Tuesday, February 02, 2021
Cumulus Media Inc. (CMLS)
What Does A Transitional Year Mean?
CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment 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 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
NobleCon 17 Highlights. This report highlights a fireside chat discussion with Frank Lopez-Balboa, CFO of Cumulus Media. A rebroadcast of that conversation may be obtained by clicking here. Topics that were discussed included improving revenue trends, revenue visibility, growth businesses, thoughts on getting back to 2019 revenue levels and debt.
Revenue improving, but lacks visibility. Trends at the end of the year were better, but first quarter 2021 will be a tough comp given 10 weeks absent Covid a year earlier and the NCAA dispute. Notably, management indicated that advertising is being booked later and very close to air time, which provides poor revenue visibility …
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.