Cumulus Media(CMLS) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis Item 1. Financial Statements (Unaudited) This section presents the unaudited condensed consolidated financial statements for Cumulus Media Inc., including balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's business, accounting policies, revenue recognition, intangible assets, long-term debt, fair value measurements, income taxes, stockholders' equity, loss per share, commitments, contingencies, and subsequent events Condensed Consolidated Balance Sheets This section presents the company's financial position, detailing assets, liabilities, and stockholders' equity at specific dates Metric (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash and cash equivalents | $96,745 | $63,836 | | Total current assets | $280,617 | $248,051 | | Total assets | $1,105,967 | $1,118,649 | | Total current liabilities | $130,059 | $133,778 | | Long-term debt | $720,210 | $669,041 | | Total liabilities | $1,143,055 | $1,111,698 | | Total stockholders' (deficit) equity | $(37,088) | $6,951 | - The company's total assets decreased from $1,118,649 thousand at December 31, 2024, to $1,105,967 thousand at June 30, 2025 Total liabilities increased from $1,111,698 thousand to $1,143,055 thousand, leading to a shift from positive stockholders' equity of $6,951 thousand to a deficit of $(37,088) thousand[8] Condensed Consolidated Statements of Operations This section outlines the company's revenues, expenses, and net loss over specific reporting periods Metric (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenue | $186,017 | $204,849 | $373,366 | $404,902 | | Operating income (loss) | $3,678 | $(9,583) | $(11,096) | $(20,057) | | Net loss | $(12,821) | $(27,699) | $(45,188) | $(41,853) | | Basic loss per share | $(0.74) | $(1.64) | $(2.61) | $(2.49) | - For the three months ended June 30, 2025, net revenue decreased by 9.2% YoY to $186,017 thousand, but the company improved its operating income to $3,678 thousand from a loss of $(9,583) thousand in the prior year Net loss significantly narrowed to $(12,821) thousand from $(27,699) thousand YoY[9] - For the six months ended June 30, 2025, net revenue decreased by 7.8% YoY to $373,366 thousand The net loss widened to $(45,188) thousand from $(41,853) thousand in the prior year, and basic loss per share increased to $(2.61) from $(2.49)[9] Condensed Consolidated Statements of Stockholders' (Deficit) Equity This section details changes in the company's stockholders' equity, including net loss and stock-based compensation Metric (in thousands) | Metric (in thousands) | Balance at Dec 31, 2024 | Balance at June 30, 2025 | | :-------------------- | :---------------------- | :----------------------- | | Total Stockholders' (Deficit) Equity | $6,951 | $(37,088) | | Net loss (6 months) | N/A | $(45,188) | | Stock based compensation expense (6 months) | N/A | $1,423 | Metric (in thousands) | Metric (in thousands) | Balance at Dec 31, 2023 | Balance at June 30, 2024 | | :-------------------- | :---------------------- | :----------------------- | | Total Stockholders' (Deficit) Equity | $286,582 | $246,051 | | Net loss (6 months) | N/A | $(41,853) | | Stock based compensation expense (6 months) | N/A | $2,408 | - The company's total stockholders' equity shifted from a positive balance of $6,951 thousand at December 31, 2024, to a deficit of $(37,088) thousand by June 30, 2025, primarily due to a net loss of $(45,188) thousand during the six-month period[14] Condensed Consolidated Statements of Cash Flows This section reports the cash inflows and outflows from operating, investing, and financing activities Metric (in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(7,527) | $(24,056) | | Net cash (used in) provided by investing activities | $(10,570) | $2,349 | | Net cash provided by (used in) financing activities | $51,006 | $(5,461) | | Increase (decrease) in cash and cash equivalents | $32,909 | $(27,168) | | Cash and cash equivalents at end of period | $96,745 | $53,492 | - Net cash used in operating activities significantly decreased from $(24,056) thousand in H1 2024 to $(7,527) thousand in H1 2025 Investing activities shifted from a net cash inflow of $2,349 thousand in H1 2024 (due to BMI sale proceeds) to a net cash