ATLANTA, April 10, 2026 (GLOBE NEWSWIRE) — Cumulus Media Inc. (OTC:CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value.”
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended December 31, 2025, the Company reported net revenue of $188.1 million, a decrease of 14.0% from the three months ended December 31, 2024, net loss of $135.1 million and Adjusted EBITDA of $9.5 million.
For the year ended December 31, 2025, the Company reported net revenue of $741.7 million, a decrease of 10.3% from the year ended December 31, 2024, net loss of $200.7 million and Adjusted EBITDA of $52.0 million.
| As Reported | Three Months Ended December 31, 2025 |
Three Months Ended December 31, 2024 |
% Change | |||||||
| Net revenue | $ | 188,074 | $ | 218,576 | (14.0 | )% | ||||
| Net loss | $ | (135,107 | ) | $ | (231,080 | ) | 41.5 | % | ||
| Adjusted EBITDA(1) | $ | 9,476 | $ | 25,039 | (62.2 | )% | ||||
| Basic loss per share | $ | (7.75 | ) | $ | (13.60 | ) | 43.0 | % | ||
| Diluted loss per share | $ | (7.75 | ) | $ | (13.60 | ) | 43.0 | % | ||
| As Reported | Year Ended December 31, 2025 |
Year Ended December 31, 2024 |
% Change | |||||||
| Net revenue | $ | 741,695 | $ | 827,076 | (10.3 | )% | ||||
| Net loss | $ | (200,702 | ) | $ | (283,254 | ) | 29.1 | % | ||
| Adjusted EBITDA(1) | $ | 52,006 | $ | 82,708 | (37.1 | )% | ||||
| Basic loss per share | $ | (11.55 | ) | $ | (16.79 | ) | 31.2 | % | ||
| Diluted loss per share | $ | (11.55 | ) | $ | (16.79 | ) | 31.2 | % | ||
| (1) | Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures.” |
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended December 31, 2025 |
Three Months Ended December 31, 2024 |
% Change | |||||||
| Broadcast radio revenue: | ||||||||||
| Spot | $ | 82,806 | $ | 100,054 | (17.2 | )% | ||||
| Network | 33,372 | 49,253 | (32.2 | )% | ||||||
| Total broadcast radio revenue | 116,178 | 149,307 | (22.2 | )% | ||||||
| Digital | 36,918 | 40,334 | (8.5 | )% | ||||||
| Other | 34,978 | 28,935 | 20.9 | % | ||||||
| Net revenue | $ | 188,074 | $ | 218,576 | (14.0 | )% | ||||
| As Reported | Year Ended December 31, 2025 |
Year Ended December 31, 2024 |
% Change | |||||||
| Broadcast radio revenue: | ||||||||||
| Spot | $ | 338,643 | $ | 388,830 | (12.9 | )% | ||||
| Network | 135,862 | 175,285 | (22.5 | )% | ||||||
| Total broadcast radio revenue | 474,505 | 564,115 | (15.9 | )% | ||||||
| Digital | 151,277 | 154,198 | (1.9 | )% | ||||||
| Other | 115,913 | 108,763 | 6.6 | % | ||||||
| Net revenue | $ | 741,695 | $ | 827,076 | (10.3 | )% | ||||
Balance Sheet Summary (dollars in thousands):
| December 31, 2025 |
December 31, 2024 |
||||||
| Cash and cash equivalents | $ | 81,979 | $ | 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) | $ | 323,569 | $ | 326,514 | |||
| Senior Notes due 2029 (2) (3) | $ | 318,225 | $ | 321,181 | |||
| 2020 Revolving Credit Facility | $ | 55,000 | $ | — | |||
| Year Ended December 31, 2025 |
Year Ended December 31, 2024 |
||||||
| Capital expenditures | $ | 20,237 | $ | 19,464 | |||
| Three Months Ended December 31, 2025 |
Three Months Ended December 31, 2024 |
||||||
| Capital expenditures | $ | 4,775 | $ | 3,583 | |||
| (2) | Excludes any debt issuance costs. |
| (3) | The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of December 31, 2025, $11.7 million and $11.9 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain. |
Pending Chapter 11 Reorganization
As previously announced, on March 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”). The Chapter 11 Cases are being jointly administered under the caption In re Cumulus Media, et al., Case No. 26-90346. Additional information regarding the restructuring is available at www.cumulus.com/restructuring.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result …