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 (NASDAQ: CMLS) announced the results of its modified Dutch auction tender offer, which concluded on June 3, 2022. The company repurchased 1,724,137 shares of its Class A common stock at a price of $14.50 per share, totaling approximately $25 million. This transaction accounts for about 8.7% of the outstanding Class A shares and showcases the company’s commitment to its $50 million share repurchase program. A pro rata share process resulted in a proration factor of 16.68% for tendered offers.
Cumulus Media Inc. (NASDAQ: CMLS) announced an amendment to its $100 million revolving credit facility, extending its maturity from 2025 to 2027. As of June 8, 2022, the company had no outstanding amounts under this facility. CEO Mary G. Berner emphasized that this move enhances financial flexibility and locks in a stable liquidity source. This announcement follows the completion of a $25 million tender offer as part of a $50 million share buyback program, showcasing a commitment to shareholder value.
Cumulus Media (NASDAQ: CMLS) has appointed Lisa Waks as Senior VP of Digital Partnerships and Business Development. Waks is tasked with enhancing the Cumulus Podcast Network's content strategy, focusing on key verticals like News, Sports, and Entertainment. With over two decades of experience, she previously led global media partnerships at TED Conferences, streamlining operations and launching the TED Audio Collective. Cumulus Media aims to leverage Waks’ expertise to expand its innovative podcast offerings and deepen listener engagement.
Cumulus Media Inc. (NASDAQ: CMLS) has announced its inclusion in the Russell 3000® Index, effective June 27, 2022, following the annual reconstitution. This index captures the largest U.S. stocks based on market capitalization. Cumulus's CEO, Mary G. Berner, stated that rejoining the index underscores the company's transformation into a multi-dimensional audio media entity and will enhance its visibility to institutional investors. The Russell indexes are crucial for investment strategies, with approximately $12 trillion in assets benchmarked against them.
Cumulus Media Inc. (CMLS) announced the results of its modified Dutch auction tender offer, which expired on June 3, 2022. Approximately 5.56 million shares were validly tendered at a price of $14.50 per share, representing about 29.6% of the outstanding Class A common stock. The company expects to accept around 1.7 million shares for a total cost of approximately $25 million, with a pro-ration factor of about 30.94%. The final number of shares will be confirmed following the settlement period. Morgan Stanley & Co. LLC is the dealer manager for the tender offer.
Cumulus Media's Westwood One is set to broadcast the 2022 Women’s College World Series (WCWS) from June 2 to June 10 at the USA Softball Hall of Fame Stadium in Oklahoma City. The broadcasts will cover every game, including preliminary rounds and the championship series. The play-by-play will be handled by Ryan Radtke and Chris Plank, with analysts Destinee Martinez and Leah Amico. Fans can listen via Westwood One affiliates, SiriusXM, and online platforms including westwoodonesports.com.
Cumulus Media’s Westwood One is set to broadcast the NCAA Men’s and Women’s Lacrosse Semifinals and Championship Games for the first time during Memorial Day weekend. This includes the Women’s National Semifinal and Championship games alongside the Men's events. The Women's matches will take place on May 27 and 29, featuring play-by-play by Cooper Boardman and analyst Alyssa Murray Cometti. The Men's matches will occur on May 28 and 30, with Dave Ryan and Mark Dixon covering the action. Coverage can be accessed via Westwood One affiliates and online streaming.
Cumulus Media (NASDAQ: CMLS) announced its intent to initiate a modified Dutch auction tender offer, aiming to purchase up to $25 million of its Class A common stock. Shareholders can tender shares at a price between $14.50 and $16.50 each. This move follows the Board's authorization of a $50 million share buyback program and reflects the company's belief that its stock is undervalued. The tender offer will commence on May 6, 2022, and is set to expire on June 3, 2022. Cumulus emphasizes that the offer is designed to maximize shareholder value while maintaining financial flexibility for future growth.
Cumulus Media reported impressive Q1 2022 results, achieving a 15% revenue increase and a 250% rise in EBITDA to $31.2 million, driven by digital revenue growth of 18%. The company ended the quarter with a net leverage ratio of 3.9x, its lowest in over a decade, and reiterated its 2022 EBITDA guidance of $175-200 million. A $50 million share repurchase program was announced, reflecting confidence in future growth. The Board deemed a recent acquisition offer of $15-$17 per share as significantly undervaluing the company, emphasizing its long-term strategy for maximizing shareholder value.
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