Cumulus Media Reports Operating Results for the Second Quarter 2025
ATLANTA, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (OTCQB:CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels. We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the 38% year-over-year increase in our digital marketing services business. Additionally, we executed $5 million of annualized cost reductions, bringing total annualized cost reductions to $175 million over the last 5 years."
Berner continued, "These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, while we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company's valuable underlying assets."
Q2 Key Highlights:
Posted total net revenue of $186.0 million, a decline of 9.2% year-over-year
Generated digital revenue of $38.8 million, a decrease of 1.4% year-over-year, or an increase of 20% excluding the $6.8 million impact from discontinuing the Daily Wire and Dan Bongino relationships
Digital marketing services grew 38% driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing
Digital marketing services revenue now represents approximately 50% of total digital revenue
Recorded net loss of $12.8 million compared to net loss of $27.7 million in Q2 2024
Executed actions resulting in $5 million of annualized fixed cost reductions
Recorded Adjusted EBITDA(1) of $22.4 million compared to $25.2 million in Q2 2024
Ended quarter with $96.7 million of cash, which reflected a $55.0 million draw on the Company's revolving credit facility
Reported total debt(2)(3) of $723.7 million, total debt at maturity(1)(2)(3) of $697.1 million, and net debt less total unamortized discount(1)(2)(3)of $600.4 million at June 30, 2025, including total debt due in 2026(2) of $23.9 million
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended June 30, 2025, the Company reported net revenue of $186.0 million, a decrease of 9.2% from the three months ended June 30, 2024, net loss of $12.8 million and Adjusted EBITDA of $22.4 million.
For the six months ended June 30, 2025, the Company reported net revenue of $373.4 million, a decrease of 7.8% from the six months ended June 30, 2024, net loss of $45.2 million and Adjusted EBITDA of $25.9 million.
As Reported
Three Months EndedJune 30, 2025
Three Months EndedJune 30, 2024
% Change
Net revenue
$
186,017
$
204,849
(9.2
)%
Net loss
$
(12,821
)
$
(27,699
)
53.7
%
Adjusted EBITDA
$
22,358
$
25,213
(11.3
)%
Basic loss per share
$
(0.74
)
$
(1.64
)
54.9
%
Diluted loss per share
$
(0.74
)
$
(1.64
)
54.9
%
As Reported
Six Months EndedJune 30, 2025
Six Months EndedJune 30, 2024
% Change
Net revenue
$
373,366
$
404,902
(7.8
)%
Net loss
$
(45,188
)
$
(41,853
)
(8.0
)%
Adjusted EBITDA
$
25,877
$
33,618
(23.0
)%
Basic loss per share
$
(2.61
)
$
(2.49
)
(4.8
)%
Diluted loss per share
$
(2.61
)
$
(2.49
)
(4.8
)%
Revenue Detail Summary (dollars in thousands):
As Reported
Three Months EndedJune 30, 2025
Three Months EndedJune 30, 2024
% Change
Broadcast radio revenue:
Spot
$
91,151
$
101,806
(10.5
)%
Network
27,286
34,306
(20.5
)%
Total broadcast radio revenue
118,437
136,112
(13.0
)%
Digital
38,832
39,397
(1.4
)%
Other
28,748
29,340
(2.0
)%
Net revenue
$
186,017
$
204,849
(9.2
)%
As Reported
Six Months EndedJune 30, 2025
Six Months EndedJune 30, 2024
% Change
Broadcast radio revenue:
Spot
$
172,115
$
192,379
(10.5
)%
Network
71,219
83,468
(14.7
)%
Total broadcast radio revenue
243,334
275,847
(11.8
)%
Digital
75,397
73,844
2.1
%
Other
54,635
55,211
(1.0
)%
Net revenue
$
373,366
$
404,902
(7.8
)%
Balance Sheet Summary (dollars in thousands):
June 30, 2025
December 31, 2024
Cash and cash equivalents
$
96,745
$
63,836
Term Loan due 2026 (2)
$
1,203
$
1,203
Senior Notes due 2026 (2)
$
22,697
$
22,697
Term Loan due 2029 (2) (3)
$
325,073