outflow of $(10,570) thousand in H1 2025 Financing activities provided $51,006 thousand in H1 2025, primarily from revolving credit facility borrowings, compared to a net use of $(5,461) thousand in H1 2024[18] Notes to Condensed Consolidated Financial Statements This section provides detailed explanations of the company's accounting policies, financial statement items, and significant events Note 1. Nature of Business, Interim Financial Data and Basis of Presentation This note describes the company's operations, reporting segment, and the basis for interim financial statement presentation - Cumulus Media is an audio-first media company operating 400 owned-and-operated radio stations, delivering nationally-syndicated programming through Westwood One, and inspiring listeners via the Cumulus Podcast Network It provides advertisers with broadcast and digital solutions[22] - The company operates as one reportable segment, with the CEO as the Chief Operating Decision Maker, utilizing consolidated net loss and Adjusted EBITDA for performance assessment[24] - As of June 30, 2025, assets held for sale increased to $10.7 million from $0.9 million at December 31, 2024, primarily consisting of property and equipment A $1.4 million impairment was recorded for these assets in Q2 2025[28] - The company received $14.8 million in cash proceeds from the sale of Broadcast Music, Inc (BMI) in February 2024, recognized as other income[29] - The company incurred operating losses of $45.2 million and $41.9 million for the six months ended June 30, 2025 and 2024, respectively Despite a $22.1 million decrease in cash (excluding a $55.0 million draw on the revolving credit facility), management believes current cash reserves and credit facility access will meet liquidity needs for at least the next twelve months[32] Supplemental Cash Flow Information (Six Months Ended June 30) | Metric (in thousands) | 2025 | 2024 | | :-------------------- | :------ | :------ | | Interest paid | $32,699 | $34,594 | | Income taxes (refunded) paid | $(5) | $473 | | Trade revenue | $36,004 | $33,381 | | Trade expense | $33,395 | $29,999 | | Noncash principal change in financing liabilities | $(12,997) | $488 | Note 2. Revenues This note details the company's revenue recognition policies and disaggregates net revenue by source Revenues by Source (Three Months Ended June 30) | Revenue Source (in thousands) | 2025 | 2024 | | :---------------------------- | :-------- | :-------- | | Spot | $91,151 | $101,806 | | Network | $27,286 | $34,306 | | Total broadcast radio revenue | $118,437 | $136,112 | | Digital | $38,832 | $39,397 | | Other | $28,748 | $29,340 | | Net revenue | $186,017 | $204,849 | Revenues by Source (Six Months Ended June 30) | Revenue Source (in thousands) | 2025 | 2024 | | :---------------------------- | :-------- | :-------- | | Spot | $172,115 | $192,300 | | Network | $71,219 | $83,400 | | Total broadcast radio revenue | $243,334 | $275,800 | | Digital | $75,397 | $73,800 | | Other | $54,635 | $55,200 | | Net revenue | $373,366 | $404,900 | - Broadcast radio revenue, comprising spot and network advertising, is the primary revenue source Digital revenue is generated from podcasting, streaming audio, websites, mobile apps, and digital marketing services Other revenue includes trade/barter transactions, remote/event revenue, and non-advertising fees[39][40][41] - For the six months ended June 30, 2025, trade and barter revenues were $36.0 million, with corresponding expenses of $33.4 million[42] Note 3. Intangible Assets This note provides information on the company's intangible assets, including broadcast licenses and trademarks Intangible Assets Net Book Value (in thousands) | Asset Type | June 30, 2025 | | :------------------ | :------------ | | Broadcast licenses | $517,270 | | Trademarks | $16,364 | | Affiliate and producer relationships | $49,537 | | Tower income contracts | $2,872 | | Total Net Book Value | $586,043 | - The net book value of intangible assets as of June 30, 2025, was $586.0 million, with broadcast licenses being the largest component at $517.3 million The company performs annual impairment testing for indefinite-lived assets and interim reviews for definite-lived assets[44] Note 4. Long-Term Debt This note outlines the company's