Cumulus Media Stock Price, News & Analysis

Cumulus Media Inc. (OTCQB: CMLS) is an audio-first media company in the information sector and radio networks industry. According to its public communications, Cumulus Media delivers premium audio content to a quarter billion people every month, reaching audiences "wherever and whenever they want it." The company’s operations span local broadcast radio, national audio networks, and on-demand digital and podcast platforms, providing a broad mix of sports, news, talk, and entertainment programming.

Cumulus Media engages listeners through high-quality local programming on hundreds of owned-and-operated radio stations across dozens of U.S. markets. These stations form the foundation of its broadcast radio presence, where the company focuses on local content and community connection. Beyond local markets, Cumulus Media extends its reach through Westwood One, which it describes as the largest audio network in America and, in certain releases, a leading national audio network and the premier destination for opinion talk and live sports.

Westwood One and National Audio Networks

Through Westwood One and Westwood One Sports, Cumulus Media distributes nationally syndicated sports, news, talk, and entertainment programming. Its portfolio includes audio rights and programming relationships with iconic brands such as the NFL, the NCAA, US Soccer, The Masters, AP News, and the Academy of Country Music Awards. Westwood One has been the exclusive network radio partner to the NFL since 1987, providing regular and postseason NFL football coverage, including the playoffs and the Super Bowl, as well as marquee events like NCAA Basketball’s Men’s and Women’s Tournaments and the Final Four, NCAA Football, and other major sports properties.

Westwood One also programs and distributes 24/7 sports talk content. Company announcements describe a national sports talk lineup that features shows such as The Jim Rome Show, You Better You Bet with Nick Kostos, BetMGM Tonight, Bleck & Abdalla, and Westwood One Sports Night. These programs offer sports conversations, expert analysis, and fan interaction across major platforms. Westwood One Sports’ live play-by-play coverage extends to events like NFL Wild Card Weekend and other postseason games, carried on hundreds of affiliated radio stations and digital outlets.

Cumulus Podcast Network and Digital Audio

The Cumulus Podcast Network, part of the company’s broader audio strategy, is described as an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media uses this network to distribute, market, and monetize a range of creator-led and personality-driven shows. Examples announced in company news include partnerships with the Shots Podcast Network, which brings shows such as the Full Send Podcast, One Night with Steiny, and The Rush with Maxx Crosby into the Cumulus Podcast Network portfolio, and the addition of "Insight with Chris Van Vliet," a wrestling and entertainment interview podcast.

Through these podcast partnerships, Cumulus Media expands its reach into digital-first audiences, including fans of professional wrestling, comedy, and sports personalities. The company highlights that these shows often have substantial followings on platforms like YouTube and major podcast apps, and that Cumulus provides distribution, marketing, and monetization support while creators continue to develop and own their content.

Local Radio Footprint and Market Reach

Across its public releases, Cumulus Media consistently emphasizes its local radio footprint. It reports operating owned-and-operated radio stations across 84 markets, with station counts cited in recent communications in the high 390s range. These stations carry local programming tailored to their communities, while also serving as distribution points for nationally syndicated content from Westwood One and the Cumulus Podcast Network.

In addition to its owned stations, Cumulus Media notes that Westwood One programming is carried on thousands of affiliated stations nationwide. Depending on the specific release, the company cites more than 7,800 or more than 9,500 affiliated stations for its network content. This combination of owned stations and affiliates underpins the company’s claim of providing personal connections, local impact, and national reach for advertisers.

Advertising, Digital Marketing Services, and Revenue Mix

Cumulus Media’s business model centers on monetizing its audio audiences through advertising and related services. In its quarterly results press release, the company breaks out broadcast radio revenue (spot and network), digital revenue, and other revenue. Broadcast spot and network sales reflect traditional radio advertising, while digital revenue includes streaming, podcasts, and digital marketing services.

