Cumulus Media Inc. - CMLS STOCK NEWS

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.

Cumulus Media has launched PROJECT SHINE, a national initiative promoting local volunteerism in partnership with VolunteerMatch. This campaign will be broadcast across 422 radio stations and the Westwood One network, encouraging listeners to connect with volunteer opportunities. Featuring a re-recorded version of Collective Soul's hit song 'Shine', PROJECT SHINE aims to inspire positive community engagement amidst recent challenges. With over 3.2 million volunteers needed, the initiative seeks to uplift communities and foster service acts.

Cumulus Media reported Q3 2020 results, highlighting a net revenue decline of 30.1% year-over-year to $196.4 million, with a net loss of $15.8 million. Cash reserves increased to $353.7 million, thanks to effective working capital management and $269 million in debt reduction since emerging from bankruptcy in 2018. Political revenue reached $5.8 million, contributing to improved cash flow and operational efficiencies. Despite challenges from the pandemic, the company anticipates further expense reductions exceeding $85 million for the year.

Cumulus Media has successfully completed its asset sale offer, purchasing $47.16 million of its 6.750% Senior Secured First-Lien Notes due 2026. The offer was oversubscribed, with a total of $488.37 million in Notes tendered, leading to a prorated purchase of approximately 9.7% for each tendering holder. As a result, $452.84 million of the Notes remain outstanding. This strategic move aims to manage its debt effectively while enhancing financial stability.

Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on November 5, 2020, at 8:30 AM ET to discuss its third-quarter 2020 operating results. A press release summarizing these results will be available at 8:00 AM ET on the same day. The conference call will be accessible live via the company's investor relations website and will also be recorded for later access. Cumulus Media is a leading audio media company, reaching over a quarter billion people monthly through 424 stations, national syndication, and a growing podcast network, providing advertisers comprehensive solutions.

Cumulus Media reported its Q2 2020 results, revealing a 47.8% decline in net revenue year-over-year, totaling $146 million. The company faced a net loss of $36.3 million, contrasting with a profit in Q2 2019. Despite these challenges, Cumulus generated over $90 million in cash during the quarter through cost-cutting measures and asset sales, including land in Bethesda, MD. The company has also agreed to monetize its tower portfolio for over $210 million, enhancing liquidity and enabling debt reduction efforts. Ending the quarter, Cumulus held nearly $200 million in cash.

Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on August 10th at 8:30 AM ET to discuss its Q2 2020 operating results, with a press release issued beforehand at around 8:00 AM ET. Domestic callers can dial 877-830-7699, entering conference ID 3379889. A recorded stream of the call will be available at cumulusmedia.com/investors.