Highest-materiality recent filing
Cumulus Media Q1 net loss narrows to $16.9M; court approves reorganization plan
Net loss of $16.9M improved 47.9% YoY from $32.4M; diluted EPS loss $0.96 vs $1.88.
Cumulus Media's Chapter 11 plan confirmed; eliminates ~$600M debt, existing equity cancelled
Bankruptcy Court confirmed Plan of Reorganization on April 15, 2026; FCC approval required before emergence.
Cumulus Media Q4 net loss $135M; revenue down 14%; full-year adjusted EBITDA $52M
Q4 net revenue $188.1M, down 14% YoY; net loss $135.1M vs $231.1M loss last year.
Cumulus Media files prepackaged Ch.11; $592M debt equitized; equity cancelled for no recovery
Prepackaged Chapter 11 filed March 4; Plan equitizes ~$592M debt, cutting annual cash interest ~$49M.
Cumulus Media appoints Carol Flaton to board; Joan Hogan Gillman resigns
Joan Hogan Gillman resigned from the board effective Jan 15, 2026; Carol Flaton appointed same day.
Cumulus Media Q3 net revenue down 11.5% to $180.3M; net loss widens to $20.4M
Net revenue $180.3M (-11.5% YoY); net loss $20.4M vs $10.3M loss; Adj. EBITDA $16.7M (-30.8%).
Cumulus Media Q2 net revenue $186M, down 9.2% YoY; net loss narrows to $12.8M from $27.7M
Digital marketing services revenue grew 38% YoY, now ~50% of total digital revenue of $38.8M.
Mary G. Berner, Thomas H. Castro, Deborah A. Farrington, Steven M. Galbraith, Joan Hogan Gillman, Andrew W. Hobson, Brian G. Kushner elected to board. Votes For ranged from 9.3M to 10.0M.
Cumulus Media Q1 net loss widens to $32.4M; revenue down 6.4% YoY
Net loss $32.4M ($1.88 diluted EPS) vs $14.2M loss in Q1 2024.
Cumulus Media (CMLS) to be delisted from Nasdaq; will begin trading on OTCQB effective May 2, 2025
Nasdaq determined to delist CMLS due to noncompliance with Listing Rules 5450(a)(2) and 5450(b)(1)(A).
Cumulus Media adopts director resignation policy for majority vote in uncontested elections
Board unanimously approved amendment to Section 2.7 of Bylaws effective March 4, 2025.
Cumulus Media warned by NASDAQ for equity shortfall; must submit compliance plan
Stockholders' equity of $6.951M as of Dec 31, 2024, below NASDAQ's $10M minimum for Global Market.
Cumulus Media reports FY2024 net loss of $283M, revenue down 2.1% to $827M
Net loss of $283.3M ($16.79/share) vs $117.9M in 2023; includes $224.5M non-cash impairment.
Cumulus Media lets poison pill expire, appoints Galbraith to Compensation Committee
Stockholder Rights Plan expired Feb 20, 2025; Board decided not to renew or replace it.
Cumulus Media appoints top shareholder Steven Galbraith to board after Blank resigns
Matthew Blank resigned from board effective Jan 22, 2025, will serve as consultant for 18 months.
Cumulus Media receives NASDAQ delisting notice for bid price below $1.00
On Dec 16, 2024, NASDAQ notified Cumulus Media (CMLS) of non-compliance with bid price rule (below $1.00 for 30 consecutive days).
Cumulus Media Q3 2024: revenue down 1.8% to $203.6M, net loss of $10.3M
Revenue $203.6M (down 1.8% YoY); net loss $10.3M vs net income $2.7M in Q3 2023.
Cumulus Media Q2 net loss widens to $27.7M; revenue down 2.5% YoY
Q2 revenue $204.8M (-2.5% YoY); net loss $27.7M vs $1.1M loss in Q2 2023.
Cumulus Media Q1 revenue $200M, net loss improves; refinances debt to 2029, reduces principal $33M
Net revenue $200.1M, down 2.7% YoY; net loss $14.2M vs $21.5M loss in Q1 2023; Adjusted EBITDA $8.4M vs $10.3M.
Cumulus Media exchanges $325.7M of 6.75% notes for 8% notes due 2029; extends ABL to 2029
Issued ~$308.8M of 8.000% Senior Secured First-Lien Notes due 2029 exchanged for 6.750% notes due 2026 at 94% of par.
Cumulus Media say-on-pay fails; all directors elected despite high withhold votes
Say-on-pay proposal rejected: 6.74M against vs 3.64M for; 4.01M broker non-votes.
Net revenue expected $199M-$201M vs $205.7M in Q1 2023, a decline of 2.3%-3.3%.
Cumulus Media amends exchange offer: 6.75% notes for 8% notes due 2029, extends deadline to May 1
Issuer offers $940 principal of new 8% notes due 2029 per $1,000 of old 6.75% notes due 2026; maturity extended to July 2029.
Cumulus Media extends exchange offer expiration to Apr 18; $15M tendered
Expiration extended to 5pm Apr 18 from 5pm Apr 17; offer remains otherwise unchanged.
Cumulus Media extends exchange offer expiration to April 17; $15M of old notes tendered
Expiration time extended to 5:00 p.m. ET on April 17, 2024 (from April 16).
Cumulus Media extends exchange offer for 6.75% notes to April 16; only $15M tendered
Expiration extended from April 12 to April 16, 2024 at 5:00 p.m. NY time.
Cumulus Media extends exchange offer deadline for debt refinancing to April 12, 2024
Extends expiration of exchange offer to April 12, 2024 from April 9, 2024.
Cumulus Media extends exchange offer for 2026 notes to Apr 9; $15M tendered
Extension to April 9, 2024; Early Tender Period ended March 18, so only $770 New Notes per $1,000 Old Notes.
Cumulus Media extends exchange offer for 6.75% notes to Apr 2; $15M tendered
Expiration extended from March 26 to April 2, 2024, at 5:00 p.m. NY time.
Issuer extends early tender deadline to March 18, 2024 from March 11, 2024; exchange offer expires March 26.
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.
Exchange offer for all outstanding $346,245,000 of 6.750% Senior Secured First-Lien Notes due 2026.
Cumulus Media adopts poison pill after Renew Group accumulates 10.01%, targets 20%
Rights plan triggers at 15% beneficial ownership of Class A common stock; expires Feb 20, 2025.
Cumulus Media Q3 revenue down 11% to $207.4M; net income $2.7M vs $8.5M YoY
Net revenue $207.4M, down 11.2% YoY; net income $2.7M vs $8.5M in Q3 2022.
Cumulus Media determines to hold annual Say-on-Pay vote until 2029
Stockholders expressed preference for annual Say-on-Pay votes at the 2023 Annual Meeting held April 26, 2023.
Cumulus Media Q2 revenue down 11% to $210.1M; net loss of $1.1M vs profit a year ago
Net revenue $210.1M, down 11.2% YoY; net loss $1.1M vs net income $8.7M in Q2 2022.
Cumulus Media amends $525M term loan to replace LIBOR with SOFR
Amendment replaces LIBOR benchmark with Term SOFR plus 0.10% for the $525M senior secured term loan.
Cumulus Media Q1 net loss widens to $21.5M; revenue down 11% to $205.7M
Net loss of $21.5M vs $0.9M loss in Q1 2022; Adjusted EBITDA fell 67% to $10.3M.
Stockholders approved amendment to 2020 Equity Plan, increasing share reserve by 700,000 to 2.8M shares.
Cumulus Media approves 2023 quarterly incentive plan for executives based on adjusted EBITDA targets
2023 QIP pays quarterly cash awards tied to year-to-date adjusted EBITDA goals.
Cumulus Media reports 2022 revenue up 4% to $953.5M, Adjusted EBITDA up 23% to $166.0M
Full-year net revenue $953.5M (+4% YoY); digital revenue $142M+ (+12%).
Presentation covers FY2022 results but full content not provided in the filing excerpt.
Revenue $233.5M (-1.8% YoY); net income $8.5M (down 68.9%, but prior year had $20.8M land sale gain).
Cumulus Media posts Q3 2022 investor presentation; no specific data in filing
Filed under Item 7.01 as an investor presentation furnished as Exhibit 99.1.
Cumulus Media appoints Deborah Farrington to Board of Directors
Deborah Farrington, Co-Founder and Managing Partner of StarVest Partners, appointed effective August 19, 2022.
Cumulus Media Q2 revenue up 5.4% to $236.7M; net income $8.7M vs loss $5.9M YoY
Digital revenue grew 20% YoY, led by podcasting (+27%) and digital marketing (+22%).
Cumulus Media posts Q2 2022 earnings update; no financial details in excerpt
Investor presentation for Q2 2022 posted on August 3, 2022.
Cumulus Media extends $100M revolving credit facility to June 2027, switches to SOFR
Fifth Amendment extends maturity of $100M revolver to June 3, 2027.
Cumulus Media launches $25M modified Dutch auction tender offer at $14.50-$16.50/share
Offer to purchase up to $25M of Class A common stock at a price between $14.50 and $16.50 per share.
Cumulus Media stockholders elect all 7 directors, approve say-on-pay and auditor at 2022 meeting
All seven director nominees elected: Mary G. Berner (10.5M for), David M. Baum (9.6M for), Matthew C. Blank (9.6M for), and four others.
On January 22, 2025, Matthew Blank notified the Board of Directors (the “Board”) of Cumulus Media Inc. (the “Company”) that he has decided to resign from the Board to devote more time to his other commitments, effective as of January 22, 2025.
the Board, upon the recommendation of the Nominating and Governance Committee of the Board, appointed Steven M. Galbraith to serve as a director, effective January 22, 2025.
appointed Deborah A. Farrington to serve as a director, effective August 19, 2022.
Max materiality 1.00 · Median 0.65 · Most common event earnings