] - The company provides a variety of programming including sports, news, talk, and entertainment, and operates the Cumulus Podcast Network [4] - Cumulus Media offers advertisers local and national advertising performance guarantees, along with integrated digital marketing services and live event experiences [4]

Core Viewpoint - Cumulus Media Inc. will host a conference call on August 2, 2024, to discuss its second quarter 2024 operating results, with a press release summarizing these results to be issued beforehand [1]. Company Overview - Cumulus Media is an audio-first media company that delivers premium content to over a quarter billion people monthly through 401 owned-and-operated radio stations across 85 markets [3]. - The company provides nationally-syndicated sports, news, talk, and entertainment programming through Westwood One, the largest audio network in America, reaching over 9,800 affiliated stations [3]. - Cumulus Media also operates the Cumulus Podcast Network, which features a growing collection of original podcasts [3]. - The company offers advertisers a combination of local impact and national reach through various platforms, including broadcast, digital, mobile, social, and voice-activated services [3]. - Cumulus Media is unique in providing marketers with local and national advertising performance guarantees [3].

Core Viewpoint - Cumulus Media Inc. will host a conference call on August 2, 2024, to discuss its second 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 August 2, 2024, at 8:30 AM ET [1]. - A press release summarizing the operating results will be issued at approximately 8:00 AM ET on the same day [1]. - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, with a participant access code of 044716 [3]. Group 2: Company Overview - Cumulus Media is an audio-first media company that delivers premium content to over a quarter billion people monthly [5]. - The company operates 401 owned-and-operated radio stations across 85 markets and provides nationally-syndicated programming through Westwood One, the largest audio network in America [5]. - Cumulus Media also offers a growing network of original podcasts and provides advertisers with local and national advertising performance guarantees [5].

NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- Cumulus Media's (NASDAQ: CMLS) Westwood One announced that a new podcast, Bongino Report Early Edition with EvitaSM, dropped its inaugural episode today on the Cumulus Podcast Network. In this first podcast extension under the Bongino umbrella, Gen Z journalist and culture analyst Evita Duffy-Alfonso joins the Bongino Report with a daily show covering all the top stories. Bongino Report Early Edition with EvitaSM drops each weekday on most major podcast platforms ...

NEW YORK, July 14, 2024 (GLOBE NEWSWIRE) -- WHAT: Dan Bongino, host of The Dan Bongino Show, will be at the Republican National Convention streaming live special coverage in addition to his regularly scheduled syndicated radio show on Westwood One and his daily podcast. Rich Valdés, host of Rich Valdés America at Night on Westwood One, will be covering the Republican National Convention and providing interviews with key party members. Westwood One offers 24-hour news/talk syndicated radio programming Monday ...