long-term debt instruments, their terms, and recent exchange offers Long-Term Debt (in thousands) | Debt Instrument | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Term Loan due 2026 | $1,203 | $1,203 | | Senior Notes due 2026 | $22,697 | $22,697 | | Term Loan due 2029 | $325,073 | $326,514 | | Senior Notes due 2029 | $319,730 | $321,181 | | 2020 Revolving Credit Facility | $55,000 | — | | Long-term debt, net | $720,210 | $669,041 | - The company's long-term debt, net, increased from $669.0 million at December 31, 2024, to $720.2 million at June 30, 2025, primarily due to borrowings under the 2020 Revolving Credit Facility[46] - In May 2024, the company completed exchange offers, converting $328.3 million of Term Loan due 2026 into $311.8 million of Term Loan due 2029, and $323.0 million of Senior Notes due 2026 into $306.4 million of Senior Notes due 2029 These exchanges resulted in prospective yield adjustments and amortization of the principal differences to interest expense[52][55][67][72] - The 2020 Revolving Credit Facility was extended to March 1, 2029, and its aggregate commitments increased to $125.0 million As of June 30, 2025, $59.6 million was outstanding, including $4.6 million in letters of credit[57][62] Note 5. Fair Value Measurements This note describes the fair value hierarchy and measurements for the company's financial instruments Fair Value of Debt Instruments (in thousands) | Debt Instrument | Gross Value (June 30, 2025) | Fair Value (June 30, 2025) | | :-------------------- | :-------------------------- | :------------------------- | | Term Loan due 2026 | $1,203 | $301 | | Term Loan due 2029 | $325,073 | $75,622 | | Senior Notes due 2026 | $22,697 | $14,626 | | Senior Notes due 2029 | $319,730 | $70,466 | - The fair values of the company's Term Loans and Senior Notes are significantly lower than their gross values, indicating market discounts For example, the Term Loan due 2029 has a gross value of $325.1 million but a fair value of $75.6 million as of June 30, 2025[75] Note 6. Income Taxes This note explains the company's income tax expense, effective tax rates, and deferred tax assets Income Tax Expense and Effective Tax Rate | Period | Pre-tax Book Loss (in thousands) | Income Tax Expense (in thousands) | Effective Tax Rate | | :-------------------- | :------------------------------- | :-------------------------------- | :----------------- | | Three Months Ended June 30, 2025 | $(12,449) | $372 | (3.0)% | | Three Months Ended June 30, 2024 | $(26,920) | $779 | (2.9)% | | Six Months Ended June 30, 2025 | $(43,169) | $2,019 | (4.7)% | | Six Months Ended June 30, 2024 | $(39,575) | $2,278 | (5.8)% | - The effective tax rates for both the three and six months ended June 30, 2025 and 2024, were negative, primarily due to a valuation allowance recognized against deferred tax assets, state and local income taxes, and certain non-deductible expenses[79][80] Note 7. Stockholders' Equity This note details the components of stockholders' equity, including common stock and share repurchase programs - As of June 30, 2025, the company had 17,440,084 outstanding shares of common stock, comprising 17,128,043 Class A shares and 312,041 Class B shares[82] - A share repurchase program authorized up to $25.0 million of Class A common stock, but it expired on May 15, 2025 No shares were repurchased during the six months ended June 30, 2025 or 2024, due to significant restrictions under debt agreements[83][84][138] Note 8. Loss Per Share This note presents the calculation of basic and diluted loss per share for the reporting periods Basic and Diluted Loss Per Share | Period | Basic Loss Per Share | Diluted Loss Per Share | | :-------------------- | :------------------- | :--------------------- | | Three Months Ended June 30, 2025 | $(0.74) | $(0.74) | | Three Months Ended June 30, 2024 | $(1.64) | $(1.64) | | Six Months Ended June 30, 2025 | $(2.61) | $(2.61) | | Six Months Ended June 30, 2024 | $(2.49) | $(2.49) | - Basic and diluted loss per share are identical for both Class A and Class B common stock due to the net loss, which renders potential common shares anti-dilutive[86][87] Note 9. Commitments and Contingencies This note describes the company's legal proceedings, commitments, and potential contingent liabilities - The company is involved in various legal proceedings and accrues for probable and estimable liabilities Management believes the ultimate resolution of current claims will not materially adversely affect its financial position, results of operations, or cash flows[88][90] Note 10. Subsequent Event This note discloses significant events that occurred after the balance sheet date - On July 4, 2025, new tax law was signed, permanently extending several business tax provisions The company does not anticipate a material impact on its financial statements from this change[91] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on the company's financial performance and condition, including an overview of operations, the transition to OTC Markets, the definition and reconciliation of Adjusted EBITDA (a non-GAAP measure), and a detailed analysis of consolidated results for the three and six months ended June 30, 2025, compared to the prior year It also discusses liquidity, capital resources, and critical accounting policies Overview This section provides an introductory context for the management's discussion and analysis - The discussion of financial condition and results of operations should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and the Annual Report on Form 10-K for the year ended December 31, 2024[92] Transition to the OTC Markets This section explains the company's recent transition of its stock trading to the OTC Markets - Shares of Class A common stock were suspended from trading on the Nasdaq Global Market on May 2, 2025, due to non-compliance with Nasdaq Listing Rules Trading commenced on the OTC Markets' OTCQB® market tier on the same date[93] Non-GAAP Financial Measure This section defines and explains the company's use of Adjusted EBITDA as a non-GAAP financial metric - Adjusted EBITDA is a non-GAAP financial metric used by management and the chief operating decision maker to assess financial performance, allocate resources, and determine compliance with credit agreement covenants It excludes interest, taxes, depreciation, amortization, stock-based compensation, gains/losses on asset sales or debt extinguishment, restructuring costs, acquisition/divestiture expenses, non-routine legal expenses, and non-cash impairments from net loss[94][95] Consolidated Results of Operations This section analyzes the company's consolidated financial performance for the reported periods Analysis of Consolidated Results of Operations This section provides a summary of key financial metrics from the consolidated statements of operations Consolidated Results of Operations (Three Months Ended June 30) | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------- | :-------- | :-------- | :--------- | :--------- | | Net revenue | $186,017 | $204,849 | $(18,832) | (9.2)% | | Operating income (loss) | $3,678 | $(9,583) | $13,261 | N/A | | Net loss | $(12,821) | $(27,699) | $14,878 | 53.7% | | Adjusted EBITDA | $22,358 | $25,213 | $(2,855) | (11.3)% | Consolidated Results of Operations (Six Months Ended June 30) | Metric (in thousands) | 2025 | 2024 | Change ($) | Change (%) | | :-------------------- | :-------- | :-------- | :--------- | :--------- | | Net revenue | $373,366 | $404,902 | $(31,536) | (7.8)% | | Operating loss | $(11,096) | $(20,057) | $8,961 | (44.7)% | | Net loss | $(45,188) | $(41,853) | $(3,335) | (8.0)% | | Adjusted EBITDA | $25,877 | $33,618 | $(7,741) | (23.0)% | Three Months Ended June 30, 2025 compared to the Three Months Ended June 30, 2024 This section details the financial performance comparison for the three-month periods ended June 30 - Net revenue decreased by $18.8 million (9.2%) due to reductions in spot and network revenues, and lower podcasting revenue, partially offset by growth in digital marketing services[101] - Content costs decreased by $14.2 million (19.3%) due to lower revenue share, personnel costs, broadcast rights (contract renegotiation), and third-party station inventory costs, partially offset by higher digital expenses[102] - Corporate expenses decreased by $17.6 million (55.4%), primarily from lower debt exchange costs ($16.3 million in 2024) and reduced personnel expense, partially offset by higher restructuring charges[105] - Interest expense decreased by $1.3 million (7.5%), driven