Welcome to our dedicated page for Cumulus Media news (Ticker: CMLS), a resource for investors and traders seeking the latest updates and insights on Cumulus Media stock.
Cumulus Media Inc. (symbol: CMLS) is a prominent audio-first media company that connects with over 150 million listeners through a diverse suite of platforms including radio, digital media, targeted e-mail, and on-site promotions. As America's second-largest operator of radio stations, Cumulus Media provides high-impact local marketing solutions across 90 metropolitan areas, helping businesses of all sizes to tap into over $4 trillion of local spending power.
Cumulus Media's extensive portfolio includes 401 owned-and-operated radio stations in 85 markets, along with a robust lineup of nationally syndicated media, sports, and entertainment programming through the Westwood One network. This network includes prestigious brands such as the NFL, NCAA, and CNN, ensuring a rich variety of premium content for its diverse audience.
Delivering content to over a quarter billion people every month, Cumulus Media is dedicated to meeting listener demands wherever and whenever they arise. The company's revenue primarily comes from the sale of local, regional, and national advertising. By combining high-quality local programming with iconic national shows, Cumulus Media effectively bridges the gap between advertisers and consumers.
Recent achievements of Cumulus Media include the extension of the Expiration Time for their Exchange Offer and Consent Solicitation, showcasing the company's proactive approach in financial management. As of April 2024, approximately $15 million aggregate principal amount of Old Notes had been validly tendered, reflecting strong participation from stakeholders.
In addition to radio broadcasting, Cumulus Media has a rapidly growing podcast network, distributing, marketing, and monetizing various popular podcasts, including The Candy Valentino Show. This expansion into the podcasting realm further solidifies Cumulus Media's footprint in the audio content industry.
Cumulus Media's commitment to high-quality content, combined with its expansive reach and strategic partnerships, makes it a critical player in the media industry. For more information, visit cumulusmedia.com.
Cumulus Media (CMLS) will hold a conference call on October 28, 2022, at 8:30 AM ET to discuss its Q3 2022 operating results. A press release with a summary of these results will be released at approximately 8:00 AM ET. Participants can register in advance through a provided link and listen to the call live via the company's investor relations website. The call will also be accessible via phone for domestic and international callers.
Cumulus Media (NASDAQ: CMLS) announces the launch of Hello Ross, an original podcast hosted by Ross Mathews. The show, which debuts with an interview featuring Chelsea Handler, will release new episodes every Thursday across various platforms, including YouTube. Cumulus Media aims to engage listeners with its growing podcast network, enhancing its portfolio in the audio-first media landscape.
Cumulus Media (NASDAQ: CMLS) has announced that the podcast Afford Anything, hosted by award-winning journalist Paula Pant, has joined its podcast network. The show focuses on personal finance, life decisions, and financial independence, with new episodes released weekly. Afford Anything has over 22 million downloads and is recognized as one of the top finance podcasts by The New York Times. The Cumulus Podcast Network will handle the distribution and monetization of the podcast's content.
Cumulus Media has partnered with YAP Media to monetize, market, and distribute its podcast content. The collaboration brings Young and Profiting, the flagship podcast hosted by Hala Taha, to the Cumulus Podcast Network. This highly-rated podcast covers entrepreneurship and career improvement, releasing episodes multiple times weekly. Additional podcasts from YAP Media will also be included in the network, enhancing Cumulus Media's podcast offerings and reach in the audio market.
Cumulus Media (NASDAQ: CMLS) announced that its Westwood One network will provide exclusive play-by-play coverage of the NFL's primetime games and postseason for the 2022-2023 season. This marks the 36th year as the NFL's exclusive radio partner and the 50th Super Bowl broadcast. Games will air on affiliated digital platforms, the NFL App, and westwoodonesports.com. Notable broadcasters include Kevin Harlan and Kurt Warner. The season kicks off on September 8, 2022, with the Rams vs. Bills and includes extensive coverage across hundreds of radio stations.
Cumulus Media (NASDAQ: CMLS) has released an analysis demonstrating that tailored political ads on AM/FM radio significantly enhance voter engagement. Key findings indicate that station-specific ads achieved a +9% lift in voter intent compared to generic ads at +7%. Swing voters showed a preference for these targeted ads, with a notable 82% reach among them. Allocating just 10% of a political campaign's media budget to AM/FM radio can boost voter reach by +8%. Candidate-voiced ads generated a +6% increase in voter intention, outperforming both professional voiceovers and benchmarks.
Cumulus Media has renewed and expanded its partnership with TuneIn, enhancing access to audio content for over 75 million monthly users. The agreement includes 24/7 streams from Cumulus' 405 local stations across 86 U.S. markets and adds 325 popular podcasts from the Cumulus Podcast Network to the TuneIn platform. This collaboration aims to improve content delivery and audience engagement, aligning with Cumulus’ audio-first strategy. Key podcasts include titles like The Ticket Top 10 and Second Date Update.
Cumulus Media (NASDAQ: CMLS) appointed Greg Frey as VP, Music Partnerships, a new division aimed at enhancing collaborations with artists, labels, and promoters. Frey, a 12-year veteran at Cumulus, will lead a team focused on developing music marketing partnerships across Cumulus's 300+ music stations and digital platforms. Chief Content Officer Brian Philips expressed confidence in Frey’s leadership skills, which are expected to drive value in the music industry and create new revenue opportunities for Cumulus.
Cumulus Media (NASDAQ: CMLS) appointed Deborah Farrington, co-founder of StarVest Partners, to its Board of Directors. Mary G. Berner, CEO, praised her as a respected venture capital pioneer who will enhance the company’s audio-first strategy. Farrington expressed eagerness to contribute to Cumulus's growth and the expansion of its digital businesses, citing the quality of its media offerings for listeners and advertisers. With extensive experience as a director for various firms and accolades from Forbes, her addition is anticipated to bolster Cumulus's strategic direction.
Cumulus Media announced strong Q2 results with total revenue up 5%, driven by 20% growth in digital revenue, including podcasting up 27%. The net income reached $8.7 million, up 247% from a loss of $5.9 million in Q2 2021. EBITDA increased 23% to $45.5 million, aided by fixed cost reductions. The company reduced net leverage to 3.8x, the lowest in over a decade, while completing a $25 million Dutch tender offer, retiring $50 million in debt. Year-to-date cash from operations totals $30.5 million.
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