{"success":true,"data":{"pressRelease":{"id":"119756","rtpr_id":"nGNX5JqQ99","ticker":"CMLSQ","exchange":"OTC","all_tickers":["CMLSQ"],"title":"Cumulus Media Reports Operating Results for the Second Quarter 2026","author":"Globe Newswire","published_at":"2026-08-14T20:15:00.292Z","article_body":"ATLANTA, GA, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (OTC:\nCMLS.Q) (the \"Company,\" \"Cumulus Media,\" \"we,\" \"us,\" or \"our\") today announced\noperating results for the three and six months ended June 30, 2026.\n\nMary G. Berner, President and Chief Executive Officer of Cumulus Media, said,\n\"We are pleased to report our second quarter earnings. With our plan of\nreorganization confirmed by the court and the FCC approval process well\nunderway, we are positioned to emerge from Chapter 11 with a stronger balance\nsheet to capitalize on future market opportunities.\"\n\nOperating Summary (dollars in thousands, except percentages and per share\ndata):\n\nFor the three months ended June 30, 2026, the Company reported net revenue\nof $167.9 million, a decrease of 9.7% from the three months\nended June 30, 2025, net loss of $9.2 million and Adjusted EBITDA of $16.0\nmillion.\n\nFor the six months ended June 30, 2026, the Company reported net revenue\nof $332.4 million, a decrease of 11.0% from the six months ended June 30,\n2025, net loss of $26.1 million and Adjusted EBITDA of $18.7 million.\n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change \n Net revenue $ 167,907 $ 186,017 (9.7 ) % \n Net loss $ (9,210 ) $ (12,821 ) 28.2 % \n Adjusted EBITDA ((1)) $ 16,026 $ 22,358 (28.3 ) % \n Basic loss per share $ (0.52 ) $ (0.74 ) 29.7 % \n Diluted loss per share $ (0.52 ) $ (0.74 ) 29.7 % \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change \n Net revenue $ 332,354 $ 373,366 (11.0 ) % \n Net loss $ (26,072 ) $ (45,188 ) 42.3 % \n Adjusted EBITDA ((1)) $ 18,715 $ 25,877 (27.7 ) % \n Basic loss per share $ (1.48 ) $ (2.61 ) 43.3 % \n Diluted loss per share $ (1.48 ) $ (2.61 ) 43.3 % \n\n(1) Adjusted EBITDA is not a financial measure calculated or presented in\naccordance with accounting principles generally accepted in the United States\nof America (“GAAP”). For additional information, see \"Non-GAAP Financial\nMeasures.\"\n\nRevenue Detail Summary (dollars in thousands):\n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change \n Broadcast radio revenue: \n Spot $ 81,449 $ 91,151 (10.6 ) % \n Network 21,412 27,286 (21.5 ) % \n Total broadcast radio revenue 102,861 118,437 (13.2 ) % \n Digital 38,712 38,832 (0.3 ) % \n Other 26,334 28,748 (8.4 ) % \n Net revenue $ 167,907 $ 186,017 (9.7 ) % \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change \n Broadcast radio revenue: \n Spot $ 149,195 $ 172,115 (13.3 ) % \n Network 54,414 71,219 (23.6 ) % \n Total broadcast radio revenue 203,609 243,334 (16.3 ) % \n Digital 72,250 75,397 (4.2 ) % \n Other 56,495 54,635 3.4 % \n Net revenue $ 332,354 $ 373,366 (11.0 ) % \n\nBalance Sheet Summary (dollars in thousands):\n\n June 30, 2026 December 31, 2025 \n Cash and cash equivalents $ 61,111 $ 81,979 \n Term Loan due 2026 ((3)) $ 1,203 $ 1,203 \n Senior Notes due 2026 ((2)(3)) $ 22,697 $ 22,697 \n Term Loan due 2029 ((2)(3)(4)) $ 311,845 $ 323,569 \n Senior Notes due 2029 ((2)(3)(4)) $ 306,375 $ 318,225 \n 2020 Revolving credit facility ((3))((5)) $ 57,028 $ 55,000 \n \n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n Capital expenditures $ 3,200 $ 5,528 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n Capital expenditures $ 7,093 $ 11,068 \n\n(2) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote\noff the remaining balance of unamortized debt issuance costs of $1.9 million\nto Reorganization items, net within the Condensed Consolidated Statement of\nOperations during the first quarter of 2026. Debt issuance costs were excluded\nas of December 31, 2025.\n\n(3) In connection with the Chapter 11 Bankruptcy filing, certain debt has been\nreclassified to Liabilities Subject to Compromise in the Company's Condensed\nConsolidated Balance Sheet as of June 30, 2026.\n\n(4) The exchange offer was accounted for as a debt modification resulting in a\nprospective yield adjustment and the carrying value was not changed. The $33.1\nmillion difference between the principal amounts exchanged and the resulting\nprincipal amounts was being amortized to interest expense (thereby reducing\ninterest expense) over the life of the debt. In conjunction with the Chapter\n11 Bankruptcy filing, the Company wrote off the remaining balance of\n$22.5 million to Reorganization items, net within the Condensed Consolidated\nStatement of Operations during the first quarter of 2026.