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 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.
Cumulus Media has successfully completed the sale of approximately 75 acres in Bethesda, MD, to Toll Brothers, generating gross proceeds of $74.1 million. The net proceeds after fees amount to around $71.3 million, which will be primarily used to pay down debt over the next year. CEO Mary G. Berner emphasized the significance of this sale in strengthening the company's balance sheet amid a challenging market. The transaction is expected to provide minor expense savings from reduced real estate taxes.
Cumulus Media (NASDAQ: CMLS) announced a new short-term shareholder rights plan on May 21, 2020, to safeguard shareholder interests during the COVID-19 pandemic's impact on stock valuations. The plan aims to prevent unwanted control changes without adequate premiums, ensuring fair treatment for all shareholders. A dividend distribution of one right for each share is set for June 1, 2020. Rights become exercisable if any party acquires 10% or more of Class A shares. The rights expire on April 30, 2021, unless extended or redeemed sooner.
Cumulus Media reported a net revenue of $227.9 million for Q1 2020, down 14.8% year-over-year, and a net loss of $7.4 million. Adjusted EBITDA fell 33.7% to $27.7 million. Despite the COVID-19 pandemic's adverse effects, the company anticipates approximately $60 million in fixed cost reductions and a 40% cut in capital expenditures for 2020. Cumulus reported strong digital growth of 30%, with a cash balance of $106 million as of March 31, 2020. The company maintains no funded debt maturity until 2026.
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