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 the extension of Mark Levin's contract for his syndicated radio show, ‘The Mark Levin Show,’ and his podcast, ‘Mark Levin Audio Rewind.’ The agreement, effective for multiple years, will continue to air Levin’s show on Westwood One and the Cumulus Podcast Network. Additionally, Levin will develop and host his first original content podcast series for the network. ‘The Mark Levin Show’ airs weekdays from 6-9 p.m. ET on nearly 400 affiliates, including all ten top metro markets and 21 of the top 25 markets. The podcast drops Monday through Friday, with a weekend roundup called ‘The Best of Mark Levin.’ Cumulus will exclusively distribute, market, and monetize the podcast. Collin R. Jones, President of Westwood One, praised Levin's ability to connect with listeners and deliver strong results for advertisers, expressing enthusiasm for the extended partnership.
Cumulus Media (NASDAQ: CMLS) announced that Kriston Aitken will be promoted to Chief Human Resources Officer, effective July 1, 2024. Aitken will report directly to President and CEO Mary G. Berner and will oversee HR strategy and operations, talent management, and compensation and benefits, while fostering company culture. She succeeds Todd McCarty, who is retiring after nearly nine years with the company. Aitken has been with Cumulus Media since 2016 and has served as Senior Vice President of Human Resources for the past two years. She brings nearly two decades of HR experience, including roles at Starwood Hotels and Resorts. Berner praised Aitken's dedication and operational skills, emphasizing her readiness for the role and her commitment to maintaining and enhancing the company's culture.
Cumulus Media (NASDAQ: CMLS) announced The Candy Valentino Show joining the Cumulus Podcast Network. The show features entrepreneur Candy Valentino interviewing successful minds and sharing insights on wealth, business, and real estate. New episodes release on Mondays and Thursdays on various platforms. Cumulus will handle distribution, marketing, and monetization.
Cumulus Media announced Mike Eaby's promotion to Vice President/Executive Producer of Westwood One Sports. Eaby, with nearly 30 years of experience at Westwood One Sports, will oversee all multi-platform content and live event production. He succeeds Howard Deneroff and will report to Bruce Gilbert, Senior Vice President, Sports Content & Audience for Cumulus Media and Westwood One. Eaby's extensive career includes work on NFL, NCAA March Madness, Masters Tournaments, Olympic Games, and PGA Championships broadcasts.
Cumulus Media reported operating results for the first quarter of 2024 and successfully refinanced its capital structure to secure five-year maturities through a debt exchange and ABL facility upsize and extension. The company reduced its debt principal by approximately $33 million, extended maturities to 2029, obtained favorable interest rates, and maintained a structure free of financial maintenance covenants. Q1 total revenue was $200 million, down 2.7%, in line with guidance. Digital marketing services revenue increased by 25%, and total digital revenue by 7%. Operating losses improved, and the company continues to focus on key business priorities to build long-term shareholder value.
Cumulus Media Inc. announced the expiration and final results of its subsidiary's exchange offer and consent solicitation. The Exchange Offer involved exchanging outstanding 6.750% Senior Secured First-Lien Notes for new 8.000% Senior Secured First-Lien Notes. Approximately $325.7 million of Old Notes were tendered for exchange, representing 94% of the total outstanding principal amount. The Issuer exercised its discretion to waive the Minimum Participation Condition. The settlement of the Exchange Offer is expected to occur today, with each $1,000 principal amount of Old Notes being exchanged into $940 principal amount of New Notes. Consents were solicited for proposed amendments to the Old Notes Indenture, with intentions to enter into a supplemental indenture on the Settlement Date. The Issuer also plans to exchange Old Term Loans for New Term Loans under a new 5-year credit agreement.
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