\n\n(5) In the second quarter of 2026, a lessor drew $2.0 million on an\noutstanding letter of credit to partially satisfy its outstanding damages\nclaim in connection with the rejection of its lease in the Chapter 11 Cases.\n\nPending Chapter 11 Reorganization\nAs previously announced, on March 4 and 5, 2026, the Company and certain of\nits subsidiaries filed voluntary petitions to commence prepackaged Chapter 11\nproceedings (the “Chapter 11 Cases”) in the United States Bankruptcy Court\nfor the Southern District of Texas (the “Bankruptcy Court”). On April 13,\n2026, the Company and certain of its subsidiaries filed the Modified Joint\nPrepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its\nDebtor Affiliates (as may be amended or supplemented from time to time in\naccordance with its terms, the “Plan”). On April 15, 2026, the Bankruptcy\nCourt entered an order confirming the Plan. The Company expects that the\neffective date of the Plan will occur once all conditions precedent to the\nPlan, including, without limitation, the receipt of FCC approval and any other\nnecessary regulatory approvals, have been satisfied or waived. The Chapter 11\nCases are being jointly administered under the caption In re Cumulus Media, et\nal., Case No. 26-90346. Additional information regarding the Chapter 11 Cases\nis available at www.cumulus.com/restructuring.\n\nForward-Looking Statements\nCertain statements in this release may constitute “forward-looking”\nstatements within the meaning of the Private Securities Litigation Reform Act\nof 1995 and other federal securities laws. Such statements are statements\nother than historical fact and relate to our intent, belief or current\nexpectations primarily with respect to our future operating, financial, and\nstrategic performance and our plans and objectives. Any such forward-looking\nstatements are not guarantees of future performance and involve risks,\nuncertainties and other factors that may cause actual results, performance or\nachievements to differ from those contained in or implied by the\nforward-looking statements as a result of various factors. Such factors\ninclude, among others, risks and uncertainties related to our ability to\nobtain the receipt of FCC approval of the Plan and to satisfy or obtain\nwaivers of the other conditions precedent to the Plan's effectiveness, and the\ntiming thereof, the implementation of our strategic operating plans, the\ncontinued uncertain financial and economic conditions, the rapidly changing\nand competitive media industry, and the economy in general. We are subject to\nadditional risks and uncertainties described in our quarterly and annual\nreports filed with the Securities and Exchange Commission from time to time,\nincluding in the \"Risk Factors,\" and \"Management’s Discussion and Analysis\nof Financial Condition and Results of Operations\" sections contained therein.\nYou should not rely on forward-looking statements since they involve known and\nunknown risks, uncertainties and other factors that are, in some cases, beyond\nthe Company’s control, and the unexpected occurrence or failure to occur of\nany such events or matters could cause our actual results, performance,\nfinancial condition or achievements to differ materially from those expressed\nor implied by such forward-looking statements. Cumulus Media assumes no\nresponsibility to update any forward-looking statements, which are based upon\nexpectations as of the date hereof, as a result of new information, future\nevents or otherwise.\n\nAbout Cumulus Media\nCumulus Media is an audio-first media company delivering premium content to\na quarter billion people every month — wherever and whenever they want it.\nCumulus Media engages listeners with high-quality local programming through\n384 owned-and-operated radio stations across 84 markets; delivers\nnationally-syndicated sports, news, talk, and entertainment programming from\niconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News,\nand the Academy of Country Music Awards, across more than 7,800 affiliated\nstations through Westwood One, a leading national audio network; and\ninspires listeners through the Cumulus Podcast Network, an established and\ninfluential platform for original podcasts that are smart, entertaining, and\nthought-provoking. Cumulus Media provides advertisers with personal\nconnections, local impact and national reach through broadcast and on-demand\ndigital, mobile, social, and voice-activated platforms, as well as integrated\ndigital marketing services, powerful influencers, full-service audio\nsolutions, industry-leading research and insights, and live\nevent experiences. For more information visit www.cumulusmedia.com.