Cumulus Media Stock Price, News & Analysis

Cumulus Media (NASDAQ: CMLS) appointed Deborah Farrington, co-founder of StarVest Partners, to its Board of Directors. Mary G. Berner, CEO, praised her as a respected venture capital pioneer who will enhance the company’s audio-first strategy. Farrington expressed eagerness to contribute to Cumulus's growth and the expansion of its digital businesses, citing the quality of its media offerings for listeners and advertisers. With extensive experience as a director for various firms and accolades from Forbes, her addition is anticipated to bolster Cumulus's strategic direction.

Cumulus Media announced strong Q2 results with total revenue up 5%, driven by 20% growth in digital revenue, including podcasting up 27%. The net income reached $8.7 million, up 247% from a loss of $5.9 million in Q2 2021. EBITDA increased 23% to $45.5 million, aided by fixed cost reductions. The company reduced net leverage to 3.8x, the lowest in over a decade, while completing a $25 million Dutch tender offer, retiring $50 million in debt. Year-to-date cash from operations totals $30.5 million.

Cumulus Media has announced a groundbreaking study highlighting the effectiveness of broadcast radio advertising for pharmaceutical brands, utilizing data from Swoop and Nielsen. This study indicates that pharmaceutical marketers can now target specific patient audiences through radio, achieving an impressive 83.2% weekly reach among consumers suffering from psoriatic arthritis. Notably, the analysis shows that listeners spend an average of eight hours per week on AM/FM radio, with peak listening hours during weekdays.

Cumulus Media (NASDAQ: CMLS) will host a conference call on August 3, 2022, at 4:30 PM ET to discuss its Q2 2022 operating results. A press release summarizing these results will be released at approximately 4:00 PM ET before the call. Participants can register for the call via a provided link, and it will also be available for live listening on the company's investor relations website. Cumulus Media delivers audio content through 405 radio stations and a network of over 9,500 affiliated stations, providing significant reach and advertising solutions.

Cumulus Media (NASDAQ: CMLS) announced the launch of the podcast Talk Ville on July 13, 2022, as part of the Cumulus Podcast Network. Hosted by Tom Welling and Michael Rosenbaum, stars of the iconic series Smallville, the podcast will revisit each episode, sharing behind-the-scenes insights. New episodes will be released weekly on platforms like Apple Podcasts and Spotify. This initiative aims to engage fans and capitalize on nostalgia, further expanding Cumulus Media’s content portfolio and audience reach.

Cumulus Media (NASDAQ: CMLS) announced the results of its modified Dutch auction tender offer, which concluded on June 3, 2022. The company repurchased 1,724,137 shares of its Class A common stock at a price of $14.50 per share, totaling approximately $25 million. This transaction accounts for about 8.7% of the outstanding Class A shares and showcases the company’s commitment to its $50 million share repurchase program. A pro rata share process resulted in a proration factor of 16.68% for tendered offers.

Cumulus Media Inc. (NASDAQ: CMLS) announced an amendment to its $100 million revolving credit facility, extending its maturity from 2025 to 2027. As of June 8, 2022, the company had no outstanding amounts under this facility. CEO Mary G. Berner emphasized that this move enhances financial flexibility and locks in a stable liquidity source. This announcement follows the completion of a $25 million tender offer as part of a $50 million share buyback program, showcasing a commitment to shareholder value.

Cumulus Media (NASDAQ: CMLS) has appointed Lisa Waks as Senior VP of Digital Partnerships and Business Development. Waks is tasked with enhancing the Cumulus Podcast Network's content strategy, focusing on key verticals like News, Sports, and Entertainment. With over two decades of experience, she previously led global media partnerships at TED Conferences, streamlining operations and launching the TED Audio Collective. Cumulus Media aims to leverage Waks’ expertise to expand its innovative podcast offerings and deepen listener engagement.

Cumulus Media Inc. (NASDAQ: CMLS) has announced its inclusion in the Russell 3000® Index, effective June 27, 2022, following the annual reconstitution. This index captures the largest U.S. stocks based on market capitalization. Cumulus's CEO, Mary G. Berner, stated that rejoining the index underscores the company's transformation into a multi-dimensional audio media entity and will enhance its visibility to institutional investors. The Russell indexes are crucial for investment strategies, with approximately $12 trillion in assets benchmarked against them.