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]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 decreased by 11.5%, or 5% when excluding the impact of Political, The Daily Wire, and The Dan Bongino Show, consistent with prior guidance [5][18] - EBITDA for the quarter was reported at $16.7 million [18] - Digital revenue increased by 8% year-over-year, excluding the impact of The Daily Wire and Dan Bongino, with Digital Marketing Services growing by 34% [18] Business Line Data and Key Metrics Changes - Broadcast spot revenue market share grew for the third consecutive quarter, indicating strong sales execution and local programming [5] - Digital Marketing Services business saw a 34% year-over-year growth, driven by an 88% increase in new accounts and an 8% increase in campaign order size [7] - Podcasting revenue increased by 15% year-over-year, contributing to an overall digital revenue growth of over 8% when normalized [8] Market Data and Key Metrics Changes - In Dallas, the largest market, the company gained almost 4 points of market share, with total revenue up mid-single digits while peers were down nearly 10% [9] - National advertising environment remained weak, leading to a 27% decline in total network revenue, although market share was gained year-to-date [10] Company Strategy and Development Direction - The company is focused on leveraging core competencies and valuable assets, including a vast audience reach and established client relationships [15] - Plans to launch the Westwood One Sports 24/7 Network to capitalize on strong consumer brand recognition and digital distribution opportunities [11] - Continued investment in Digital Marketing Services is expected to yield strong returns, with a focus on AI-driven projects to enhance efficiency and growth [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing headwinds in the broadcast radio sector but expressed confidence in outperforming peers through strategic execution [15] - The company anticipates continued revenue pacing down mid-single digits, excluding political impacts, and down mid to high teens when including those impacts [12][20] Other Important Information - The company ended the quarter with $90 million in cash and $109 million in total liquidity, with a debt maturity of $697 million [19] - A litigation against Nielsen was acknowledged, with a preliminary injunction hearing scheduled for early December [16] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating a lack of detailed Q&A during the call [21][22]

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 Points - Cumulus Media Inc. will host a conference call on October 30, 2025, at 8:30 AM ET to discuss its third quarter 2025 operating results [1] - A press release summarizing the results will be issued before the call at approximately 8:00 AM ET [1] Participation Details - 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 on the company's investor relations website, and a recording will be accessible shortly after the call [3] Dial-in Information - Domestic callers can join by dialing 833-470-1428, while international callers should dial 646-844-6383, using the participant access code 504399 [4] Company Overview - Cumulus Media is an audio-first media company reaching a quarter billion people monthly through 395 owned radio stations across 84 markets [5] - The company offers nationally-syndicated programming from major brands and operates the Cumulus Podcast Network, providing a platform for original podcasts [5] - Cumulus Media delivers advertising solutions through various platforms, including digital, mobile, and social media, along with integrated marketing services [5]

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]

