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 reported its Q2 2020 results, revealing a 47.8% decline in net revenue year-over-year, totaling $146 million. The company faced a net loss of $36.3 million, contrasting with a profit in Q2 2019. Despite these challenges, Cumulus generated over $90 million in cash during the quarter through cost-cutting measures and asset sales, including land in Bethesda, MD. The company has also agreed to monetize its tower portfolio for over $210 million, enhancing liquidity and enabling debt reduction efforts. Ending the quarter, Cumulus held nearly $200 million in cash.
Cumulus Media Inc. (NASDAQ: CMLS) will host a conference call on August 10th at 8:30 AM ET to discuss its Q2 2020 operating results, with a press release issued beforehand at around 8:00 AM ET. Domestic callers can dial 877-830-7699, entering conference ID 3379889. A recorded stream of the call will be available at cumulusmedia.com/investors.
Cumulus Media has successfully completed the sale of approximately 75 acres in Bethesda, MD, to Toll Brothers, generating gross proceeds of $74.1 million. The net proceeds after fees amount to around $71.3 million, which will be primarily used to pay down debt over the next year. CEO Mary G. Berner emphasized the significance of this sale in strengthening the company's balance sheet amid a challenging market. The transaction is expected to provide minor expense savings from reduced real estate taxes.
Cumulus Media (NASDAQ: CMLS) announced a new short-term shareholder rights plan on May 21, 2020, to safeguard shareholder interests during the COVID-19 pandemic's impact on stock valuations. The plan aims to prevent unwanted control changes without adequate premiums, ensuring fair treatment for all shareholders. A dividend distribution of one right for each share is set for June 1, 2020. Rights become exercisable if any party acquires 10% or more of Class A shares. The rights expire on April 30, 2021, unless extended or redeemed sooner.
Cumulus Media reported a net revenue of $227.9 million for Q1 2020, down 14.8% year-over-year, and a net loss of $7.4 million. Adjusted EBITDA fell 33.7% to $27.7 million. Despite the COVID-19 pandemic's adverse effects, the company anticipates approximately $60 million in fixed cost reductions and a 40% cut in capital expenditures for 2020. Cumulus reported strong digital growth of 30%, with a cash balance of $106 million as of March 31, 2020. The company maintains no funded debt maturity until 2026.
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