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Cumulus Media Reports Operating Results for the Second Quarter 2022
Delivers Strong Results with Total Revenue Up 5% Led by Digital Revenue Growth of 20%.
Recorded Net Income of $8.7 Million (+247%) and EBITDA of $45.5 Million (+23%).
Completed $25 Million Dutch Tender and Retired $50 Million of Debt.
ATLANTA, GA — August 3, 2022: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2022.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our ability to deliver yet another quarter of strong results is testament both to the quality of our strategic plan and the discipline and relentlessness with which we implement it. Specifically, we have deployed our multi-platform audio-first content strategy, developed multiple digital businesses, significantly reduced fixed costs, undertaken high ROI internal investments, and created a best-in-class balance sheet that gives the Company substantial financial flexibility and capital allocation optionality. Given our track record, we have tremendous confidence in our ability, under this plan, to grow shareholder value.”
Conferences & Presentations
August 2022
Corporate Sustainability
Analyst Coverage
| Firm Name | CFA |
|---|---|
| B. Riley | Daniel Day |
| Barrington Research | James Goss |
| Goldman Sachs | Jason Kim |
| Noble Capital Markets | Michael Kupinski |
Corporate Office
780 Johnson Ferry Road
Suite 500
Atlanta, Georgia 30342
ContactUs@cumulus.com
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Corporate Officers
Mary G. Berner
President and Chief Executive Officer
Frank Lopez-Balboa
Executive Vice President, Treasurer and Chief Financial Officer
Richard S. Denning
Executive Vice President, Secretary and General Counsel
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 405 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees.