Investors

NASDAQ CMLS $11.60 +0.16 +1.40%

CUMULUS MEDIA Reports Operating Results for the First Quarter 2021

ATLANTA, GA — May 5, 2021: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “CUMULUS MEDIA,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2021.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year. Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value.”


5/26/21 CUMULUS MEDIA Accelerates its Debt Reduction by Commencing $175 Million Debt Paydown
5/5/21 CUMULUS MEDIA Reports Operating Results for the First Quarter 2021
4/6/21 CUMULUS MEDIA Announces Conference Call to Discuss First Quarter 2021 Operating Results
4/6/21 CUMULUS MEDIA Announces Conference Call to Discuss First Quarter 2021 Operating Results
2/23/21 CUMULUS MEDIA Reports Operating Results for 2020
2/9/21 CUMULUS MEDIA Announces Conference Call to Discuss Operating Results for 2020
6/17/21 CUMULUS MEDIA Names Jeff Boden Vice President/Market Manager, Cumulus Washington, D.C.
6/14/21 CUMULUS MEDIA Names Jim Fox as Operations Manager of Its Seven Kansas City Radio Stations and Program Director for 94.9 KCMO-FM
6/11/21 CUMULUS MEDIA Personalities Roula Christie and Amanda Orlando Recognized with 2021 Gracie Awards
6/10/21 CUMULUS MEDIA Enters Into Exclusive Sales Partnership With Adomni
6/10/21 CUMULUS MEDIA Launches First All-Digital AM Station in New York Metropolitan Area
6/2/21 CUMULUS MEDIA Announces the Westwood One / NCAA Radio Network to Broadcast the Entire Women’s College World Series for the First Time
5/26/21 CUMULUS MEDIA Accelerates its Debt Reduction by Commencing $175 Million Debt Paydown
5/24/21 The New Dan Bongino Show Debuted Today
5/21/21 Westwood One Wins 2021 Deadline Club Award
5/20/21 The Dan Bongino Show Debuts May 24th on Westwood One
5/20/21 CUMULUS MEDIA Integrates into DTS AutoStage™ Ecosystem
5/18/21 Westwood One Presents Live Coverage From The 2021 PGA Championship
5/12/21 Westwood One Wins National Headliner Award First Place Honor
5/11/21 CUMULUS MEDIA And Signal Hill Insights’ Podcast Download — Spring 2021 Report
5/5/21 Give Them Lala … With Randall Launches Today On The Westwood One Podcast Network
4/27/21 Westwood One Elevates Several Key Staffers
4/21/21 CUMULUS MEDIA Rebrands Westwood One Podcast Network
4/7/21 Barstool Sports “Picks Central” Joins Westwood One Radio
4/5/21 Westwood One Sports Covers The 85th Masters Tournament With Daily Updates And Evening Highlight Shows
3/27/21 Dan Bongino to Helm New Program for Westwood One
3/23/21 DCP Entertainment And Westwood One Partner For Podcasts
3/23/21 Gaby Dunn Joins The Westwood One Podcast Network
3/16/21 Westwood One Presents Exclusive Multiplatform Audio Coverage Of The 2021 NCAA® Men’s Basketball Tournament
3/5/21 Just Getting Started With Rich Eisen Launches Today On The Westwood One Podcast Network
2/25/21 The Dan Bongino Show Hits 100th Affiliate Milestone
2/24/21 Westwood One And Sony Nashville Partner To Raise Awareness For The 2022 Special Olympics USA Games
2/10/21 Brown Ambition Joins the Westwood One Podcast Network
2/9/21 CUMULUS MEDIA Announces Conference Call to Discuss Operating Results for 2020
1/12/21 Westwood One Presents Season-Long College Basketball Coverage
6/8/21 CUMULUS MEDIA’s “Zazza Mornings” Shines Positive Light on Area Youth With “Zazza’s Community Kids!” Recognition Program
5/3/21 Legendary Boston Rock Radio Personality Mistress Carrie Takes Afternoon Drive at The Pike 100 FM/WWFX
5/3/21 Kiss 103.1/WLXC-FM Announces New Weekday Programming Lineup
5/3/21 Cumulus Charleston Brings Native Son Charlamagne Tha God Home to Lowcountry Mornings on Z93 JAMZ/WWWZ-FM
4/30/21 Two Cumulus Toledo/Monroe, OH, Stations Head to New HD2 Homes on Saturday, May 1st
4/28/21 Former Tennessee Volunteers Basketball Star Ron Slay Joins “3HL” On-Air Team on Nashville’s 104.5 The Zone/WGFX-FM
4/28/21 980 The WAAV/WAAV-AM to Launch “Wilmington’s Morning News with Nick Craig” on Monday, May 3rd