\n\nNon-GAAP Financial Measures \nFrom time to time, we utilize certain financial measures that are not prepared\nor calculated in accordance with GAAP to assess our financial performance and\nprofitability. Consolidated adjusted earnings before interest, taxes,\ndepreciation, and amortization (\"Adjusted EBITDA\") is a financial metric by\nwhich management and the chief operating decision maker allocate resources of\nthe Company and analyze the performance of the Company as a whole. Management\nalso uses this measure to determine the contribution of our core operations to\nthe funding of our corporate resources utilized to manage our operations and\nthe funding of our non-operating expenses including debt service and\nacquisitions. In addition, consolidated Adjusted EBITDA is a key metric for\npurposes of calculating and determining our compliance with certain covenants\ncontained in our credit agreements.\n\nIn determining Adjusted EBITDA, we exclude the following from net loss:\ninterest, taxes, depreciation, amortization, stock-based compensation expense,\ngain or loss on the exchange, sale, or disposal of any assets or stations or\nearly extinguishment of debt, restructuring costs, reorganization items, net,\nexpenses relating to acquisitions and divestitures, non-routine legal expenses\nincurred in connection with certain litigation matters, and non-cash\nimpairments of assets, if any.\n\nManagement believes that Adjusted EBITDA, with and excluding impact of\npolitical advertising, although not a measure that is calculated in accordance\nwith GAAP, is commonly employed by the investment community as a measure for\ndetermining the market value of a media company and comparing the operational\nand financial performance among media companies. Management has also observed\nthat Adjusted EBITDA, with and excluding impact of political advertising, is\nroutinely utilized to evaluate and negotiate the potential purchase price for\nmedia companies. Given the relevance to our overall value, management believes\nthat investors consider these metrics to be extremely useful.\n\nThe Company presents revenue, excluding impact of political revenue. As a\nresult of the cyclical nature of the electoral system and the seasonality of\nthe related political revenue, management believes presenting net revenue,\nexcluding impact of political revenue, provides useful information to\ninvestors about the Company’s revenue growth comparable from period to\nperiod.\n\nWe refer to Adjusted EBITDA, with and excluding the impact of political\nadvertising and net revenue, excluding the impact of political revenue, as the\n\"Non-GAAP Financial Measures.\" Non-GAAP Financial Measures should not be\nconsidered in isolation or as a substitute for net income, net revenue,\noperating income, cash flows from operating activities or any other measure\nfor determining the Company’s operating performance or liquidity that is\ncalculated in accordance with GAAP. In addition, Non-GAAP Financial Measures\nmay be defined or calculated differently by other companies and, therefore,\ncomparability may be limited.\n\nFor further information, please contact:\nCumulus Media Inc.\nInvestor Relations Department\nIR@cumulus.com\n404-260-6600\n\nSupplemental Financial Data and Reconciliations\n\n Cumulus Media Inc. (Debtor-In-Possession) Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Net revenue $ 167,907 $ 186,017 $ 332,354 $ 373,366 \n Operating expenses: \n Content costs 55,625 59,426 121,517 138,757 \n Selling, general & administrative expenses 85,856 93,227 170,260 186,606 \n Depreciation and amortization 12,305 14,016 24,582 28,790 \n Corporate expenses 11,397 11,218 24,655 22,518 \n Stock-based compensation expense (63 ) 574 472 1,423 \n Restructuring costs 542 2,358 15,421 4,826 \n (Gain) loss on sale or disposal of assets or stations (82 ) 100 (458 ) 122 \n Impairment of assets held for sale — 1,420 — 1,420 \n Total operating expenses 165,580 182,339 356,449 384,462 \n Operating income (loss) 2,327 3,678 (24,095 ) (11,096 ) \n Non-operating expense: \n Reorganization items, net (7,580 ) — 14,432 — \n Interest expense (3,044 ) (16,307 ) (15,088 ) (32,329 ) \n Interest income — 202 184 288 \n Other expense, net (32 ) (22 ) (84 ) (32 ) \n Total non-operating expense, net (10,656 ) (16,127 ) (556 ) (32,073 ) \n Loss before income taxes (8,329 ) (12,449 ) (24,651 ) (43,169 ) \n Income tax expense (881 ) (372 ) (1,421 ) (2,019 ) \n Net loss $ (9,210 ) $ (12,821 ) $ (26,072 ) $ (45,188 ) \n\nThe following tables reconcile net