Cumulus Media Inc
cumulusmedia.comWhat Do They Do?
Sells broadcast radio advertising to local, regional and national advertisers, and offers advertisers digital advertising and marketing services across radio, podcasts and streaming.
10-K for FY2025, filed Apr 10, 2026
How Do They Make Money?
Advertisers pay for radio spots when commercials air and for podcast and streaming ads when delivered; digital marketing services bring in money as the work is provided. Other revenue includes event, barter, licensing and rental income.
10-K for FY2025, filed Apr 10, 2026Broadcast radio revenue. Most of our revenue is generated through the sale of terrestrial, broadcast radio spot advertising time to local…View ↗
In addition to local, regional and national spot advertising revenues, we monetize our available inventory in the network sales…View ↗
Digital revenue. We generate digital advertising revenue from the sale of advertising and promotional opportunities across our podcasting…View ↗
Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the…View ↗
F-12 depending on the terms of the contract. Remote and event revenues are recognized at the time services, for example hosting an event…View ↗
Other revenue. Other revenue includes trade and barter transactions, remote and event revenues, and non-advertising revenue.…View ↗
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10-K for FY2025, filed Apr 10, 2026
FY2025 revenue by product or service ↗
$741.7M
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10-K for FY2025, filed Apr 10, 2026
$741.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Total broadcast radio revenue
Sold outright
10-K for FY2025, filed Apr 10, 2026 |
64%
FY2022: 74%
|
Total broadcast radio revenue, FY2025
$474.5M Sources
|
Sold outright |
|
Digital
|
20%
FY2022: 15%
|
Digital, FY2025
$151.3M Sources
|
|
|
Other
|
16%
FY2022: 11%
|
Other, FY2025
$115.9M Sources
|
Who Are Their Customers?
Local advertisers buy broadcast and digital ads directly or through advertising agencies. National advertisers buy through Cumulus’s sales team or Katz, often through their agencies.
10-K for FY2025, filed Apr 10, 2026Each station's local sales staff solicits advertising, both broadcast and digital, either directly from a local advertiser or indirectly…View ↗
Advertising sales to national spot advertisers for our radio stations are made by Katz on the national level, in exchange for a commission…View ↗
Our network sales team leverages scale, efficiency and marquee name brand content to sell inventory directly to national advertisers and/or…View ↗
Do Revenues Turn Into Profits?
No. It lost $200.7M in FY2025.
10-K for FY2025, filed Apr 10, 2026
−$138.1MView ↗
10-K for FY2025, filed Apr 10, 2026
−$200.7MView ↗
10-K for FY2025, filed Apr 10, 2026
−$41.6MView ↗
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Aug 14, 2026
−$9.2MView ↗
- ▼ −28% (Loss)
- vs −$12.8M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
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Apr 17, 2026
Bankruptcy court confirms the reorganization plan
The plan still needs FCC and other necessary regulatory approvals before it can take effect.
Sources
8-K, filed Apr 17, 2026
On April 15, 2026, the Bankruptcy Court entered an order confirming the Plan (the “Confirmation Order”). A copy of the form of Confirmation…View ↗
Shrinking. Revenue fell 19% in 4 years, from $916.5M in FY2021 to $741.7M in FY2025, about 5% a year.
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