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) has announced plans to reduce $175 million in debt using available cash. CEO Mary G. Berner noted growing economic conditions are enabling this acceleration in debt repayment, which will enhance financial flexibility and reduce interest expenses.
Since exiting bankruptcy in 2018, Cumulus has lowered its net debt by approximately $600 million. Recent debt repayment actions include a $60 million paydown of its ABL Revolver and a mandatory prepayment of $89 million related to past asset sales.
On May 24, 2021, Dan Bongino premiered The Dan Bongino Show with a live interview featuring Former President Donald J. Trump. Trump hinted at a potential presidential run in 2024, stating he is seriously considering it. He criticized the New York Attorney General's investigation as prosecutorial misconduct and reaffirmed an assertion about the coronavirus's origins. The show, aired on Cumulus Media and Westwood One, launched with 122 radio affiliates, airing live weekdays from 12 to 3 p.m. ET.
Cumulus Media (NASDAQ: CMLS) has launched AM1230Digital, the first all-digital AM station in the New York metropolitan area. This innovative station features a comprehensive weekday news talk lineup and weekend sports programming powered by CBS Sports Radio. Enhanced signal quality allows a broader reach, extending into key areas such as New York City and parts of New Jersey. The conversion to digital enables targeted advertising opportunities for brands, appealing to affluent listeners.
On May 20, 2021, Cumulus Media's Westwood One announced the launch of The Dan Bongino Show, a live broadcast featuring Dan Bongino, a former Secret Service agent and popular conservative commentator. The show will air from 12 to 3 p.m. ET, starting on May 24, with former President Trump joining for the inaugural episode. The show initially has over 115 affiliates, including major stations across the U.S. Bongino's media presence has grown significantly, achieving a 155% increase in unique website visitors and over 117 million podcast downloads in 2020.
Xperi Holding Corporation (NASDAQ: XPER) and CUMULUS MEDIA (NASDAQ: CMLS) have announced the integration of CUMULUS MEDIA's radio stations into the DTS AutoStage connected car platform. This innovative hybrid radio platform enhances listener engagement by providing seamless access to programming, regardless of the vehicle's broadcast range. The DTS AutoStage supports operations in 60 countries and is available to broadcasters at no cost. The partnership aims to visually enrich the in-vehicle listening experience while ensuring compliance with privacy and copyright obligations.
Cumulus Media (CMLS) reported Q1 2021 results showing a 11.5% year-over-year decline in total revenue, with net revenue at $201.7 million. Despite these declines, the company noted significant gains in podcasting revenue, up 35% year-over-year. The EBITDA dropped to $8.9 million, a 68.6% decrease from the previous year, and a net loss of $21.9 million was recorded. Permanent cost reductions exceeding $10 million positively impacted Q1 performance, contributing to a stronger cash position with $294 million available and total debt at $983 million.
Cumulus Media (NASDAQ: CMLS) will host a conference call on May 5, 2021, at 8:30 AM ET to discuss its first quarter 2021 operating results. A press release summarizing these results will precede the call at approximately 8:00 AM ET. The conference call will be available for live streaming on the company's investor relations website, with a recording accessible afterward. Domestic callers can join by dialing 833-614-1549, while international participants can call 914-987-7288, using the conference ID 8099597.
Cumulus Media reported its operating results for Q4 and the full year 2020, revealing a net revenue decline of 13.9% to $245.9 million for Q4 and a 26.7% drop for the year to $816.2 million. Despite challenges from the pandemic, the company achieved a 9.4% growth in digital revenue and made significant cost reductions exceeding $90 million. They generated $33.2 million in cash from operations and ended the year with $271.8 million in cash. The leadership expressed optimism about a recovery and potential for strategic growth moving forward.
Cumulus Media (NASDAQ: CMLS) will host a conference call on February 23, 2021, at 8:30 AM ET to discuss its fourth quarter and full year 2020 operating results. A press release summarizing these results will be available at 8:00 AM ET the same day. Investors can join the call via phone or listen online. Cumulus Media is a leading audio-first media company that reaches over a quarter billion people each month through its 416 stations and various digital platforms.
DISH Network Corporation has entered a long-term agreement with Vertical Bridge REIT, granting immediate access to their extensive portfolio of over 300,000 wireless infrastructure sites across the U.S. and Puerto Rico. This partnership supports DISH's efforts to build a national 5G network, enhancing its coverage in urban, suburban, and rural areas. DISH, having transitioned into a wireless carrier through its Boost Mobile acquisition in 2020, aims to innovate with a cloud-native 5G network. Vertical Bridge is recognized as the largest private owner of communications infrastructure.
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