Core Insights - iHeartMedia and TikTok have formed a groundbreaking multiplatform partnership to integrate TikTok creators into iHeart's ecosystem, launching the TikTok Podcast Network with up to 25 new podcasts [1][2][3] - The partnership aims to enhance creator engagement and expand their storytelling capabilities across various platforms, combining TikTok's cultural energy with iHeartMedia's extensive reach [2][3] Partnership Details - The TikTok Podcast Network will feature podcasts hosted by TikTok creators, supported by new co-branded podcast studios in Los Angeles, New York, and Atlanta, equipped with advanced audio and video infrastructure [3] - TikTok Radio will be launched, pairing TikTok creators with experienced iHeartRadio personalities, providing a unique audio experience that mirrors the TikTok scrolling experience [3] - iHeartMedia and TikTok will collaborate on live events, offering creators access to major events like the iHeartRadio Music Festival and Jingle Ball, enhancing brand activation opportunities [3][4] Marketing and Sponsorship - The partnership will leverage both companies' marketing capabilities to drive sponsorships and create new business opportunities for creators and their shows [5] - Mass-reach marketing strategies will be implemented across both platforms to maximize audience engagement and sponsorship potential [5]

Core Insights - Chris Van Vliet's podcast "Insight" is joining the Cumulus Podcast Network, enhancing its distribution and monetization capabilities [1][4] - The podcast has become a leading platform in professional wrestling media, driven by the industry's mainstream success and significant audience engagement [2][4] Company Overview - Cumulus Media is a major audio-first media company, reaching a quarter billion people monthly through various platforms, including 399 radio stations and the Cumulus Podcast Network [6] - The Cumulus Podcast Network aims to deliver premium content and has a strong focus on original podcasts that are engaging and thought-provoking [6] Industry Context - Professional wrestling is experiencing unprecedented success, with billion-dollar streaming deals and record viewership for major brands like WWE and AEW [2] - The partnership with Cumulus is expected to leverage the growing interest in wrestling content, providing fans with exclusive live events and bonus content [4][5]

Core Insights - Cumulus Media reported a challenging advertising environment but managed to gain market share in both broadcast and digital segments, with digital marketing services revenue increasing by 34% in Q3 2025 [2][4] - The company achieved a net revenue of $180.3 million for Q3 2025, a decrease of 11.5% year-over-year, and a net loss of $20.4 million [4][6] - For the nine months ended September 30, 2025, net revenue was $553.6 million, down 9.0% from the same period in 2024, with a net loss of $65.6 million [5][8] Financial Performance - Q3 2025 net revenue was $180.3 million, down from $203.6 million in Q3 2024, reflecting an 11.5% decline [4][6] - The net loss for Q3 2025 was $20.4 million compared to a net loss of $10.3 million in Q3 2024, marking a 97.7% increase in losses [6][7] - Adjusted EBITDA for Q3 2025 was $16.7 million, down 30.8% from $24.1 million in Q3 2024 [4][6] Revenue Breakdown - Total broadcast radio revenue for Q3 2025 was $115.0 million, a decrease of 17.2% from $139.0 million in Q3 2024 [9] - Digital revenue for Q3 2025 was $39.0 million, down 2.6% year-over-year, but increased by 8.4% when excluding the impact of discontinued relationships [7][9] - Digital marketing services now account for approximately 50% of total digital revenue, reflecting strong growth in this segment [7] Cost Management - The company has successfully reduced annualized fixed costs by $7 million in Q3 2025, bringing total year-to-date savings to $20 million [2][7] - Since 2019, total annualized fixed cost reductions have reached $182 million, representing over 30% [7] Balance Sheet and Debt - As of September 30, 2025, Cumulus Media had cash and cash equivalents of $90.4 million and total debt of $722.2 million [10][27] - The total debt at maturity was reported at $697.1 million, with net debt less total unamortized discount at $606.7 million [10][27]

