Friday, February 28, 2025
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Results in-line with expectations. The company reported Q4 revenue of $218.6 million, in line with our estimate of $219.0 million, and adj. EBITDA of $25.0 million, which was better than our estimate of $21.5 million. In our view, the quarter is illustrative of the company’s successful efforts to reduce costs and drive efficiencies, while managing the impact of macroeconomic headwinds and secular challenges on its businesses.
Continued weak revenue outlook. Management provided revenue pacings of a decline in the mid single digits for Q1 2025, slightly softer than our expectations. The company is being adversely affected by weak local and National spot advertising and headwinds from a loss of flagship podcast programming.
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