loss, the most directly comparable\nfinancial measure calculated and presented in accordance with GAAP, to\nAdjusted EBITDA for the periods presented herein (dollars in\nthousands):        \n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n GAAP net loss $ (9,210 ) $ (12,821 ) \n Income tax expense 881 372 \n Non-operating expense, net (includes net interest expense) 3,076 16,127 \n Depreciation and amortization 12,305 14,016 \n Stock-based compensation expense (63 ) 574 \n (Gain) loss on sale or disposal of assets or stations (82 ) 100 \n Reorganization items, net 7,580 — \n Impairment of assets held for sale — 1,420 \n Restructuring costs 542 2,358 \n Non-routine legal expenses 842 42 \n Franchise taxes 155 170 \n Adjusted EBITDA $ 16,026 $ 22,358 \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n GAAP net loss $ (26,072 ) $ (45,188 ) \n Income tax expense 1,421 2,019 \n Non-operating expense, net (includes net interest expense) 14,988 32,073 \n Depreciation and amortization 24,582 28,790 \n Stock-based compensation expense 472 1,423 \n (Gain) loss on sale or disposal of assets or stations (458 ) 122 \n Reorganization items, net (14,432 ) — \n Impairment of assets held for sale — 1,420 \n Restructuring costs 15,421 4,826 \n Non-routine legal expenses 2,325 42 \n Franchise taxes 468 350 \n Adjusted EBITDA $ 18,715 $ 25,877 \n\nThe following tables reconcile the as reported net revenue and as reported\nAdjusted EBITDA, both including and excluding the impact of political, for the\nperiods presented herein (dollars in thousands):\n\n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n As reported net revenue $ 167,907 $ 186,017 \n Political revenue (2,173 ) (1,149 ) \n As reported net revenue, excluding impact of political revenue $ 165,734 $ 184,868 \n \n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n As reported Adjusted EBITDA $ 16,026 $ 22,358 \n Political EBITDA (1,956 ) (1,034 ) \n As reported Adjusted EBITDA, excluding impact of political EBITDA $ 14,070 $ 21,324 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n As reported net revenue $ 332,354 $ 373,366 \n Political revenue (3,492 ) (1,981 ) \n As reported net revenue, excluding impact of political revenue $ 328,862 $ 371,385 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n As reported Adjusted EBITDA $ 18,715 $ 25,877 \n Political EBITDA (3,143 ) (1,783 ) \n As reported Adjusted EBITDA, excluding impact of political EBITDA $ 15,572 $ 24,094 \n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9b6f658a-4f93-4844-bff6-a0d8b1a855a9)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX5JqQ99","title":"Cumulus Media Reports Operating Results for the Second Quarter 2026","author":"Globe Newswire","ticker":"CMLSQ","created":"2026-08-14T20:15:00.292Z","tickers":["CMLSQ"],"exchange":"OTC","article_body":"ATLANTA, GA, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (OTC:\nCMLS.Q) (the \"Company,\" \"Cumulus Media,\" \"we,\" \"us,\" or \"our\") today announced\noperating results for the three and six months ended June 30, 2026.\n\nMary G. Berner, President and Chief Executive Officer of Cumulus Media, said,\n\"We are pleased to report our second quarter earnings. With our plan of\nreorganization confirmed by the court and the FCC approval process well\nunderway, we are positioned to emerge from Chapter 11 with a stronger balance\nsheet to capitalize on future market opportunities.\"\n\nOperating Summary (dollars in thousands, except percentages and per share\ndata):\n\nFor the three months ended June 30, 2026, the Company reported net revenue\nof $167.9 million, a decrease of 9.7% from the three months\nended June 30, 2025, net loss of $9.2 million and Adjusted EBITDA of $16.0\nmillion.\n\nFor the six months ended June 30, 2026, the Company reported net revenue\nof $332.4 million, a decrease of 11.0% from the six months ended June 30,\n2025, net loss of $26.1 million and Adjusted EBITDA of $18.7 million.\n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change \n Net revenue $ 167,907 $ 186,017 (9.7 ) % \n Net loss $ (9,210 ) $ (12,821 ) 28.2 % \n Adjusted EBITDA ((1)) $ 16,026 $ 22,358 (28.3 ) % \n Basic loss per share $ (0.52 ) $ (0.74 ) 29.7 % \n Diluted loss per share $ (0.52 ) $ (0.74 ) 29.7 % \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change \n Net revenue $ 332,354 $ 373,366 (11.0 ) % \n Net loss $ (26,072 ) $ (45,188 ) 42.3 % \n Adjusted EBITDA ((1)) $ 18,715 $ 25,877 (27.7 ) % \n Basic loss per share $ (1.48 ) $ (2.61 ) 43.3 % \n Diluted loss per share $ (1.48 ) $ (2.61 ) 43.3 % \n\n(1) Adjusted EBITDA is not a financial measure calculated or presented in\naccordance with accounting principles generally accepted in the United States\nof America (“GAAP”). For additional information, see \"Non-GAAP Financial\nMeasures.