4/27/21 CUMULUS MEDIA Names Radio Broadcasting Veteran Tricia Gallenbeck Vice President/Market Manager of Cumulus Eugene
4/19/21 Kansas City Radio Legend Sean Tyler and Emmy-Winning Actress Tasha Mack Team Up for Exciting New Morning Show on 107.3 KC’s R&B and Hip Hop/KMJK-FM
4/15/21 K-Bull 93’s “Lexi and Banks” Captures ACM Award for On-Air Personality of the Year-Large Market
4/15/21 104.5 The Zone Launches 104.5 The Zone TV
4/5/21 Radio Executive Larry Blumhagen Joins CUMULUS MEDIA as Vice President/Market Manager, Cumulus San Francisco
4/1/21 Heritage Country Radio Brand B95, Your Hit Country/WFBE-FM, Returns to the Greater Flint, MI, Area Today
3/29/21 Nashville’s 104.5 The Zone and A to Z Sports Team Up to Create Next-Level Sports Information and Entertainment Platform Through Innovative Content Partnership
3/29/21 CUMULUS MEDIA Promotes Bo Jaxon to Program Director for Cat Country 95.1/KATC-FM in Colorado Springs
3/24/21 ESPN 630 AM The Sports Capitol Named the Official Washington, D.C. Radio Home of the Baltimore Orioles
3/10/21 Twin Cities Radio Veteran Dana Wessel Joins 93X/KXXR-FM’s “Half-Assed Morning Show” as Executive Producer
3/10/21 SAN FRANCISCO GIANTS AND KNBR EXTEND PARTNERSHIP THROUGH 2025 SEASON
3/8/21 CUMULUS MEDIA Appoints David Corey as Director of FM Programming for Detroit Radio Stations WDVD and WDRQ
3/3/21 A to Z Sports’ Titans Reporter and Host Buck Reising Joins Nashville’s 104.5 The Zone as New Midday Host
2/22/21 Veteran Rock Radio Personality Mike Hsu Debuts Today as Morning Show Host on Cumulus Worcester’s The Pike 100 FM/WWFX-FM
2/22/21 Rachel Ryan Debuts Today as On-Air Host, Middays, on DFW’s New Country 96.3/KSCS-FM
2/11/21 CUMULUS MEDIA Promotes Joel Shimer to On-Air Co-Host for “The HAWK Morning Show with Rick and Joel” on Classic Rock Station 99.9 The HAWK/WODE-FM
2/10/21 K-Bull 93’s “Lexi and Banks” Nominated for ACM Award for On-Air Personality of the Year-Large Market for Third Consecutive Year
2/7/21 Popular Minneapolis Radio Personality Jordan Alamat Joins Cumulus Minnesota as On-Air Host, Nights on 93X/KXXR-FM
2/2/21 CUMULUS MEDIA Taps Don Pollnow as Vice President/Market Manager for Cumulus Montgomery, AL
2/1/21 On-Air Talent Dallace Jade Debuts Today as Midday Personality on Q97.3, Shreveport’s Home for Today’s Best Music Mix
1/26/21 Veteran Chicago Journalist Kim Gordon Joins 890 WLS-AM as News Anchor, Afternoon Drive
1/19/21 890 WLS-AM Morning News Anchor Nick Gale Rises to News Director for Chicago’s Legendary News Talk Station
1/18/21 Q99.7, Atlanta’s Hit Music Station, Turns Up the Fun With January 19th Debut of Two New Live and Local Weekday Shows
1/18/21 Turn It UP! Cumulus Abilene’s KTLT-FM Flips From Sports Talk to Rock as the All-New 98.1 The Phantom
1/11/21 Albuquerque’s Magic 99.5 Turns Up Its Music Mix With Today’s Hits and Yesterday’s Favorites; Announces New On-Air Lineup for 2021
1/8/21 Country Radio Personality Jason Pullman Comes Home to Atlanta as Midday Host on New Country 101-FIVE/WKHX
1/7/21 Cumulus Dallas Radio Stations Raise a Total of $1,743,857 for Local Charities in 2020
1/6/21 WWCK-AM1570 and W297CG 107.3 FM Bring Classic Hits to Flint, MI, With Launch of All-New K107.3
1/5/21 Popular Cincinnati Radio Personality Karen Van Zant Kicks Off 2021 With New Live and Local Morning Show on Cat Country 94.1/WNNF-FM

ANALYST COVERAGE

Firm NameCFA
B. RileyDaniel Day
Goldman SachsJay Mayers
Noble Capital MarketsMichael Kupinski
Wolfe ResearchJohn Janedis

Corporate Office

3280 Peachtree Road, NW
Suite 2200
Atlanta, Georgia 30305
ContactUs@cumulus.com


Investor Contact

IR@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 a leading audio-first media and entertainment 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 415 owned-and-operated 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 nearly 7,300 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through 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.