Core Insights - Cumulus Media's Westwood One has appointed Armen Williams as Executive Director of Westwood One Sports 24/7 Programming, effective November 3, 2025, to lead the development of new sports content [1][2] Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 395 radio stations across 84 markets, offering a variety of programming including sports, news, and entertainment [5] - Westwood One Sports is the exclusive network radio partner to the NFL since 1987 and covers major sports events such as NCAA Basketball, U.S. Soccer, and The Masters [6] Leadership and Strategy - Armen Williams brings over 20 years of audio programming experience and has previously held leadership roles at Audacy, Bonneville, and Townsquare, focusing on innovative content strategies and brand presence [3] - Williams will oversee sports talk content, technical operations, social media strategy, and brand management, aiming to create compelling on-air programming with original content and fan interaction [2][4] Future Vision - Williams expressed excitement about the opportunity to build on the foundation created by partners like Audacy and BetMGM, aiming to deliver engaging and authentic sports content [4] - Bruce Gilbert, SVP of Sports / Content & Audience, emphasized Williams' vision as essential for launching a first-class all-sports network at Westwood One [4]

Core Viewpoint - NBCUniversal has renewed its exclusive audio partnership with iHeartMedia for the Milan Cortina 2026 Olympic Winter Games, enhancing audio coverage and promoting engagement through various platforms [1][2]. Partnership Details - iHeartMedia will provide 24/7 play-by-play audio channels of NBCUniversal's linear coverage of the Games, including a new season of the iHeartPodcast "Two Guys, Five Rings" hosted by Bowen Yang and Matt Rogers [1][3]. - The partnership aims to deliver premium audio content, allowing fans to access Olympic coverage away from traditional screens [2][3]. Content and Coverage - iHeartPodcasts will produce Olympic-themed episodes for popular podcasts such as "Stuff You Missed in History Class" and "Revisionist History" [4]. - NBCUniversal's coverage will focus on various sports, including U.S. team ice hockey, figure skating, speed skating, skiing, and snowboarding [2][3]. Event Information - The Milan Cortina 2026 Olympic Winter Games will take place from February 6 to February 22, 2026, marking the second time Cortina has hosted the Olympics [5][6]. - NBCUniversal holds the U.S. media rights to the Olympic Games through 2036, covering multiple upcoming events in various locations [7]. Company Background - NBCUniversal is a leading media and entertainment company, operating a diverse portfolio that includes film, television, and streaming services [8]. - iHeartMedia is the largest audio media company in America, with a significant audience reach across broadcast radio and podcasts [9].

Core Insights - Cumulus Media's Westwood One has partnered with Vernon Davis to launch "The Next Role," a podcast focusing on career transitions and reinvention [1][4] - The podcast features storytelling and conversations with various guests, including athletes and entertainers, discussing their journeys and the challenges of redefining their careers [2][3] - New episodes will be released weekly on Thursdays and will be available on major podcast platforms [4] Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 399 radio stations and a large podcast network [7][8] - The company provides a range of content including sports, news, and entertainment, and offers advertisers extensive reach through various platforms [7][8] Podcast Details - "The Next Role" aims to inspire listeners by sharing powerful stories of reinvention from notable figures [5] - The podcast is produced by Real 85 Productions, with Vernon Davis as the executive producer alongside other industry professionals [5][6]

Core Insights - Cumulus Media's Westwood One has added the podcast "Family Matters," hosted by CJ Pearson, to its network, focusing on conservative perspectives within the Black community [1][4] - The podcast aims to address significant social, cultural, and political issues in America, featuring discussions on hot-button topics from a conservative viewpoint [2][4] Company Overview - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through various platforms, including 399 radio stations and the Cumulus Podcast Network [9][12] - The Cumulus Podcast Network is dedicated to distributing, marketing, and monetizing original podcasts, enhancing its portfolio with the addition of "Family Matters" [4][9] Podcast Details - The first episode of "Family Matters" features notable guests, including former Biden White House official Yemisi Egbewole and conservative activist Michaelah Montgomery [3] - New episodes of the podcast will be released weekly on Wednesdays and will be available on major platforms like YouTube and Apple Podcasts [4] Host Background - CJ Pearson is a recognized conservative commentator and political strategist, known for mobilizing young conservatives during the 2024 election and gaining significant influence in American politics [7][8] - Pearson's recent activities include organizing events that have garnered both criticism and praise, highlighting his impact within the conservative movement [7]