\"\n\nRevenue Detail Summary (dollars in thousands):\n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change \n Broadcast radio revenue: \n Spot $ 81,449 $ 91,151 (10.6 ) % \n Network 21,412 27,286 (21.5 ) % \n Total broadcast radio revenue 102,861 118,437 (13.2 ) % \n Digital 38,712 38,832 (0.3 ) % \n Other 26,334 28,748 (8.4 ) % \n Net revenue $ 167,907 $ 186,017 (9.7 ) % \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change \n Broadcast radio revenue: \n Spot $ 149,195 $ 172,115 (13.3 ) % \n Network 54,414 71,219 (23.6 ) % \n Total broadcast radio revenue 203,609 243,334 (16.3 ) % \n Digital 72,250 75,397 (4.2 ) % \n Other 56,495 54,635 3.4 % \n Net revenue $ 332,354 $ 373,366 (11.0 ) % \n\nBalance Sheet Summary (dollars in thousands):\n\n June 30, 2026 December 31, 2025 \n Cash and cash equivalents $ 61,111 $ 81,979 \n Term Loan due 2026 ((3)) $ 1,203 $ 1,203 \n Senior Notes due 2026 ((2)(3)) $ 22,697 $ 22,697 \n Term Loan due 2029 ((2)(3)(4)) $ 311,845 $ 323,569 \n Senior Notes due 2029 ((2)(3)(4)) $ 306,375 $ 318,225 \n 2020 Revolving credit facility ((3))((5)) $ 57,028 $ 55,000 \n \n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n Capital expenditures $ 3,200 $ 5,528 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n Capital expenditures $ 7,093 $ 11,068 \n\n(2) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote\noff the remaining balance of unamortized debt issuance costs of $1.9 million\nto Reorganization items, net within the Condensed Consolidated Statement of\nOperations during the first quarter of 2026. Debt issuance costs were excluded\nas of December 31, 2025.\n\n(3) In connection with the Chapter 11 Bankruptcy filing, certain debt has been\nreclassified to Liabilities Subject to Compromise in the Company's Condensed\nConsolidated Balance Sheet as of June 30, 2026.\n\n(4) The exchange offer was accounted for as a debt modification resulting in a\nprospective yield adjustment and the carrying value was not changed. The $33.1\nmillion difference between the principal amounts exchanged and the resulting\nprincipal amounts was being amortized to interest expense (thereby reducing\ninterest expense) over the life of the debt. In conjunction with the Chapter\n11 Bankruptcy filing, the Company wrote off the remaining balance of\n$22.5 million to Reorganization items, net within the Condensed Consolidated\nStatement of Operations during the first quarter of 2026.\n\n(5) In the second quarter of 2026, a lessor drew $2.0 million on an\noutstanding letter of credit to partially satisfy its outstanding damages\nclaim in connection with the rejection of its lease in the Chapter 11 Cases.\n\nPending Chapter 11 Reorganization\nAs previously announced, on March 4 and 5, 2026, the Company and certain of\nits subsidiaries filed voluntary petitions to commence prepackaged Chapter 11\nproceedings (the “Chapter 11 Cases”) in the United States Bankruptcy Court\nfor the Southern District of Texas (the “Bankruptcy Court”). On April 13,\n2026, the Company and certain of its subsidiaries filed the Modified Joint\nPrepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its\nDebtor Affiliates (as may be amended or supplemented from time to time in\naccordance with its terms, the “Plan”). On April 15, 2026, the Bankruptcy\nCourt entered an order confirming the Plan. The Company expects that the\neffective date of the Plan will occur once all conditions precedent to the\nPlan, including, without limitation, the receipt of FCC approval and any other\nnecessary regulatory approvals, have been satisfied or waived. The Chapter 11\nCases are being jointly administered under the caption In re Cumulus Media, et\nal., Case No. 26-90346. Additional information regarding the Chapter 11 Cases\nis available at www.cumulus.com/restructuring.\n\nForward-Looking Statements\nCertain statements in this release may constitute “forward-looking”\nstatements within the meaning of the Private Securities Litigation Reform Act\nof 1995 and other federal securities laws. Such statements are statements\nother than historical fact and relate to our intent, belief or current\nexpectations primarily with respect to our future operating, financial, and\nstrategic performance and our plans and objectives. Any such forward-looking\nstatements are not guarantees of future performance and involve risks,\nuncertainties and other factors that may cause actual results, performance or\nachievements to differ from those contained in or implied by the\nforward-looking