Tue, Sep. 29, 4:26 PM
- Cumulus Media (NASDAQ:CMLS) -- which declined suddenly heading into the close, -8.5% -- has named Mary Berner its CEO, effective Oct. 13.
- She succeeds Lew Dickey, who's staying on the board as vice chairman.
- Berner joined the Cumulus board in May and most recently was CEO of industry association MPA (the Association of Magazine Media). Previously, she had been CEO of Reader's Digest Association and Fairchild Publications.
- "Mary is a proven executive, with over 30 years of experience in media driving results in multi-platform advertising and content driven businesses," says Chairman Jeffrey Marcus. Marcus is also a partner at Crestview Partners, manager of funds that own 27% of Cumulus stock.
Wed, Aug. 12, 3:17 PM
- Cumulus Media (CMLS -2%) and subscription music service Rdio are taking their partnership a step further, as Rdio will offer simulcasts of 500 traditional radio stations.
- The app is distinct from competing offerings in that it will allow users to pick favorite tracks and save them for later. Recent arrival Apple Music allows favorites and saved tracks on its Beats1 station, though Rdio has the bigger selection of tower-based stations.
- Cumulus took a 15% stake in Rdio in September 2013. The company will swap out ads from its tower broadcasts with more targeted ads based on listener location for Rdio.
Thu, Jul. 30, 5:29 PM
- Cumulus Media (NASDAQ:CMLS) is flat after hours following a straightforward beat on Q2 earnings, as declines in corporate expenses helped mitigate a 9% revenue drop.
- Revenue by segment: Broadcast advertising, $275.8M (down 8.4%); Digital advertising, $10.4M (down 19.5%); Political advertising, $1.4M (down 63.1%); License fees and other, $11.7M (up 11.5%).
- Broadcast advertising breakout: Local, $169.8M (down 3.9%); National, $26.4M (down 10.8%); Network, $79.5M (down 16%).
- Press Release
Thu, Jul. 30, 4:32 PM
Wed, Jul. 29, 5:35 PM
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Thu, Jun. 18, 5:36 PM
Thu, Apr. 30, 6:25 PM
- Cumulus Media (NASDAQ:CMLS) posted a wider net loss in Q1 as revenue slipped more than 7%, but narrowly beat earnings expectations and cut content costs more than 7% as well.
- EBITDA of $44.66M missed expectations for $46.68M.
- Revenue by segment: Broadcast advertising, $251.2M (down 7%); Digital Advertising, $8.1M (down 16.4%); Political advertising, $702K (down 67.7%); license fees and other, $11.1M (up 9.1%).
- Broadcast advertising further broke down into $141.6M local, $22.8M national, and $86.7M network.
- Capex was $10.1M, mainly $6M for a new office and studio in San Francisco and $2M in platform-wide computer upgrades.
- Shares are down 46% YTD.
- Press release
Thu, Apr. 30, 4:52 PM
Wed, Apr. 29, 5:35 PM
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Tue, Apr. 28, 7:09 PM
- Broadcaster Cumulus Media (NASDAQ:CMLS) has inked an extension of co-founder, CEO and President Lew Dickey through 2018. Dickey will continue to be "responsible for day-to-day operational oversight of Cumulus' broadcasting stations, networks and strategic investments."
- The company says director Robert H. Sheridan will retire at the 2015 annaul meeting, and has nominated magazine veteran Mary Berner to replace him.
- In addition, lead director Jeffrey Marcus was appointed non-executive Chairman of the board.
Thu, Mar. 19, 3:18 PM
- Cumulus Media (CMLS -14.6%) sinks to a 52-week low as sentiment remains weak on the broadcaster ever since it reported Q4 results earlier in the month.
- Content costs rose 55% during the last quarter to easily outpace the 20% revenue growth the company struck.
- Previously: Cumulus Media misses by $0.07, misses on revenue (March 2)
- Previously: Cumulus short of Q4 expectations despite revenue growth (March 2)
Thu, Mar. 19, 12:47 PM
Wed, Mar. 18, 12:24 PM
- Cumulus Media (NASDAQ:CMLS) has named Pierre Bouvard to its new chief marketing officer position, where he will lead marketing strategy for the radio-station owner including local and national brands.
- Bouvard has experience in media research, sales and marketing at Cumulus as well as at TiVo Research & Analytics, where he was senior VP of sales.
- Cumulus owns about 460 stations in 90 U.S. media markets and has about 8,500 broadcast radio affiliates.
Tue, Mar. 3, 12:45 PM
Mon, Mar. 2, 4:48 PM
- Radio station owner Cumulus Media (NASDAQ:CMLS) missed on most measures in Q4 despite growing revenue nearly 20%, with some help from political advertising.
- Adjusted EBITDA of $90.4M missed expectations of $101.1M.
- Revenue breakouts: Broadcast advertising, $291.8M (up 12.2%); Digital advertising, $17.5M (up 162.6%); Political advertising, $10.7M (up 587% in midterm election year); license fees and other, $9.3M (up 31.6%).
- Content costs increased 55.4% to $116.7M for the quarter, rising to 35.5% of net revenue, from 27.3%.
- The company had $7.27M in cash at year's end, down 78% from prior year. Total debt declined 5.5% to $2.5B as the company retired a $25M senior loan during the year.
- Capex totaled $5.6M, for ongoing maintenance and upgrades.
- Press release
Mon, Mar. 2, 4:23 PM
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