Cumulus Media Inc.NASDAQ
Bet On That $1.98 Beauty Show Cumulus?
Garland Pollard • 14 Comments
Garland Pollard • 14 Comments
Cumulus Media: Q1 Ad Revenue Declines Accelerate
Wed, Oct. 12, 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.
Fri, Aug. 26, 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.
Thu, Aug. 4, 4:37 PM
Wed, Jun. 22, 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
- Source: Press Release
Thu, May 5, 4:08 PM
Wed, May 4, 5:35 PM
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Thu, Mar. 10, 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.
Thu, Mar. 10, 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.
Wed, Mar. 9, 5:35 PM
Tue, Jan. 5, 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.
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.
Nov. 5, 2015, 7:19 PM
- Cumulus Media (NASDAQ:CMLS) stock fell off the table tonight, down 18.6% after a market-hours decline of 8.1%, as it posted a Q3 report where revenues slipped and missed expectations.
- That revenue, $289.4M (-7.8%), was dwarfed by a $565.6M impairment charge the company took against intangible assets and goodwill.
- Adjusted EBITDA fell 11.5% to $70.6M, which missed an expected $77M.
- New CEO Mary Berner admitted facing a challenge at a company where turnover crested 40% (mostly voluntary). "Despite Cumulus' recent challenges, my early experiences have reinforced my appreciation for the strength of the Company's aggregate assets, including its people," she said in a statement.
- Revenue by segment: Broadcast advertising, $275.3M (down 4.3%); Digital advertising, $8.2M (down 35.4%); Political advertising, $621K (down 85.7%); License fees and other, $5.4M (down 41.7%).
- Previously: Cumulus Media gets price noncompliance notice from Nasdaq (Nov. 05 2015)
Nov. 5, 2015, 4:50 PM
- Cumulus Media (NASDAQ:CMLS): Q3 EPS of -$2.32 misses by $2.35.
- Revenue of $289.44M (-7.8% Y/Y) misses by $8.06M.
- Shares -18.60%.
Nov. 5, 2015, 3:12 PM
- After 30 days trading under $1/share, Cumulus Media (CMLS -4.6%) has gotten a deficiency notice from Nasdaq saying it's not in compliance with its minimum bid price rule for Global Select Market.
- The move means the company has until May 2 to regain compliance with 10 straight days of a bid price closing at $1 or more, or risk delisting.
Nov. 4, 2015, 5:35 PM
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Oct. 26, 2015, 2:08 PM
- Radio broadcaster Cumulus Media (NASDAQ:CMLS) is off 9.3% and setting a new 52-week low as Macquarie downgrades the shares.
- The firm cut its rating on Cumulus to Neutral.
- Shares have lost 84% YTD after trading at $4.31 in January.
- The company will release Q3 results after the close on Thursday, Nov. 5, and hold a conference call at 4:30 p.m. ET that day.
- Previously: Cumulus Media names director Berner new CEO (Sep. 29 2015)
- Previously: Cumulus, Rdio offering simulcasts of 500 stations (Aug. 12 2015)