by lower expenses for Term Loan due 2026 and Senior Notes due 2026, partially offset by increased expenses for Term Loan due 2029, 2020 Revolving Credit Facility, and Senior Notes due 2029[107] Interest Expense by Debt Instrument (Three Months Ended June 30, in thousands) | Debt Instrument | 2025 | 2024 | Change ($) | | :-------------------- | :------ | :------ | :--------- | | Term Loan due 2026 | $25 | $2,879 | $(2,854) | | Term Loan due 2029 | $7,311 | $5,504 | $1,807 | | Senior Notes due 2026 | $383 | $2,267 | $(1,884) | | 2020 Revolving Credit Facility | $463 | — | $463 | | Senior Notes due 2029 | $6,128 | $4,017 | $2,111 | | Financing liabilities | $3,217 | $3,483 | $(266) | | Amortization of debt discount | $(1,461) | $(891) | $(570) | | Other | $241 | $367 | $(126) | | Total Interest expense | $16,307 | $17,626 | $(1,319) | Six Months Ended June 30, 2025 compared to the Six Months Ended June 30, 2024 This section details the financial performance comparison for the six-month periods ended June 30 - Net revenue decreased by $31.5 million (7.8%) due to reductions in spot and network revenues, partially offset by $1.6 million higher digital advertising revenue[111][112] - Content costs decreased by $19.9 million (12.6%) due to lower revenue share, personnel costs, broadcast rights, and third-party station inventory costs, partially offset by higher digital expenses[113] - Corporate expenses decreased by $18.8 million (39.5%) primarily due to lower debt exchange costs ($16.3 million in 2024), reduced personnel expense, and lower legal fees, partially offset by higher restructuring charges[116] - Interest expense decreased by $2.7 million (7.6%), primarily due to significant reductions in Term Loan due 2026 and Senior Notes due 2026 expenses, partially offset by increases in Term Loan due 2029, 2020 Revolving Credit Facility, and Senior Notes due 2029 expenses[119] Interest Expense by Debt Instrument (Six Months Ended June 30, in thousands) | Debt Instrument | 2025 | 2024 | Change ($) | | :-------------------- | :------ | :------ | :--------- | | Term Loan due 2026 | $50 | $10,395 | $(10,345) | | Term Loan due 2029 | $14,639 | $5,504 | $9,135 | | Senior Notes due 2026 | $766 | $8,110 | $(7,344) | | 2020 Revolving Credit Facility | $463 | — | $463 | | Senior Notes due 2029 | $12,187 | $4,017 | $8,170 | | Financing liabilities | $6,577 | $6,994 | $(417) | | Amortization of debt discount | $(2,894) | $(891) | $(2,003) | | Other | $541 | $857 | $(316) | | Total Interest expense | $32,329 | $34,986 | $(2,657) | - Other income for the six months ended June 30, 2024, included a $14.8 million gain from the sale of Broadcast Music, Inc (BMI), which was not present in 2025[120] Reconciliation of Non-GAAP Financial Measure This section provides a reconciliation of GAAP net loss to Adjusted EBITDA Adjusted EBITDA Reconciliation (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------- | :-------- | :-------- | | GAAP net loss | $(12,821) | $(27,699) | | Income tax expense | $372 | $779 | | Non-operating expense, net | $16,127 | $17,507 | | Depreciation and amortization | $14,116 | $14,725 | | Stock-based compensation expense | $574 | $1,336 | | Impairment of assets held for sale | $1,420 | — | | Gain on early extinguishment of debt | — | $(170) | | Restructuring costs | $2,358 | $1,988 | | Debt exchange costs | — | $16,271 | | Non-routine legal expenses | $42 | $280 | | Franchise taxes | $170 | $196 | | Adjusted EBITDA | $22,358 | $25,213 | Adjusted EBITDA Reconciliation (Six Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :-------------------- | :-------- | :-------- | | GAAP net loss | $(45,188) | $(41,853) | | Income tax expense | $2,019 | $2,278 | | Non-operating expense, net | $32,073 | $19,688 | | Depreciation and amortization | $28,912 | $29,603 | | Stock-based compensation expense | $1,423 | $2,408 | | Impairment of assets held for sale | $1,420 | — | | Gain on early extinguishment of debt | — | $(170) | | Restructuring costs | $4,826 | $4,118 | | Debt exchange costs | — | $16,271 | | Non-routine legal expenses | $42 | $888 | | Franchise taxes | $350 | $387 | | Adjusted EBITDA | $25,877 | $33,618 | Liquidity and Capital Resources This section discusses the company's cash position, cash flow activities, and future