Cumulus Media Inc (NASDAQ: CMLS) is a radio broadcasting company that owns and operates 393 stations across 84 U.S. markets and distributes programming through more than 7,800 network affiliates, reaching an aggregate of approximately 250 million listeners per month (per 10-K filed 2026-04-10). Revenue comes almost entirely from selling advertising time, spanning local spot, national spot, and network advertising sold across over-the-air, digital streaming, and podcasting platforms. The company filed for Chapter 11 bankruptcy protection in early 2026, with the Bankruptcy Court entering orders on March 5, 2026 granting first-day relief; under the restructuring plan, existing Class A and Class B common stock will be canceled and new equity distributed to debt holders. Content platforms include owned and operated stations, the Westwood One national radio network, the Cumulus Podcast Network, and streaming audio. Top advertising industry segments by volume include professional services, home products, entertainment, automotive, and general services (per 10-K filed 2026-04-10).

Revenue model

Advertising-supported. Revenue is generated by selling on-air and digital advertising inventory to local, regional, and national advertisers. Network advertising is aggregated across owned stations and third-party affiliates, packaged by demographic group, and sold nationally. Political advertising provides incremental revenue in even-numbered election years. Pricing is managed dynamically based on supply and demand of on-air inventory.

Products and services

393 owned and operated radio stations (as of 10-K filed 2026-04-10); Westwood One national radio network with more than 7,800 affiliates; Cumulus Podcast Network; digital streaming audio; live events; integrated digital marketing programs for advertisers.

Customers and end markets

Local advertisers in 84 U.S. markets; national and regional advertisers reached via the Westwood One network and spot sales; political candidates, parties, and special interest groups. Top advertising verticals include professional services, home products, entertainment, automotive, and general services. Customer base is described as broad and diversified with no disclosed single-customer concentration.

Value-chain role

Content aggregator and broadcaster. Cumulus acquires programming, distributes it over owned stations and affiliate networks, and monetizes the resulting audience through advertising sales. It sits between content creators and advertisers, aggregating audience scale to sell demographic-targeted ad inventory.

Geographic exposure

United States only. Operates in 84 markets across the U.S. with national reach through the Westwood One affiliate network (per 10-K filed 2026-04-10).

Source: SEC 10-K, filed 2026-04-10

Industry: Radio Broadcasting Stations Peers: AMC Global Media Inc AUDACY, INC. EMMIS CORP Entravision Communications Corp Fox Corp HEMISPHERE MEDIA GROUP, INC. Saga Communications Inc Salem Media Group Inc Townsquare Media Inc