Cumulus Media CMLSQ

Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month through broadcast radio stations, national network programming, and podcast platforms. The company owns and operates 393 radio stations across 84 markets in the United States and distributes content via the Westwood One network to more than 7,800 affiliated stations nationwide. It also manages the Cumulus Podcast Network, which features original programming designed to inform and entertain listeners.

Cumulus Media generates revenue primarily through the sale of advertising time across its broadcast radio stations, digital platforms, and podcast network. Local and regional advertising is sold by the company’s internal sales teams, while national spot advertising is managed through an outsourced arrangement with Katz Media Group. Additional revenue comes from digital advertising on its websites, mobile apps, and streaming audio services, as well as from non-advertising sources such as licensing network content and providing digital marketing solutions like email campaigns, geo-targeted ads, and search engine optimization.

The company operates through the following segments: Broadcast Radio, Westwood One Network, and Cumulus Podcast Network.

• Broadcast Radio: This segment encompasses the company’s owned and operated radio stations across 84 U. S. markets, featuring diverse programming formats including news, talk, sports, and music. It generates the majority of Cumulus Media’s revenue through local, regional, and national advertising sales. The segment supports flagship brands such as the NFL, NCAA, Masters Tournament, US Soccer, AP News, and the Academy of Country Music Awards, which are delivered to affiliates nationwide.
• Westwood One Network: As a leading national audio network, Westwood One aggregates and distributes sports, news, talk, and entertainment programming to over 7,800 affiliated radio stations across the United States. The network monetizes its reach by selling advertising inventory to national and regional advertisers through bundled demographic packages. Key branded content under this segment includes live coverage of the Super Bowl, NCAA March Madness, and PGA Tour events, which are exclusively distributed via Westwood One to its affiliate base.
• Cumulus Podcast Network: This segment focuses on producing and distributing original podcasts that are described as smart, entertaining, and thought-provoking, targeting engaged listeners seeking on-demand audio content. The network features personality-driven shows hosted by influential voices and partners with established creators to build multi-platform franchises. Notable podcast brands within this network include shows centered on politics, culture, technology, and lifestyle, though specific program names are not disclosed in the filing.

Cumulus Media holds a leading position in the U. S. audio broadcasting industry due to its scale, with one of the largest portfolios of owned radio stations and a dominant national network presence through Westwood One. Its competitive advantages stem from exclusive partnerships with major sports and news organizations, diversified content across platforms, and the ability to integrate local market relationships with national advertising reach. The company differentiates itself from pure-play digital audio providers by combining terrestrial broadcast strength with growing investments in podcasting and streaming.

Cumulus Media serves a diverse customer base consisting of local businesses in its 84 markets, national advertisers seeking broad audience reach, and political campaigns purchasing airtime during election cycles. Advertisers span industries including automotive, home products, entertainment, professional services, retail, financial institutions, and telecommunications. The company also works with advertising agencies and media buying firms that represent clients across these sectors, enabling targeted campaign execution across broadcast, digital, and live event platforms.