secwatch.observer — SEC 8-K summary
======================================

Issuer:     CUMULUS MEDIA INC (CMLS)
CIK:        0001058623
Form:       8-K
Filed at:   2024-02-27T23:59:59+00:00
Accession:  0001058623-24-000026
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cumulus Media reports FY2023 net loss of $117.9M, revenue down 11.4%; launches debt exchange
--------------------------------------------------------------------------------

- Net revenue $844.5M (-11.4% YoY); net loss $117.9M vs net income $16.2M; diluted EPS loss $6.83.
- Adjusted EBITDA $90.7M (-45.3% YoY); digital revenue $146.4M (+2.9%).
- Q4 net revenue $221.3M (-11.9% YoY); net loss $98.1M; adjusted EBITDA $22.8M (-46.6%).
- Launches exchange of 6.750% notes due 2026 for 8.750% notes due 2029; term loan exchange.
- Retired $43.6M debt at 77.4% of par; total debt retired $130.2M since start of 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1058623/000105862324000026/0001058623-24-000026-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1058623/000105862324000026/cmls-20240227.htm
  HTML page:      https://secwatch.observer/filing/0001058623-24-000026

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