liquidity needs - As of June 30, 2025, the company had $96.7 million in cash and cash equivalents Net cash used in operating activities significantly decreased to $7.5 million for the six months ended June 30, 2025, from $24.1 million in the prior year[125][140] - The company's primary anticipated uses of liquidity in 2025 include funding working capital, interest and tax payments, capital expenditures, and strategic plan execution Management believes current cash reserves and revolving credit facility borrowings will manage liquidity needs for at least the next twelve months[128][129] - Net cash used in investing activities was $10.6 million for the six months ended June 30, 2025, primarily for capital expenditures, a shift from net cash provided by investing activities of $2.3 million in the prior year which included proceeds from the BMI Sale[141][142] - Net cash provided by financing activities was $51.0 million for the six months ended June 30, 2025, mainly reflecting $55.0 million from borrowings under the 2020 Revolving Credit Agreement[143] - The company had no off-balance sheet arrangements as of June 30, 2025[145] Critical Accounting Policies and Estimates This section highlights the company's significant accounting policies and estimates - There have been no material changes to the company's critical accounting policies and estimates during the six months ended June 30, 2025, as compared to those disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[146] Item 3. Quantitative and Qualitative Disclosures about Market Risk As a smaller reporting company, Cumulus Media Inc. is not required to provide quantitative and qualitative disclosures about market risk - The company is a smaller reporting company and is not required to provide information under this item[147] Item 4. Controls and Procedures Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025 There were no material changes to internal control over financial reporting during the three months ended June 30, 2025 - The CEO and CFO concluded that disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2025[148] - No material changes to internal control over financial reporting occurred during the three months ended June 30, 2025[149] PART II. OTHER INFORMATION This part includes legal proceedings, risk factors, equity sales, other information, and exhibits Item 1. Legal Proceedings There have been no additional material legal proceedings or developments since the last Annual Report on Form 10-K - No additional material legal proceedings or developments have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024[151] Item 1A. Risk Factors There were no material changes to the company's previously disclosed risk factors during the six months ended June 30, 2025 - No material changes to previously disclosed risk factors occurred during the six months ended June 30, 2025[151] Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities There were no unregistered sales of equity securities, use of proceeds, or issuer purchases of equity securities during the period - None reported for this item[152] Item 5. Other Information No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the fiscal quarter ended June 30, 2025 - No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended June 30, 2025[153] Item 6. Exhibits This section lists the exhibits filed with the Form 10-Q, including an employment agreement, certifications from the Principal Executive and Financial Officers, and Inline XBRL documents Key Exhibits Filed | Exhibit Number | Description | | :------------- | :---------- | | 10.1 | Fifth Amendment to Employment Agreement, dated June 10, 2025, by and between Cumulus Media Inc. and Richard S. Denning. | | 31.1 | Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | 31.2 | Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | 32.1 | Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | 101.INS | Inline XBRL Instance Document. | | 104 | Cover Page Interactive Data File. | Signatures The report was duly signed on behalf of Cumulus Media Inc. by Francisco J. Lopez-Balboa, Executive Vice President, Chief Financial Officer, on August 7, 2025 - The report was signed by Francisco J Lopez-Balboa, Executive Vice President, Chief Financial Officer, on August 7, 2025[158]