• Wed, Jan. 11, 1:09 PM
    • Cumulus Media (CMLS +0.9%) extended the expiration for its debt exchange offer, orginally set to end yesterday.
    • The end date for an offer to exchange any and all of its 7.75% senior notes due 2019 has been moved to March 13, and the early tender date moved to Jan. 23.
    • As of yesterday, holders of $431.307M in principal (about 70.7% of outstanding notes) had validly tendered.
    Wed, Jan. 11, 1:09 PM
  • Dec. 21, 2016, 12:09 PM
    • In a filing, Cumulus Media (CMLS -2%) discloses it's paying a couple of execs some one-time bonuses.
    • The board approved one-time discretionary bonuses for John Abbot, the executive VP, treasurer and chief financial officer, in the amount of $421,875; and for Richard Denning, senior VP, secretary and general counsel, for $165,000.
    • Those awards are for "exceptional efforts and contributions made by those executive officers during 2016, both individually and as members of the management leadership team, in the initial phase of the Company's operational turnaround plan and ongoing operational and financial restructuring."
    Dec. 21, 2016, 12:09 PM
  • Dec. 13, 2016, 10:42 AM
    • Cumulus Media (CMLS -2.1%) says most noteholders have agreed to participate in a private exchange offer it's launching in a refinancing support agreement.
    • The company launched a private exchange offer for any and all of its 7.75% senior notes due 2019, and holders of 57.3% of aggregate principal (about $349.7M) agreed to tender notes in the offer.
    • The company won't retain any cash proceeds and the notes will retired and canceled.
    • If 100% of principal is retired and canceled, former noteholders will hold about 33.3% of common equity and the company will have retired $610M in indebtedness (through the outstanding notes) and incurred $305M in indebtedness via revolving loans.
    Dec. 13, 2016, 10:42 AM | 1 Comment
  • Nov. 8, 2016, 6:48 PM
    • Cumulus Media (NASDAQ:CMLS) is up 3.6% after hours after Q3 earnings came in with revenue that beat expectations despite a slight decline.
    • Net revenues dropped 1.1% to $286.1M, and adjusted EBITDA fell 37.9% to $43.9M -- but excluding $14.4M in expenses tied to resolving disputes with CBS Radio, it declined 17.5%.
    • "Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years," says CEO Mary Berner.
    • Revenue breakout: Radio Station Group, $206.2M (up 0.7%); Westwood One, $79.4M (down 5.5%).
    • Net income by segment: Radio Station Group, $134.1M; Westwood One, -$10.87M; Corporate and other, -$76.9M.
    • Press Release
    Nov. 8, 2016, 6:48 PM
  • Nov. 8, 2016, 4:10 PM
    • Cumulus Media (NASDAQ:CMLS): Q3 EPS of $1.58 may not be comparable to consensus of -$0.03.
    • Revenue of $286.13M (-1.1% Y/Y) beats by $4.1M.
    • Press Release
    Nov. 8, 2016, 4:10 PM
  • Oct. 12, 2016, 11:24 AM
    • Cumulus Media (CMLS -3%) -- after trading below $0.75/share for most of the past year -- will execute a 1-for-8 reverse split of each class of common stock, to boost the trading price.
    • Shareholders have approved the move in today's special meeting, and it should become effective at 5 p.m. today. Each eight shares in each share class will be converted to one share in that same class.
    • The company won't issue fractional shares, rounding up to the next whole share.
    Oct. 12, 2016, 11:24 AM | 1 Comment
  • Aug. 26, 2016, 6:16 PM
    • In an SEC filing, Cumulus Media (CMLS +1.9%) says it's amended the employment agreement with Richard Denning, its senior VP, secretary and general counsel.
    • The amendment provides a base salary of $550,000, and for payments to be provided even if he's terminated without cause, or if he terminates with good reason.
    • Denning had made $509,942 in 2014.
    Aug. 26, 2016, 6:16 PM
  • Aug. 4, 2016, 4:37 PM
    • Cumulus Media (NASDAQ:CMLS): Q2 EPS of $0.00 beats by $0.02.
    • Revenue of $287.19M (-4.1% Y/Y) beats by $1.51M.
    • Press Release
    Aug. 4, 2016, 4:37 PM
  • Jun. 22, 2016, 10:38 AM
    • Cumulus Media (NASDAQ:CMLS) discloses the appointment of John Abbot as the company's new Chief Financial Officer, effective July 1.
    • Abbot most recently served as Executive Vice President and Chief Financial Officer of Telx Holdings Inc.
    • Abbot succeeds Joseph Hannan, who resigned his position after six years in order to pursue other interests. Hannan will assist the company for several
    Jun. 22, 2016, 10:38 AM
  • May 5, 2016, 4:08 PM
    • Cumulus Media (NASDAQ:CMLS): Q1 EPS of -$0.06 beats by $0.03.
    • Revenue of $268.53M (-0.9% Y/Y) beats by $6.52M.
    • Shares +5.71%.
    May 5, 2016, 4:08 PM
  • May 4, 2016, 5:35 PM
  • Mar. 10, 2016, 4:18 PM
    • Cumulus Media (CMLS +9.5%) managed to beat revenue expectations in Q4 results despite sales that fell in every segment.
    • “Our continued underperformance in the fourth quarter underscores the amount of work required to address the significant challenges that we face," says CEO Mary Berner. "However, by quickly establishing and beginning to implement our operational turnaround initiatives ... we believe that, with time, we can stabilize the business and ultimately provide a foundation for growth.”
    • Revenue by segment: Broadcast advertising, $290.4M (down 0.5%); Digital advertising, $10M (down 42.7%); political advertising, $2.3M (down 78.3%); License fees and other, $6.1M (down 34.8%).
    • In its largest segment, broadcast advertising drew $171.5M in local revenues (down 0.6%), $24.9M in national (down 10.5%), and $94M in Network (up 2.8%).
    • Conference call to come at 4:30 p.m. ET.
    Mar. 10, 2016, 4:18 PM
  • Mar. 10, 2016, 4:07 PM
    • Cumulus Media (NASDAQ:CMLS): Q4 EPS of -$0.02 beats by $0.01.
    • Revenue of $308.83M (-6.2% Y/Y) beats by $14.34M.
    Mar. 10, 2016, 4:07 PM
  • Mar. 9, 2016, 5:35 PM
  • Jan. 5, 2016, 11:38 AM
    • Nielsen Holdings (NYSE:NLSN) is up 0.8% as radio broadcaster Cumulus Media (CMLS +1.9%), along with its Westwood One, have signed a deal to use Nielsen's Voter Ratings at Cumulus stations during this election year.
    • The deal will provide Cumulus and Westwood One with information for optimizing ad inventory across 18 of Nielsen's Portable People Meter markets
    • Nielsen's Voter Ratings offering combines the PPM ratings info with its voter category breakouts.
    • Nielsen offers political ratings in the country's top 48 audio metros.
    Jan. 5, 2016, 11:38 AM
  • Dec. 31, 2015, 10:05 AM
    • Cumulus Media (CMLS +2%) has wrapped a discounted prepayment on part of its $1.9B loan facility, after paying $50M to buy $64.9M of face value in the deal.
    • The company paid a 23% discount to par value on the senior secured term loan, which is due December 2020.
    • It will take a non-operating gain of about $14.9M in Q4 earnings on the deal, which closed today. Cumulus will save about $2.75M in interest per year with the move.
    Dec. 31, 2015, 10:05 AM