Audience and Market Presence - Cumulus Media reaches a monthly audience of a quarter billion listeners through 400 owned radio stations across 84 markets and over 9,500 affiliated stations[18]. - The company operates a total of 118 radio stations across various markets as of February 20, 2025[53][54]. - Cumulus Media engages 250 million listeners monthly through 400 owned-and-operated stations across 84 markets[150]. Revenue Streams - The company generates revenue from three major streams: broadcast radio, digital advertising, and other revenue, with a focus on maximizing advertising inventory and adjusting prices based on supply and demand[20][23]. - Digital revenue includes advertising from podcasts, streaming audio, and digital marketing services, contributing significantly to overall revenue growth[23]. - Broadcast radio revenue primarily comes from local, regional, and national spot advertising, with national spot advertising sold through internal teams and Katz Media Group[151][152]. - The primary source of revenue for the company is advertising sales, which are seasonal and cyclical, with generally lower revenue in Q1 and higher in Q2 and Q4[90]. Financial Performance - Net revenue for the year ended December 31, 2024 decreased by 283.3 million for the year ended December 31, 2024, compared to a net loss of 8.0 million, from 82.7 million in 2024[179]. Operational Challenges - The company experiences seasonal fluctuations in advertising revenue, with the fourth quarter typically generating the highest revenues due to increased political advertising in even-numbered years[44][45]. - Inflation has impacted costs, particularly in personnel and equipment, prompting the company to seek continuous process improvements to mitigate its effects[46]. - Economic conditions, national and local advertising demand, and competition from other media significantly impact the company's financial performance[92]. Regulatory Environment - The company is subject to various regulatory approvals for the assignment or transfer of control of broadcast licenses, which must serve the public interest[55]. - The Communications Act restricts companies from having more than 25% of their capital stock owned or voted by non-U.S. persons, but the FCC granted the company a petition allowing 100% foreign ownership under certain conditions[57]. - The FCC's local radio ownership rules are currently under review, which may impact the company's future acquisitions[58]. Corporate Governance and Culture - Cumulus Media's corporate culture, defined by the FORCE framework, supports employee engagement and retention, contributing to overall performance[34][41]. - As of December 31, 2024, Cumulus Media employed 3,106 people, with 2,250 in full-time positions, maintaining positive relations with employees[42]. - The company has a diverse executive team with extensive experience in media and finance, including the CEO who has been in position since October 2015[80]. Cybersecurity and Risk Management - The company is actively involved in strategic initiatives and corporate development through its Executive Vice President of Corporate Strategy and Development[83]. - The company's cybersecurity risks are overseen by the Audit Committee, which receives quarterly reports on the status of cybersecurity measures[135][137]. - The company has an integrated cybersecurity risk management program based on the NIST framework, focusing on prevention, detection, and mitigation[130]. Debt and Financial Obligations - The company has a 328.3 million of the Term Loan due 2026 for 25 million, which may be modified or suspended at any time[146].
Cumulus Media(CMLS) - 2024 Q4 - Annual Report