Cumulus Media Stock Price, News & Analysis

On April 27, 2023, Cumulus Media announced its financial results for Q1 2023, reporting total net revenue of $205.7 million, an 11% decrease year-over-year. The company's digital marketing services revenue increased by 23%, totaling $32.1 million, representing 16% of total revenue. However, Cumulus reported a net loss of $21.5 million, compared to a net loss of $0.9 million in Q1 2022. Adjusted EBITDA also declined, falling to $10.3 million from $31.2 million in the prior year. Ongoing challenges include a weak national advertising market and unfavorable comparisons from the previous year's political revenue. Despite these challenges, the company completed the sale of WFAS-FM for $7.3 million and continued share repurchases while maintaining a solid balance sheet.

Cumulus Media has announced the promotion of Brandon Berman to President of Sales at Westwood One, effective immediately. Berman has dedicated 17 years to Westwood One, rising through various positions, with his most recent role being EVP Sales and Sports Partnerships. He succeeds Ron Russo, who has departed the company for other ventures. President of Westwood One, Suzanne Grimes, commended Berman's strategic leadership and extensive experience in the sports sector, asserting that he is well-equipped to guide the team through economic challenges. Cumulus Media operates over 404 radio stations and is a key player in audio media, reaching over a quarter billion listeners monthly.

Cumulus Media (NASDAQ: CMLS) has released data revealing that over 82 million Americans listen to AM radio each month, with 57% tuning into News/Talk stations for critical local news. This comprehensive analysis, based on the Nielsen Fall 2022 survey, indicates that AM/FM radio maintains a commanding 88% share of in-car ad-supported audio, a figure that has remained stable for six years.

Moreover, Ford owners represent 20% of U.S. AM radio listeners, highlighting the platform's diverse audience. Pierre Bouvard, Chief Insights Officer at Cumulus Media, emphasized the importance of AM radio as a unique media platform amidst discussions of its removal from vehicles.

Cumulus Media Inc. (NASDAQ: CMLS) announced it will host a conference call on April 27, 2023, at 8:30 AM ET to discuss its first quarter 2023 operating results. A press release summarizing these results will be released at approximately 8:00 AM ET, prior to the call. Interested participants can register for the call through a provided link, with an email verification process required. The call will be available in listen-only mode on the company's investor relations website and by phone, with details for both options included. Cumulus Media engages over a quarter billion listeners monthly via its radio stations and affiliate partnerships, offering a range of programming content.