The company highlights the growth of its digital marketing services business, which it reports as a significant and growing portion of total digital revenue. According to its third quarter 2025 results, digital marketing services revenue represents approximately half of total digital revenue, and management attributes growth in this area to investments in digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing. Cumulus Media describes its advertiser offering as spanning broadcast and on-demand digital, mobile, social, and voice-activated platforms, along with integrated digital marketing services, powerful influencers, full-service audio solutions, research and insights, and live event experiences.

Financial Reporting and Capital Structure

As a publicly traded company quoted on the OTCQB under the symbol CMLS, Cumulus Media files regular reports with the U.S. Securities and Exchange Commission. In its third quarter 2025 earnings release, the company reports net revenue, net loss, Adjusted EBITDA, and details on its broadcast radio, digital, and other revenue categories. It also discloses information on total debt, debt maturities, cash and cash equivalents, and capital expenditures. Management discusses the use of non-GAAP financial measures such as Adjusted EBITDA, revenue excluding political revenue, total debt at maturity, and net debt less total unamortized discount, explaining that these metrics are used internally to assess performance and monitor leverage, and are commonly used by investors in evaluating media companies.

The company’s commentary in that release references efforts to re-engineer the business, reduce fixed costs, and implement AI initiatives to drive efficiencies and support growth. It also notes that it operates in a challenging advertising environment for legacy media, and that it focuses on areas it can control to position the company for long-term success.

Corporate Governance and Board Composition

Cumulus Media’s governance practices are reflected in its SEC filings and related press releases. In an 8-K filed in January 2026, the company reports that a member of its Board of Directors notified the Board of her intent to resign, and that the Board appointed Carol Flaton as a director, effective upon that resignation. The filing notes that Ms. Flaton satisfies SEC independence requirements and will serve for an initial term expiring at the company’s 2026 annual meeting of stockholders, and that she will receive a specified monthly cash compensation for her service as a director.

The same filing states that there are no arrangements or understandings with other persons pursuant to which she was appointed, and that she is not party to any transaction reportable under Item 404(a) of Regulation S-K. This type of disclosure illustrates how Cumulus Media reports changes in its board and compliance with regulatory requirements around director independence and related-party transactions.

Programming Highlights and Content Strategy

Across multiple news releases, Cumulus Media underscores its focus on talent-driven content and sports, news, talk, and entertainment programming. Examples include:

• The relaunch of The Dan Bongino Show as a two-hour daily podcast distributed by the Cumulus Podcast Network, with Westwood One as the exclusive sales partner.
• The launch of a 24/7 sports talk lineup on Westwood One Sports, featuring hosts such as Drake C. Toll, Nick Kostos, Bleck & Abdalla, and others, with programming designed for fan engagement and real-time sports conversation.
• The appointment of McGraw Milhaven as host of the nationally syndicated program America at Night, a nightly show featuring interviews, commentary, and listener interaction on topics ranging from politics and current events to sports and entertainment.
• The addition of the Shots Podcast Network and "Insight with Chris Van Vliet" to the Cumulus Podcast Network, expanding the company’s presence in creator-led entertainment, comedy, sports, and professional wrestling content.

These announcements illustrate how Cumulus Media uses both established personalities and emerging creators to build its audio brands across broadcast, streaming, and podcast platforms.

Position in the Audio and Radio Networks Industry

Within the radio networks and broader audio industry, Cumulus Media presents itself as a large-scale creator and distributor of audio content. Its combination of local radio stations, national network programming through Westwood One, and digital audio via the Cumulus Podcast Network positions the company across traditional broadcast and newer on-demand formats. The company’s own descriptions emphasize its reach to a quarter billion people each month and its extensive network of owned-and-operated and affiliated stations.

For investors and observers, Cumulus Media’s disclosures highlight key themes: a focus on audio content across multiple platforms, ongoing evolution of its digital and podcast businesses, the importance of sports and news partnerships, and active management of its cost structure and capital base. As with any public company, detailed and updated financial and strategic information is available through its SEC filings and periodic press releases.