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. (NASDAQ: CMLS) serves as a cornerstone of the evolving audio media landscape, operating 400+ radio stations while expanding into podcasting and digital solutions. This dedicated news hub provides investors and industry observers with comprehensive updates on corporate developments, financial performance, and strategic initiatives.
Access official press releases alongside curated analysis covering earnings reports, content partnerships, and market positioning within the competitive media sector. The resource consolidates critical updates ranging from Westwood One syndication deals to podcast network expansions, ensuring stakeholders maintain informed perspectives on this audio-first innovator.
Regular updates include coverage of leadership changes, advertising innovations, and responses to industry trends affecting radio broadcasting and digital audio consumption. All content undergoes rigorous verification to ensure accuracy and relevance for financial decision-making.
For consistent access to Cumulus Media's latest developments, bookmark this page or check back regularly for real-time updates impacting one of America's largest radio broadcasters and audio content providers.
Cumulus Media reported a strong second quarter for 2021, with net revenue of $224.7 million, up 53.9% year-over-year. Digital revenue soared by 55%, reaching new highs across multiple channels. The company reduced its fixed costs, expecting total savings to reach $70 million by 2022. Cumulus also enhanced its position in the sports betting sector through a partnership with WynnBET and monetized Nashville real estate for $34 million. Despite a net loss of $5.9 million for the quarter, adjusted EBITDA rose significantly to $36.9 million, reflecting robust operational leverage.
Cumulus Media's Westwood One has expanded Emmy-nominated broadcaster Rich Eisen's role to include hosting duties for Monday Night Football, starting September 13, 2021. Eisen will cover the NFL's Opening Night on September 9 and contribute to Super Bowl LVI coverage on February 13, 2022. Westwood One's lead broadcast crew includes Kevin Harlan and Kurt Warner. Eisen also hosts two podcasts for Cumulus and is a prominent figure in sports broadcasting.
On July 28, 2021, WynnBET and CUMULUS MEDIA launched a multi-year partnership, enhancing WynnBET's marketing reach through CUMULUS's platform, which engages over 250 million monthly listeners. This collaboration positions WynnBET as a major advertising partner for CUMULUS MEDIA, facilitating targeted messaging across radio stations and digital platforms. WynnBET will benefit from national exposure and endorsements, contributing to its growth in the rapidly expanding sports betting market. This partnership signals an aggressive strategy to boost user acquisition and brand engagement.
WynnBET and CUMULUS MEDIA have announced a multi-year partnership aimed at enhancing WynnBET's visibility and user engagement. This collaboration enables WynnBET to leverage CUMULUS MEDIA's reach, which engages over 250 million listeners monthly. The partnership includes national advertising on prominent programming and local promotions across CUMULUS radio stations. Additionally, advanced targeting technology will allow customized messaging to diverse markets. This move is positioned to strengthen WynnBET's brand presence in the rapidly growing sports betting sector.
Cumulus Media (NASDAQ: CMLS) is set to host a conference call on August 4, 2021, at 8:30 AM ET, to discuss its second quarter 2021 operating results. A press release summarizing these results will be issued earlier that day at around 8:00 AM ET. Interested participants can register via a provided link for access details, and the call will also be live-streamed on the company’s investor relations website. Cumulus Media is a leading audio-first media and entertainment company, reaching over 250 million listeners each month.
Cumulus Media (NASDAQ: CMLS) has successfully reduced its debt by $175 million using available cash. CFO Francisco J. Lopez-Balboa highlighted the positive impact of improving economic conditions on business momentum, leading to this debt repayment strategy. Key actions included a $60 million paydown of its ABL Revolver and approximately $89 million from its Term Loan related to prior asset sales. The company also launched a tender offer to repurchase around $26 million of its Senior Secured Notes, enhancing its financial flexibility with over $200 million in liquidity.
Cumulus Media (NASDAQ: CMLS) has entered into an agreement with Adomni, becoming its exclusive sales partner for the Uber OOH advertising network. This network features dual-sided digital screens mounted on Uber vehicles, providing a unique advertising avenue for local businesses in Cumulus's operational markets. The partnership aims to enhance advertising offerings, integrating Uber OOH with Cumulus's extensive audio and digital service portfolio.
Cumulus Media (NASDAQ: CMLS) has announced plans to reduce $175 million in debt using available cash. CEO Mary G. Berner noted growing economic conditions are enabling this acceleration in debt repayment, which will enhance financial flexibility and reduce interest expenses.
Since exiting bankruptcy in 2018, Cumulus has lowered its net debt by approximately $600 million. Recent debt repayment actions include a $60 million paydown of its ABL Revolver and a mandatory prepayment of $89 million related to past asset sales.
On May 24, 2021, Dan Bongino premiered The Dan Bongino Show with a live interview featuring Former President Donald J. Trump. Trump hinted at a potential presidential run in 2024, stating he is seriously considering it. He criticized the New York Attorney General's investigation as prosecutorial misconduct and reaffirmed an assertion about the coronavirus's origins. The show, aired on Cumulus Media and Westwood One, launched with 122 radio affiliates, airing live weekdays from 12 to 3 p.m. ET.
Cumulus Media (NASDAQ: CMLS) has launched AM1230Digital, the first all-digital AM station in the New York metropolitan area. This innovative station features a comprehensive weekday news talk lineup and weekend sports programming powered by CBS Sports Radio. Enhanced signal quality allows a broader reach, extending into key areas such as New York City and parts of New Jersey. The conversion to digital enables targeted advertising opportunities for brands, appealing to affluent listeners.
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