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 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.
Cumulus Media reported a strong Q1 2022, achieving a 15% year-over-year revenue growth to $232 million. Digital revenue surged 18%, led by digital marketing services and podcasting. The company's EBITDA rose 250% year-over-year, hitting $31.2 million, while net loss narrowed significantly to $0.9 million from $21.9 million in Q1 2021. Cumulus also announced a $50 million share repurchase program and reduced its net leverage to 3.9x, the lowest in over a decade, reflecting financial strength and a positive outlook for 2022.
Cumulus Media (NASDAQ: CMLS) has promoted Brian Philips to Chief Content Officer, overseeing content across all platforms. This decision reflects the company’s commitment to an audio-first strategy, transitioning from traditional radio to a multi-dimensional media company. Philips, who played a critical role as Executive Vice President since 2019, has over 30 years of experience in radio, television, and film. Cumulus engages over 250 million listeners monthly through its extensive network of radio stations and podcasts, providing significant advertising opportunities.
Cumulus Media (NASDAQ: CMLS) has revealed that AM/FM radio streaming now constitutes 12% of total listening among persons aged 25-54. The report indicates a significant rise in streaming audiences, who are primarily upscale and employed. Notably, spoken word programming accounts for 36% of all U.S. streaming. The audience shows a high concentration in local markets, enhancing the value for advertisers targeting these areas. Since 2017, the ad-supported share of AM/FM radio streaming increased from 5% to 11%, indicating a shift in listening trends.
Cumulus Media (NASDAQ: CMLS) announced a conference call scheduled for May 4, 2022, at 8:30 AM ET to discuss its Q1 2022 operating results. A press release summarizing these results will be available at approximately 8:00 AM ET on the same day. Participants can register for the call via a provided link and will receive access details upon completion. The call will also be streamed live on the company's investor relations website, along with a later recording. Cumulus Media operates 406 radio stations and offers diverse audio content through various platforms.
Cumulus Media has entered a new syndication agreement with The Daily Wire, providing access to its digital content on over 50 Cumulus radio station websites across the United States. This collaboration enhances their existing relationship, which already includes daily radio shows reaching 250 million Americans monthly. The expansion aims to deliver breaking news and original reporting, easing the strain on local newsrooms and offering seamless user experiences for millions of new readers.
Cumulus Media's Westwood One (NASDAQ: CMLS) is set to deliver extensive coverage of the 2022 NCAA Men’s Final Four on April 2, starting at 3:30 p.m. ET from New Orleans. The broadcast will feature live commentary on the semifinals between Villanova and Kansas, and North Carolina versus Duke. Additionally, all three games will be aired in Spanish and will also connect with audiences via over 500 radio stations, SiriusXM, and online streaming platforms. Westwood One has been the exclusive radio partner for NCAA Women's Final Four since 1998, continuing its rich tradition.
Cumulus Media's Westwood One has extended its partnership with the NFL in a new multi-year agreement. This renewal allows Westwood One to continue broadcasting major NFL games, reaching over 56 million listeners each season. The deal enhances digital distribution rights, enabling NFL primetime game broadcasts on affiliated stations’ digital platforms and the NFL App. Additionally, Westwood One will expand coverage of NFL events and explore new broadcast formats. This partnership solidifies Westwood One’s role as a key audio distributor for the NFL.
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