statements as a result of various factors. Such factors\ninclude, among others, risks and uncertainties related to our ability to\nobtain the receipt of FCC approval of the Plan and to satisfy or obtain\nwaivers of the other conditions precedent to the Plan's effectiveness, and the\ntiming thereof, the implementation of our strategic operating plans, the\ncontinued uncertain financial and economic conditions, the rapidly changing\nand competitive media industry, and the economy in general. We are subject to\nadditional risks and uncertainties described in our quarterly and annual\nreports filed with the Securities and Exchange Commission from time to time,\nincluding in the \"Risk Factors,\" and \"Management’s Discussion and Analysis\nof Financial Condition and Results of Operations\" sections contained therein.\nYou should not rely on forward-looking statements since they involve known and\nunknown risks, uncertainties and other factors that are, in some cases, beyond\nthe Company’s control, and the unexpected occurrence or failure to occur of\nany such events or matters could cause our actual results, performance,\nfinancial condition or achievements to differ materially from those expressed\nor implied by such forward-looking statements. Cumulus Media assumes no\nresponsibility to update any forward-looking statements, which are based upon\nexpectations as of the date hereof, as a result of new information, future\nevents or otherwise.\n\nAbout Cumulus Media\nCumulus Media is an audio-first media company delivering premium content to\na quarter billion people every month — wherever and whenever they want it.\nCumulus Media engages listeners with high-quality local programming through\n384 owned-and-operated radio stations across 84 markets; delivers\nnationally-syndicated sports, news, talk, and entertainment programming from\niconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News,\nand the Academy of Country Music Awards, across more than 7,800 affiliated\nstations through Westwood One, a leading national audio network; and\ninspires listeners through the Cumulus Podcast Network, an established and\ninfluential platform for original podcasts that are smart, entertaining, and\nthought-provoking. Cumulus Media provides advertisers with personal\nconnections, local impact and national reach through broadcast and on-demand\ndigital, mobile, social, and voice-activated platforms, as well as integrated\ndigital marketing services, powerful influencers, full-service audio\nsolutions, industry-leading research and insights, and live\nevent experiences. For more information visit www.cumulusmedia.com.\n\nNon-GAAP Financial Measures \nFrom time to time, we utilize certain financial measures that are not prepared\nor calculated in accordance with GAAP to assess our financial performance and\nprofitability. Consolidated adjusted earnings before interest, taxes,\ndepreciation, and amortization (\"Adjusted EBITDA\") is a financial metric by\nwhich management and the chief operating decision maker allocate resources of\nthe Company and analyze the performance of the Company as a whole. Management\nalso uses this measure to determine the contribution of our core operations to\nthe funding of our corporate resources utilized to manage our operations and\nthe funding of our non-operating expenses including debt service and\nacquisitions. In addition, consolidated Adjusted EBITDA is a key metric for\npurposes of calculating and determining our compliance with certain covenants\ncontained in our credit agreements.\n\nIn determining Adjusted EBITDA, we exclude the following from net loss:\ninterest, taxes, depreciation, amortization, stock-based compensation expense,\ngain or loss on the exchange, sale, or disposal of any assets or stations or\nearly extinguishment of debt, restructuring costs, reorganization items, net,\nexpenses relating to acquisitions and divestitures, non-routine legal expenses\nincurred in connection with certain litigation matters, and non-cash\nimpairments of assets, if any.\n\nManagement believes that Adjusted EBITDA, with and excluding impact of\npolitical advertising, although not a measure that is calculated in accordance\nwith GAAP, is commonly employed by the investment community as a measure for\ndetermining the market value of a media company and comparing the operational\nand financial performance among media companies. Management has also observed\nthat Adjusted EBITDA, with and excluding impact of political advertising, is\nroutinely utilized to evaluate and negotiate the potential purchase price for\nmedia companies. Given the relevance to our overall value, management believes\nthat investors consider these metrics to be extremely useful.\n\nThe Company presents revenue, excluding impact of political revenue. As a\nresult of the cyclical nature of the electoral system and the seasonality of\nthe related political revenue, management believes presenting net revenue,\nexcluding impact of political revenue, provides useful information to\ninvestors about the Company’s revenue growth comparable from period to\nperiod.\n\nWe refer to Adjusted EBITDA, with and excluding the impact of political\nadvertising and net revenue, excluding the impact of political revenue, as the\n\"Non-GAAP Financial Measures.\" Non-GAAP Financial Measures should not be\nconsidered in isolation or as a substitute for net income, net revenue,\noperating income, cash flows from operating activities or any other measure\nfor determining the Company’s operating performance or liquidity that is\ncalculated in accordance with GAAP. In addition, Non-GAAP Financial Measures\nmay be defined or calculated differently by other companies and, therefore,\ncomparability may be limited.\n\nFor further information, please contact:\nCumulus Media Inc.\nInvestor Relations Department\nIR@cumulus.com\n404-260-6600\n\nSupplemental Financial Data and Reconciliations\n\n Cumulus Media Inc. (Debtor-In-Possession) Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Net revenue $ 167,907 $ 186,017 $ 332,354 $ 373,366 \n Operating expenses: \n Content costs 55,625 59,426 121,517 138,757 \n Selling, general & administrative expenses 85,856 93,227 170,260 186,606 \n Depreciation and amortization 12,305 14,016 24,582 28,790 \n Corporate expenses 11,397 11,218 24,655 22,518 \n Stock-based compensation expense (63 ) 574 472 1,423 \n Restructuring costs 542 2,358 15,421 4,826 \n (Gain) loss on sale or disposal of assets or stations (82 ) 100 (458 ) 122 \n Impairment of assets held for sale — 1,420 — 1,420 \n Total operating expenses 165,580 182,339 356,449 384,462 \n Operating income (loss) 2,327 3,678 (24,095 ) (11,096 ) \n Non-operating expense: \n Reorganization items, net (7,580 ) — 14,432 — \n Interest expense (3,044 ) (16,307 ) (15,088 ) (32,329 ) \n Interest income — 202 184 288 \n Other expense, net (32 ) (22 ) (84 ) (32 ) \n Total non-operating expense, net (10,656 ) (16,127 ) (556 ) (32,073 ) \n Loss before income taxes (8,329 ) (12,449 ) (24,651 ) (43,169 ) \n Income tax expense (881 ) (372 ) (1,421 ) (2,019 ) \n Net loss $ (9,210 ) $ (12,821 ) $ (26,072 ) $ (45,188 ) \n\nThe following tables reconcile net loss, the most directly comparable\nfinancial measure calculated and presented in accordance with GAAP, to\nAdjusted EBITDA for the periods presented herein (dollars in\nthousands):        \n\n As Reported Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n GAAP net loss $ (9,210 ) $ (12,821 ) \n Income tax expense 881 372 \n Non-operating expense, net (includes net interest expense) 3,076 16,127 \n Depreciation and amortization 12,305 14,016 \n Stock-based compensation expense (63 ) 574 \n (Gain) loss on sale or disposal of assets or stations (82 ) 100 \n Reorganization items, net 7,580 — \n Impairment of assets held for sale — 1,420 \n Restructuring costs 542 2,358 \n Non-routine legal expenses 842 42 \n Franchise taxes 155 170 \n Adjusted EBITDA $ 16,026 $ 22,358 \n\n\n\n As Reported Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n GAAP net loss $ (26,072 ) $ (45,188 ) \n Income tax expense 1,421 2,019 \n Non-operating expense, net (includes net interest expense) 14,988 32,073 \n Depreciation and amortization 24,582 28,790 \n Stock-based compensation expense 472 1,423 \n (Gain) loss on sale or disposal of assets or stations (458 ) 122 \n Reorganization items, net (14,432 ) — \n Impairment of assets held for sale — 1,420 \n Restructuring costs 15,421 4,826 \n Non-routine legal expenses 2,325 42 \n Franchise taxes 468 350 \n Adjusted EBITDA $ 18,715 $ 25,877 \n\nThe following tables reconcile the as reported net revenue and as reported\nAdjusted EBITDA, both including and excluding the impact of political, for the\nperiods presented herein (dollars in thousands):\n\n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n As reported net revenue $ 167,907 $ 186,017 \n Political revenue (2,173 ) (1,149 ) \n As reported net revenue, excluding impact of political revenue $ 165,734 $ 184,868 \n \n Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 \n As reported Adjusted EBITDA $ 16,026 $ 22,358 \n Political EBITDA (1,956 ) (1,034 ) \n As reported Adjusted EBITDA, excluding impact of political EBITDA $ 14,070 $ 21,324 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n As reported net revenue $ 332,354 $ 373,366 \n Political revenue (3,492 ) (1,981 ) \n As reported net revenue, excluding impact of political revenue $ 328,862 $ 371,385 \n \n Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 \n As reported Adjusted EBITDA $ 18,715 $ 25,877 \n Political EBITDA (3,143 ) (1,783 ) \n As reported Adjusted EBITDA, excluding impact of political EBITDA $ 15,572 $ 24,094 \n \n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9b6f658a-4f93-4844-bff6-a0d8b1a855a9)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-08-14T20:15:00.339896729Z","server_sent_at_ms":1786738500339},"received_at":"2026-08-14T20:15:00.441Z","source_url":"https://www.globenewswire.com/news-release/2026/08/14/3345620/9032/en/cumulus-media-reports-operating-results-for-the-second-quarter-2026.html"},"analysis":{"id":"108745","press_release_id":"119756","analysis_json":{"industry":{"label":"Media","sector":"Communication Services"},"redFlags":["Q2 revenue declined 9.7% year-over-year","Q2 Adjusted EBITDA declined 28.3% year-over-year","Company operating under Chapter 11 bankruptcy protection"],"eventType":"earnings","narrative":"Cumulus Media reported Q2 net revenue of $167.9 million, a decrease of 9.7% year-over-year, alongside a net loss of $9.2 million. Adjusted EBITDA fell 28.3% to $16.0 million, driven by declines in both spot and network broadcast radio revenue.\n\nThe company is proceeding with its Chapter 11 restructuring following the court's confirmation of its plan in April 2026. Management expects to emerge from bankruptcy once conditions, including FCC approval, are satisfied.\n\nCash and cash equivalents decreased to $61.1 million as of June 30, 2026, from $82.0 million at the end of 2025.","sentiment":"bearish","agentHooks":{"shouldPost":false,"suggestedAngle":"Operating declines persist as CMLS navigates Chapter 11 exit process."},"keyFigures":{"revenue":167900000,"revenueYoy":"-9.7%","customDimensions":{"adjusted_ebitda":16000000}},"quotedText":"With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities.","namedEntities":{"people":[{"name":"Mary G. Berner","role":"President and Chief Executive Officer"}],"products":["Westwood One"],"companies":[{"name":"Cumulus Media Inc.","ticker":"CMLSQ"},{"name":"Federal Communications Commission","relationship":"regulatory body"}],"dollarAmounts":[{"amount":"$167.9 million","context":"Q2 2026 net revenue"},{"amount":"$9.2 million","context":"Q2 2026 net loss"},{"amount":"$16.0 million","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$61.1 million","context":"Cash and cash equivalents as of June 30, 2026"}]},"materialImpact":{"score":3,"reasoning":"Q2 results show continued operating deterioration with revenue down 9.7% YoY and Adjusted EBITDA falling 28.3% YoY, though the company continues to progress through its Chapter 11 restructuring process."},"tickerRelevance":{"others":[],"primary":"CMLSQ"},"globalImportance":15,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small_cap_otc","eventGravity":"quarterly_earnings_decline","sectorWeight":"media"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bearish","material_impact_score":3,"narrative":"Cumulus Media reported Q2 net revenue of $167.9 million, a decrease of 9.7% year-over-year, alongside a net loss of $9.2 million. Adjusted EBITDA fell 28.3% to $16.0 million, driven by declines in both spot and network broadcast radio revenue.\n\nThe company is proceeding with its Chapter 11 restructuring following the court's confirmation of its plan in April 2026. Management expects to emerge from bankruptcy once conditions, including FCC approval, are satisfied.\n\nCash and cash equivalents decreased to $61.1 million as of June 30, 2026, from $82.0 million at the end of 2025.","key_figures":{"revenue":167900000,"revenueYoy":"-9.7%","customDimensions":{"adjusted_ebitda":16000000}},"named_entities":{"people":[{"name":"Mary G. Berner","role":"President and Chief Executive Officer"}],"products":["Westwood One"],"companies":[{"name":"Cumulus Media Inc.","ticker":"CMLSQ"},{"name":"Federal Communications Commission","relationship":"regulatory body"}],"dollarAmounts":[{"amount":"$167.9 million","context":"Q2 2026 net revenue"},{"amount":"$9.2 million","context":"Q2 2026 net loss"},{"amount":"$16.0 million","context":"Q2 2026 Adjusted EBITDA"},{"amount":"$61.1 million","context":"Cash and cash equivalents as of June 30, 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-14T20:38:44.647Z","global_importance":15,"audience_relevance":15,"importance_components":{"tickerTier":"small_cap_otc","eventGravity":"quarterly_earnings_decline","sectorWeight":"media"}},"durationMs":141378,"modelName":"glm-4.7"}}