CUMULUS MEDIA INC

What they do

Cumulus Media derives its revenue from broadcast radio advertising — spot and network — plus digital and other revenue lines. For the six months ended June 30, 2026, broadcast radio revenue was $203.6 million of $332.4 million in total net revenue, with digital contributing $72.3 million and other revenue $56.5 million. The company is headquartered in Atlanta and filed voluntary Chapter 11 petitions on March 5, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas.

Revenue drivers

• Broadcast radio - spot — Local and national spot advertising sold on Cumulus radio stations; $81.4 million in Q2 2026, down 10.6% from $91.2 million in Q2 2025.
• Broadcast radio - network — Network advertising revenue; $21.4 million in Q2 2026, down 21.5% from $27.3 million in Q2 2025, the steepest decline among reported lines.
• Digital — Digital advertising and related services; $38.7 million in Q2 2026, roughly flat versus $38.8 million in Q2 2025, and the largest non-broadcast revenue line.
• Other — Other revenue including non-advertising sources; $26.3 million in Q2 2026, down 8.4% from $28.7 million in Q2 2025, but up 3.4% to $56.5 million for the first half of 2026.

Recent performance

For the three months ended June 30, 2026, net revenue was $167.9 million, down 9.7% from $186.0 million in the prior-year quarter, with a net loss of $9.2 million and Adjusted EBITDA of $16.0 million. For the six months ended June 30, 2026, net revenue was $332.4 million, down 11.0%, and net loss was $26.1 million versus $45.2 million in the first half of 2025. Broadcast radio revenue fell 13.2% in Q2 2026 to $102.9 million, while digital was essentially flat at $38.7 million. Diluted loss per share was $0.52 for Q2 2026 compared with $0.74 a year earlier. Capital expenditures were $3.2 million in Q2 2026, down from $5.5 million in Q2 2025.

Strategy

Management states that the confirmed plan of reorganization and the ongoing FCC approval process position the company to emerge from Chapter 11 with a stronger balance sheet. The company filed the Modified Joint Prepackaged Chapter 11 Plan on April 13, 2026, and the Bankruptcy Court entered an order confirming it on April 15, 2026. The company is awaiting the effective date, which depends on satisfaction or waiver of conditions precedent, including FCC approval. The company said it is positioned to capitalize on future market opportunities after emergence. No specific post-emergence operating or investment initiatives were disclosed in the provided excerpts.

Risks

• Chapter 11 emergence uncertainty — The effective date of the confirmed plan has not occurred and depends on FCC and other approvals, and the company states it can make no assurances as to when, or ultimately if, the plan will become effective.
• Broadcast radio advertising decline — Total broadcast radio revenue fell 13.2% in Q2 2026 and 16.3% in the first half of 2026, with network revenue down 23.6% for the six months.
• Negative stockholders' deficit — At June 30, 2026, total liabilities were $1.11 billion against total assets of $894.7 million, producing a stockholders' deficit of $217.1 million.
• Operating cash flow deterioration — Operating cash flow declined from $68.5 million in 2021 to negative $3.1 million in 2024 and negative $21.3 million in 2025.

Outlook

Management said the company is positioned to emerge from Chapter 11 with a stronger balance sheet once the confirmed plan becomes effective. The plan remains subject to conditions precedent, including FCC approval, and the company can give no assurance as to timing or whether the plan will become effective. CEO Mary G. Berner described the FCC approval process as well underway as of the Q2 2026 earnings release. No specific revenue or earnings guidance was provided in the excerpts.