Financial Data and Key Metrics Changes - Total revenue declined by 9.2%, slightly better than previous guidance, with a 5% decline excluding political impacts and comparisons to the Daily Wire and Dan Bongino [4][19] - EBITDA for the quarter was $22.4 million, with net income down approximately 20% [19][21] - Digital revenue increased by 20% year-over-year, with the Digital Marketing Services (DMS) business growing by 38% [19][10] Business Line Data and Key Metrics Changes - The DMS business now represents roughly 50% of total digital revenue, reflecting strong growth and performance [19] - Local digital marketing services business outperformed, growing at a rate nearly double that of radio peers and more than four times the expected growth rate of the digital ad market [8][10] - Broadcast advertising faced headwinds, particularly among national advertisers, with network revenue down 20% due to various factors including comparison issues and reduced inventory [12][21] Market Data and Key Metrics Changes - The overall market environment continued to pressure national spot and network revenue channels, with local spot showing slight improvement compared to national [11][32] - Key performing categories in spot included travel and financial, while pharma and insurance led in network [21] Company Strategy and Development Direction - The company is focusing on digital growth areas while continuing to reduce fixed costs, having achieved $175 million in fixed cost reductions over the past five years [5][15] - There is an emphasis on leveraging AI for business efficiencies and growth opportunities across all functions [5][16] - The company aims to surpass a $100 million run rate in DMS early next year, with increasing contribution margins expected [9] Management's Comments on Operating Environment and Future Outlook - Management noted that macro pressures are expected to persist in the short term, but they believe the company will continue to outperform peers in controllable areas [4][17] - The company ended the quarter with $97 million in cash, including a $55 million draw on its ABL revolver, providing significant flexibility [5][17] - Management expressed confidence in the core assets of the company and its ability to drive new areas of growth despite high leverage and market challenges [18] Other Important Information - The company has seen a positive culture survey with high employee engagement scores, indicating strong internal morale [18] - Non-core asset sales are expected to generate nearly $14 million by the end of the year [22] Q&A Session Summary Question: Is there an expectation for improvement in national advertising pacing? - Management indicated that while a lower interest rate environment should generally benefit advertising channels, there has not been a significant improvement in pacing at this time [25][26] Question: What is the impact of declining referral search engine traffic on digital marketing services? - Management noted that referral search is a small part of their digital business and they are not heavily dependent on it, focusing instead on geo-targeting and other strategies [28][29] Question: Are there any advertising categories showing signs of stabilization? - Management highlighted that professional services, home products, automotive, financial, and entertainment are key categories, with slight improvements in local spot versus national [31][32]

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 Insights - Rumble and Cumulus Media have formed a strategic partnership to enhance content distribution and advertising opportunities in the evolving media landscape [1][2][3] Company Overview - Rumble is a high-growth video-sharing platform and cloud services provider focused on empowering creators and brands, aiming to restore the internet to its roots by making it free and open [4] - Cumulus Media is an audio-first media company that reaches a quarter billion people monthly through 400 radio stations and the Cumulus Podcast Network, providing a wide range of premium content [5] Partnership Details - The collaboration will leverage both companies' assets to create unique multi-platform advertising solutions, maximizing opportunities for brand partners [2][3] - Westwood One, a subsidiary of Cumulus Media, will distribute audio and video content on Rumble's platform, enhancing the reach of both companies [2][3] Strategic Goals - The partnership aims to create new monetization opportunities for creators while providing brands with effective ways to connect with engaged audiences [3] - The alignment between Rumble and Cumulus Media is positioned as a new frontier for host-read advertising, emphasizing authenticity, scale, and brand safety [3]

Core Insights - Cumulus Media reported a net revenue of $187.3 million for Q1 2025, reflecting a 6.4% decrease compared to Q1 2024, alongside a net loss of $32.4 million, which is a significant increase in losses from $14.2 million in the previous year [4][7][25] - The company emphasized its focus on mitigating macroeconomic impacts, including a 30% growth in digital marketing services and $7.5 million in annualized cost reductions [2][4] Financial Performance - Net revenue for Q1 2025 was $187.3 million, down from $200.1 million in Q1 2024, marking a 6.4% decline [4][8] - The net loss increased to $32.4 million in Q1 2025 from $14.2 million in Q1 2024, representing a 128.7% increase in losses [4][7] - Adjusted EBITDA for the quarter was $3.5 million, down 58.1% from $8.4 million in Q1 2024 [4][7] Revenue Breakdown - Digital revenue reached $36.6 million, a 6.1% increase year-over-year, and represented 20% of total revenue [7][8] - Broadcast radio revenue decreased by 10.6%, with spot revenue at $80.9 million and network revenue at $43.9 million [8] - Podcasting revenue decreased by 13%, but increased by 39% when excluding the impact of the Daily Wire relationship [7] Cost Management - The company executed actions resulting in $7.5 million of annualized fixed cost reductions [2][7] - Total operating expenses for Q1 2025 were $202.1 million, down from $210.5 million in Q1 2024 [25] Balance Sheet and Debt - As of March 31, 2025, total debt was reported at $670.2 million, with net debt less total unamortized discount at $589.4 million [7][9] - The company ended the quarter with $52.7 million in cash [7][9]