Cumulus Media Stock Price, News & Analysis

Cumulus Media (NASDAQ: CMLS) has announced its participation in the Deutsche Bank 29th Annual Leveraged Finance Conference on October 6, 2021. The company released a new investor presentation, detailing its transition from a radio-focused entity to a multi-dimensional, audio-first media company. Key highlights from the presentation include market recovery, growth in digital business lines, strong free cash flow, and a solid balance sheet. Cumulus is optimistic about delivering additional shareholder value. Access to the investor presentation is available via the company’s website.

Cumulus Media (NASDAQ: CMLS) has appointed Doug Cohn and Bruce Gilbert to newly created senior positions to enhance content development across multiple platforms, including music, entertainment, and sports. Cohn, former Senior Vice President at ViacomCBS, will lead Music & Entertainment, focusing on innovative programming and successful partnerships. Gilbert, who has been with Cumulus for seven years, will oversee Sports, aiming to leverage the company's extensive sports portfolio. These moves, according to EVP Brian Philips, are expected to drive creativity and growth in Cumulus's content offerings.

Audacy and Cumulus Media have formed a content distribution partnership, integrating Cumulus's 413 radio stations and podcasts onto the Audacy digital platform. This collaboration aims to enhance listener access and engagement, aligning with Cumulus's strategy of multi-platform content distribution. The Audacy app now offers users diverse audio options, including over 2,000 local and national stations and numerous devices compatible for streaming. This partnership positions Audacy to strengthen its growth in the digital radio space.

Cumulus Media's Atlanta radio station Q99.7/WWWQ-FM will distribute 5000 free Q99.7-branded PPE face masks at the 2021 Music Midtown Festival in Piedmont Park, Atlanta on September 18. The giveaway aims to promote safety during the event. Attendees can also look for the Q99.7 Maroon 5 Insane Plane featuring a large promotional banner celebrating the band's latest album, JORDI. The festival runs from September 18 to September 19 and is produced by LiveNation.

Cumulus Media's Westwood One released a study revealing that their NFL play-by-play broadcasts reach 56 million listeners over the season, highlighting a more engaged audience compared to TV viewers. The radio audience is characterized by higher passion for sports, greater participation in sports betting, and younger demographics. Key findings show that radio listeners spend 16% more than the average American and that increasing advertisements significantly boosts audience reach. Additionally, the study indicates that radio broadcasts enhance NFL TV viewership, showing a 24% increase among Millennial men.

Cumulus Podcast Network has launched a new series titled "Voices of Football" on the podcast Just Getting Started with Rich Eisen. The series debuted on September 9, 2021, featuring Al Michaels as the first guest, discussing his illustrious career. Subsequent episodes will air weekly every Wednesday, with notable guests including Joe Buck and Erin Andrews. This initiative aims to engage listeners with stories from prominent football personalities and is accessible on popular platforms like Apple Podcasts and Spotify.

Cumulus Media's Westwood One embarks on its 35th season as the exclusive network radio partner of the NFL. The season kicks off on September 9, 2021, showcasing the Super Bowl Champion Tampa Bay Buccaneers hosting the Dallas Cowboys. Coverage includes primetime games, Thanksgiving, Christmas, and the Super Bowl LVI on February 13, 2022. Broadcasts will be available on nearly 500 radio stations and platforms like SiriusXM and NFL Game Pass. The season features prominent sports commentators including Kevin Harlan and Kurt Warner.

Cumulus Media's Westwood One (NASDAQ: CMLS) has renewed its multi-year partnership with the NCAA, continuing its role as the official audio broadcast network. This collaboration dates back to 1982, covering NCAA Men's Basketball Tournament and all 90 NCAA Championships. Westwood One retains exclusive rights for radio, digital audio, distribution, and licensing across multiple platforms. The renewal ensures that fans can access live coverage through Westwood One affiliates and online platforms such as the NCAA mobile apps.

Cumulus Media has completed the sale of non-core real estate in Nashville for $34 million, providing an opportunity to enhance its financial flexibility. CFO Francisco J. Lopez-Balboa noted that the sale exceeded expectations and reflects the company's strategy to de-lever its balance sheet and improve liquidity. The net proceeds will be used to pay down debt across the company’s Term Loan Credit Facility and Senior Secured First Lien Notes, ensuring continued focus on growth initiatives.