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CUMULUS MEDIA Reports Operating Results for the Third Quarter 2021
ATLANTA, GA — November 3, 2021: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “CUMULUS MEDIA,” “we,” “us,” or “our”) today announced operating results for the nine months ended September 30, 2021.
Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “Our third quarter results exceeded expectations across the board, despite the ongoing impacts of COVID-19. This performance is yet another strong example of the continuing success of our evolution from a one-dimensional radio company to a multi-dimensional, audio-first media company. We see significant and continued upside potential and multiple drivers of shareholder value, which include additional radio market recovery, several fast-growing digital business lines, attractive free cash flow conversion, a strong balance sheet and liquidity profile, and substantial optionality regarding future capital allocation.”
|B. Riley||Daniel Day|
|Goldman Sachs||Jason Kim|
|Noble Capital Markets||Michael Kupinski|
|Wolfe Research||John Janedis|
Mary G. Berner
President and Chief Executive Officer
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 412 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 nearly 7,300 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.