Core Insights - Cumulus Media reported a challenging advertising environment for legacy media but managed to outperform radio peers, gaining market share across all broadcast spot revenue channels and achieving a 38% year-over-year increase in digital marketing services [2][4][7] - The company executed $5 million in annualized cost reductions, totaling $175 million over the last five years, indicating a disciplined focus on optimizing performance despite capital constraints [2][4][7] - The financial results for Q2 2025 showed a net revenue of $186.0 million, a decrease of 9.2% year-over-year, with a net loss of $12.8 million, which is an improvement from a net loss of $27.7 million in Q2 2024 [4][6][7] Financial Performance - For the three months ended June 30, 2025, Cumulus Media reported net revenue of $186.0 million, down 9.2% from $204.8 million in the same period of 2024, with an Adjusted EBITDA of $22.4 million, a decrease of 11.3% year-over-year [4][6][9] - For the six months ended June 30, 2025, net revenue was $373.4 million, a decline of 7.8% from $404.9 million in the same period of 2024, with an Adjusted EBITDA of $25.9 million, down 23.0% year-over-year [5][8][28] - Digital revenue for Q2 2025 was $38.8 million, a decrease of 1.4% year-over-year, but a 20% increase when excluding the impact from discontinued relationships [7][9] Revenue Breakdown - In Q2 2025, total broadcast radio revenue was $118.4 million, down 13.0% from $136.1 million in Q2 2024, with spot revenue decreasing by 10.5% and network revenue decreasing by 20.5% [9][28] - For the six months ended June 30, 2025, total broadcast radio revenue was $243.3 million, a decline of 11.8% from $275.8 million in the same period of 2024 [8][28] Balance Sheet and Debt - As of June 30, 2025, Cumulus Media had cash and cash equivalents of $96.7 million, reflecting a $55.0 million draw on the revolving credit facility, with total debt reported at $723.7 million [7][10][28] - The company reported net debt less total unamortized discount of $600.4 million, indicating a focus on managing leverage and evaluating the balance sheet [7][28]

Core Viewpoint - Cumulus Media Inc. will host a conference call on May 1, 2025, to discuss its first quarter 2025 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 May 1 at 8:30 AM ET, with a press release to be issued at approximately 8:00 AM ET [1]. - Participants must register in advance to join the conference call, with a one-time email address verification required [2]. - The call will be available in listen-only mode via the company's investor relations website, and a recording will be accessible shortly after the call [3]. Group 2: Dial-in Information - Domestic callers can join the call by dialing 833-470-1428, while international callers should dial 404-975-4839, using the participant access code 624457 if prompted [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 [5]. - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, which features original podcasts [5]. - Cumulus Media provides advertisers with a combination of local impact and national reach through various platforms and services, including performance guarantees for advertising [5].

Financial Performance - Q4 2024 revenue reached $1,118 million, a 4.8% increase, but excluding political revenue, it decreased by 1.8%[10] - Consolidated Adjusted EBITDA for Q4 2024 was $246 million, up 18.2% from $208 million in Q4 2023[10] - Full year 2025 consolidated revenue is expected to be approximately flat, while Adjusted EBITDA is projected to be around $770 million[10] - Free cash flow was negative $(24) million, but excluding Debt Exchange Transaction impacts, it was $111 million[10] - Full year 2024 revenue was $3,854.5 million, a 2.8% increase from $3,751.0 million in 2023[48] - Full year 2024 Adjusted EBITDA was $705.6 million, a 1.3% increase from $696.6 million in 2023[48] Segment Performance - Digital Audio Group revenue increased by 7% to $339 million, with podcast revenue up 6% to $140 million and digital revenue excluding podcast up 7% to $199 million[10] - Multiplatform Group revenue remained flat at $684 million, but excluding political revenue, it decreased by 5%[10] - Audio & Media Services Group revenue increased significantly by 44.7% to $97.8 million[12] Debt and Liquidity - The company completed a debt exchange transaction, exchanging approximately $4.8 billion of existing debt and extending maturities by three years[10] - The debt exchange resulted in the lowest net debt in the company's history[10] - Cash balance and total available liquidity were $260 million and $686 million, respectively, as of December 31, 2024[10]