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's Westwood One embarks on its 35th season as the exclusive network radio partner of the NFL. The season kicks off on September 9, 2021, showcasing the Super Bowl Champion Tampa Bay Buccaneers hosting the Dallas Cowboys. Coverage includes primetime games, Thanksgiving, Christmas, and the Super Bowl LVI on February 13, 2022. Broadcasts will be available on nearly 500 radio stations and platforms like SiriusXM and NFL Game Pass. The season features prominent sports commentators including Kevin Harlan and Kurt Warner.
Cumulus Media's Westwood One (NASDAQ: CMLS) has renewed its multi-year partnership with the NCAA, continuing its role as the official audio broadcast network. This collaboration dates back to 1982, covering NCAA Men's Basketball Tournament and all 90 NCAA Championships. Westwood One retains exclusive rights for radio, digital audio, distribution, and licensing across multiple platforms. The renewal ensures that fans can access live coverage through Westwood One affiliates and online platforms such as the NCAA mobile apps.
Cumulus Media has completed the sale of non-core real estate in Nashville for $34 million, providing an opportunity to enhance its financial flexibility. CFO Francisco J. Lopez-Balboa noted that the sale exceeded expectations and reflects the company's strategy to de-lever its balance sheet and improve liquidity. The net proceeds will be used to pay down debt across the company’s Term Loan Credit Facility and Senior Secured First Lien Notes, ensuring continued focus on growth initiatives.
Cumulus Media reported a strong second quarter for 2021, with net revenue of $224.7 million, up 53.9% year-over-year. Digital revenue soared by 55%, reaching new highs across multiple channels. The company reduced its fixed costs, expecting total savings to reach $70 million by 2022. Cumulus also enhanced its position in the sports betting sector through a partnership with WynnBET and monetized Nashville real estate for $34 million. Despite a net loss of $5.9 million for the quarter, adjusted EBITDA rose significantly to $36.9 million, reflecting robust operational leverage.
Cumulus Media's Westwood One has expanded Emmy-nominated broadcaster Rich Eisen's role to include hosting duties for Monday Night Football, starting September 13, 2021. Eisen will cover the NFL's Opening Night on September 9 and contribute to Super Bowl LVI coverage on February 13, 2022. Westwood One's lead broadcast crew includes Kevin Harlan and Kurt Warner. Eisen also hosts two podcasts for Cumulus and is a prominent figure in sports broadcasting.
On July 28, 2021, WynnBET and CUMULUS MEDIA launched a multi-year partnership, enhancing WynnBET's marketing reach through CUMULUS's platform, which engages over 250 million monthly listeners. This collaboration positions WynnBET as a major advertising partner for CUMULUS MEDIA, facilitating targeted messaging across radio stations and digital platforms. WynnBET will benefit from national exposure and endorsements, contributing to its growth in the rapidly expanding sports betting market. This partnership signals an aggressive strategy to boost user acquisition and brand engagement.
WynnBET and CUMULUS MEDIA have announced a multi-year partnership aimed at enhancing WynnBET's visibility and user engagement. This collaboration enables WynnBET to leverage CUMULUS MEDIA's reach, which engages over 250 million listeners monthly. The partnership includes national advertising on prominent programming and local promotions across CUMULUS radio stations. Additionally, advanced targeting technology will allow customized messaging to diverse markets. This move is positioned to strengthen WynnBET's brand presence in the rapidly growing sports betting sector.
Cumulus Media (NASDAQ: CMLS) is set to host a conference call on August 4, 2021, at 8:30 AM ET, to discuss its second quarter 2021 operating results. A press release summarizing these results will be issued earlier that day at around 8:00 AM ET. Interested participants can register via a provided link for access details, and the call will also be live-streamed on the company’s investor relations website. Cumulus Media is a leading audio-first media and entertainment company, reaching over 250 million listeners each month.
Cumulus Media (NASDAQ: CMLS) has successfully reduced its debt by $175 million using available cash. CFO Francisco J. Lopez-Balboa highlighted the positive impact of improving economic conditions on business momentum, leading to this debt repayment strategy. Key actions included a $60 million paydown of its ABL Revolver and approximately $89 million from its Term Loan related to prior asset sales. The company also launched a tender offer to repurchase around $26 million of its Senior Secured Notes, enhancing its financial flexibility with over $200 million in liquidity.
Cumulus Media (NASDAQ: CMLS) has entered into an agreement with Adomni, becoming its exclusive sales partner for the Uber OOH advertising network. This network features dual-sided digital screens mounted on Uber vehicles, providing a unique advertising avenue for local businesses in Cumulus's operational markets. The partnership aims to enhance advertising offerings, integrating Uber OOH with Cumulus's extensive audio and digital service portfolio.
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