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.
TuneIn has entered a distribution agreement with Cumulus Media's Westwood One (CMLS) to offer TuneIn Premium listeners access to NCAA Division I basketball tournament broadcasts and other NCAA sports events. This partnership enhances TuneIn's sports content, allowing users across the U.S. and Canada to enjoy real-time coverage on various connected devices. TuneIn boasts over 75 million monthly active users and provides exclusive access to commercial-free news and sports programming.
The Varsity Network app by LEARFIELD will provide live audio streams of Westwood One's NCAA Championships coverage, enhancing college sports access for fans. This multi-year agreement allows listeners to enjoy broadcasts of March Madness and additional NCAA events. The app offers a unique listening experience, including the Varsity Multicast for all basketball tournament radio broadcasts. Fans can download the app for free on iPhone or Android, giving access to events from nearly 200 affiliated schools. This collaboration aims to elevate content delivery in college sports.
Cumulus Media's Westwood One will provide comprehensive coverage of the NCAA Division I Men's Basketball Championship, starting March 15, 2022. The broadcasts include all 67 games, featuring the Final Four on April 2 and the National Championship on April 4, available in both English and Spanish. Coverage can be accessed via over 500 radio stations, SiriusXM, and various online platforms, including NCAA.com. Notable commentators include Kevin Kugler, PJ Carlesimo, and Clark Kellogg.
Cumulus Media (NASDAQ: CMLS) has announced the expansion of its NCAA Women’s Championship event broadcasts through its Westwood One network, marking a significant increase in coverage for women's sports. The broadcasts will feature key events including the Women’s Frozen Four, Division I Women’s Lacrosse Championship, and the Women’s Basketball Tournament, commencing on March 18, 2022. Fans can listen via various platforms such as AM/FM radio, SiriusXM, and online. This initiative aims to enhance visibility and accessibility for women's championships.
Cumulus Media (NASDAQ: CMLS) has released a report highlighting the significant dominance of AM/FM radio in ad-supported audio among registered voters. Key findings include a staggering 75% market share for AM/FM radio in this demographic and an 88% share of ad-supported audio in cars. While AM/FM radio remains stable, podcasts have nearly doubled in audience share from 2019 to 2021, contrasting with a 25% decline for Pandora. The report underscores the importance of radio, particularly in automotive and smart speaker platforms.
Cumulus Media (NASDAQ: CMLS) announces its broadcast coverage of 23 NCAA Men's and 3 Women's Championship basketball games between March 5 and March 13, 2022, through its audio network Westwood One. Coverage begins with the Ohio Valley Conference Championship and includes key games from various conferences, culminating in Selection Sunday. Westwood One remains the exclusive audio partner for NCAA basketball tournaments, enhancing the sport's reach and engagement across its platforms.
Cumulus Media (NASDAQ: CMLS) has released its Media Attentiveness and Ad Skipping Report, highlighting that AM/FM radio outperforms other media in advertising attentiveness with minimal ad skipping. Key findings indicate that traditional media, including radio and podcasts, achieves higher consumer engagement than digital platforms. Advertisers increasingly recognize the importance of attentiveness in measuring media effectiveness. The report also emphasizes the unique user needs met by audio platforms, justifying premium CPMs for podcasts. The research was conducted by Advertiser Perceptions and compared to previous studies.
Cumulus Media reported a 12% increase in total revenue for 2021, amounting to $916.5 million, with digital revenue rising 48% to over $125 million. The company's net income surged to $17.3 million, compared to a net loss of $59.7 million in 2020. Adjusted EBITDA reached $134.9 million, a 66% year-over-year increase. Cumulus made significant strides in digital content distribution and renewed its exclusive partnership with the NCAA, enhancing its audio-first strategy. The company also reported a reduction in net leverage from 8.7x to 4.7x.
Cumulus Media (NASDAQ: CMLS) has launched the acclaimed podcast Truth Be Told and introduced a new show, Edges, on its podcast network. Truth Be Told, hosted by Tonya Mosley, explores themes of Black identity and mental health with renowned guests. Season three's episodes cover topics like love, obligation, and perseverance. Edges, hosted by Shantae Howell, shares personal stories linking hair and mental health journeys. Both podcasts are available on major platforms, enhancing Cumulus's portfolio in mental health and community-focused content.
Cumulus Media (NASDAQ: CMLS) will provide live coverage of Super Bowl LVI on February 13, 2022, featuring the Cincinnati Bengals and Los Angeles Rams. This marks the 35th consecutive year for Westwood One to broadcast the event. Kevin Harlan will lead the play-by-play for the 12th year, joined by Hall of Famer Kurt Warner as lead analyst. Coverage begins at 2:00 p.m. ET with a pregame show, followed by the game broadcast at 5:00 p.m. ET. The event will reach millions via over 600 radio stations and platforms like SiriusXM and NFL Game Pass.
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