secwatch.observer — SEC 8-K summary
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Issuer:     CUMULUS MEDIA INC (CMLS)
CIK:        0001058623
Form:       8-K
Filed at:   2023-10-27T23:59:59+00:00
Accession:  0001058623-23-000089
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cumulus Media Q3 revenue down 11% to $207.4M; net income $2.7M vs $8.5M YoY
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- Net revenue $207.4M, down 11.2% YoY; net income $2.7M vs $8.5M in Q3 2022.
- Adjusted EBITDA $26.9M, down 42.2% from $46.6M; digital revenue up 7% to $37.2M.
- Broadcast radio revenue fell 17.4% to $146.3M; spot down 15.2%, network down 22.8%.
- Retired $5.2M face value of term loans at avg 83.5% of par; sold WDRQ-FM for $10M.
- Total debt $675.8M, net debt $592.9M; capital expenditures $7.1M in quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1058623/000105862323000089/0001058623-23-000089-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1058623/000105862323000089/cmls-20231027.htm
  HTML page:      https://secwatch.observer/filing/0001058623-23-000089

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer