Cumulus Media has reported its third-quarter financial figures, and the company saw a revenue decline during that window.
During the quarter, Cumulus saw its net revenue finish at $180.3 million. That figure represents an 11.5% decrease compared to the same quarter in 2024.
Digital revenue declined by 2.6%, as well. However, the company points out that if it were to subtract the loss of revenue from its relationship with The Daily Wire ending and the departure of Dan Bongino, it would be at an 8.4% increase.
Cumulus shared that its digital marketing division now accounts for 50% of all digital-related revenue, and that the sector saw 34% growth during the months of July, August, and September.
In total, Cumulus reported $722.2 million of debt, noting that $23.9 million will come due during 2026. The company ended the quarter with $90.4 million in cash, after a net loss of $20.4 million during the quarter was reported. It added that it enacted $7 million in annual cost reductions during the quarter, increasing its total of annual fixxed cost reductions to $182 million since 2019.
“In an advertising environment that remained challenging for legacy media, we continued to outperform,” President/CEO Mary Berner said. “We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter.
“Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth,” she continued. “These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the Company for long-term success through strong execution and by maximizing value from the Company’s underlying assets.”
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