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.
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.
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.
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