From GlobeNewswire: 2025-02-27 08:01:00

Cumulus Media Inc. announced operating results for the three months and year ended December 31, 2024. Despite tough economic conditions, the company outperformed peers in key metrics. In 2024, challenges persisted with national headwinds and a slowdown in local radio advertising. The company invested in growth areas, digital marketing services, and cost efficiencies, resulting in $43 million in cost savings.

Key highlights for 2024 include total net revenue of $827.1 million, a 2.1% decline year-over-year. Digital revenue increased by 5.3%, reaching $154.2 million, representing 19% of total revenue. The company focused on digital marketing services, growing streaming impressions by 15% and maintaining a top 10 podcast network position. Adjusted EBITDA was $82.7 million, a decrease from $90.7 million in 2023.

For the three months ended December 31, 2024, the company reported net revenue of $218.6 million, a 1.2% decrease from the same period in 2023. The net loss was $231.1 million, with Adjusted EBITDA of $25.0 million. For the year ended December 31, 2024, net revenue was $827.1 million, a 2.1% decrease from 2023, with a net loss of $283.3 million and Adjusted EBITDA of $82.7 million.

Revenue detail for the three months ended December 31, 2024, showed broadcast radio revenue of $149.3 million, digital revenue of $40.3 million, and other revenue of $28.9 million. For the year ended December 31, 2024, broadcast radio revenue was $564.1 million, digital revenue was $154.2 million, and other revenue was $108.8 million.

The balance sheet as of December 31, 2024, reflected cash and cash equivalents of $63.8 million. Total debt at maturity was $642.1 million, with net debt less total unamortized discount at $578.3 million. Capital expenditures for the year were $19.5 million.

Cumulus Media will host a conference call to discuss its 2024 operating results. Interested participants can register in advance on the company’s investor relations website. Forward-looking statements were made regarding the company’s future performance and strategic plans, acknowledging risks and uncertainties in the media industry.

Cumulus Media is an audio-first media company delivering content to a quarter billion people monthly. The company engages listeners through radio stations, sports, news, and entertainment programming, podcasts, and digital platforms. Cumulus Media provides personalized advertising solutions, industry research, and live event experiences for advertisers. For more information, visit www.cumulusmedia.com.



Read more at GlobeNewswire:: Cumulus Media Reports Operating Results for 2024