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. reports developments across its audio-first media business, including local radio stations, the Westwood One national audio network, and the Cumulus Podcast Network. Company updates cover operating results, advertising demand, syndicated sports, news, talk, and entertainment programming, and distribution partnerships for broadcast and digital audio.
Recurring news also includes Westwood One sports-rights coverage for NCAA championships and other national brands, as well as corporate actions tied to Cumulus Media's Chapter 11 reorganization and capital structure.
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.
On May 20, 2021, Cumulus Media's Westwood One announced the launch of The Dan Bongino Show, a live broadcast featuring Dan Bongino, a former Secret Service agent and popular conservative commentator. The show will air from 12 to 3 p.m. ET, starting on May 24, with former President Trump joining for the inaugural episode. The show initially has over 115 affiliates, including major stations across the U.S. Bongino's media presence has grown significantly, achieving a 155% increase in unique website visitors and over 117 million podcast downloads in 2020.
Xperi Holding Corporation (NASDAQ: XPER) and CUMULUS MEDIA (NASDAQ: CMLS) have announced the integration of CUMULUS MEDIA's radio stations into the DTS AutoStage connected car platform. This innovative hybrid radio platform enhances listener engagement by providing seamless access to programming, regardless of the vehicle's broadcast range. The DTS AutoStage supports operations in 60 countries and is available to broadcasters at no cost. The partnership aims to visually enrich the in-vehicle listening experience while ensuring compliance with privacy and copyright obligations.
Cumulus Media (CMLS) reported Q1 2021 results showing a 11.5% year-over-year decline in total revenue, with net revenue at $201.7 million. Despite these declines, the company noted significant gains in podcasting revenue, up 35% year-over-year. The EBITDA dropped to $8.9 million, a 68.6% decrease from the previous year, and a net loss of $21.9 million was recorded. Permanent cost reductions exceeding $10 million positively impacted Q1 performance, contributing to a stronger cash position with $294 million available and total debt at $983 million.
Cumulus Media (NASDAQ: CMLS) will host a conference call on May 5, 2021, at 8:30 AM ET to discuss its first quarter 2021 operating results. A press release summarizing these results will precede the call at approximately 8:00 AM ET. The conference call will be available for live streaming on the company's investor relations website, with a recording accessible afterward. Domestic callers can join by dialing 833-614-1549, while international participants can call 914-987-7288, using the conference ID 8099597.
Cumulus Media reported its operating results for Q4 and the full year 2020, revealing a net revenue decline of 13.9% to $245.9 million for Q4 and a 26.7% drop for the year to $816.2 million. Despite challenges from the pandemic, the company achieved a 9.4% growth in digital revenue and made significant cost reductions exceeding $90 million. They generated $33.2 million in cash from operations and ended the year with $271.8 million in cash. The leadership expressed optimism about a recovery and potential for strategic growth moving forward.
Cumulus Media (NASDAQ: CMLS) will host a conference call on February 23, 2021, at 8:30 AM ET to discuss its fourth quarter and full year 2020 operating results. A press release summarizing these results will be available at 8:00 AM ET the same day. Investors can join the call via phone or listen online. Cumulus Media is a leading audio-first media company that reaches over a quarter billion people each month through its 416 stations and various digital platforms.
DISH Network Corporation has entered a long-term agreement with Vertical Bridge REIT, granting immediate access to their extensive portfolio of over 300,000 wireless infrastructure sites across the U.S. and Puerto Rico. This partnership supports DISH's efforts to build a national 5G network, enhancing its coverage in urban, suburban, and rural areas. DISH, having transitioned into a wireless carrier through its Boost Mobile acquisition in 2020, aims to innovate with a cloud-native 5G network. Vertical Bridge is recognized as the largest private owner of communications infrastructure.
Cumulus Media has launched PROJECT SHINE, a national initiative promoting local volunteerism in partnership with VolunteerMatch. This campaign will be broadcast across 422 radio stations and the Westwood One network, encouraging listeners to connect with volunteer opportunities. Featuring a re-recorded version of Collective Soul's hit song 'Shine', PROJECT SHINE aims to inspire positive community engagement amidst recent challenges. With over 3.2 million volunteers needed, the initiative seeks to uplift communities and foster service acts.
Cumulus Media reported Q3 2020 results, highlighting a net revenue decline of 30.1% year-over-year to $196.4 million, with a net loss of $15.8 million. Cash reserves increased to $353.7 million, thanks to effective working capital management and $269 million in debt reduction since emerging from bankruptcy in 2018. Political revenue reached $5.8 million, contributing to improved cash flow and operational efficiencies. Despite challenges from the pandemic, the company anticipates further expense reductions exceeding $85 million for the year.