Cumulus Media Inc. reported a decline in financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ended September 30, 2025, the company generated net revenue of $180.3 million, a decrease of 11.5% from $203.6 million in the same period of 2024. The nine-month figures also reflected a downturn, with revenue falling to $553.6 million from $608.5 million, marking a 9.0% decline. The company recorded a net loss of $20.4 million for the third quarter, compared to a loss of $10.3 million in the prior year, and a net loss of $65.6 million for the nine months, up from $52.2 million in 2024.
The decrease in revenue was primarily attributed to reduced spot and network advertising revenues, which fell by $12.7 million and $11.2 million, respectively, due to challenging macroeconomic conditions. Digital revenue also saw a slight decline, driven by lower podcasting revenues, although there was some offset from growth in digital marketing services. Cumulus Media's content costs decreased by 21.1% in the third quarter, reflecting cost-cutting measures, including reduced personnel expenses and renegotiated broadcast rights.
In terms of strategic developments, Cumulus Media has been active in managing its assets and liabilities. The company reported a gain of $2.0 million from the sale of land as part of a tower sale-leaseback arrangement with Vertical Bridge, contributing to its financial results. Additionally, the company has been focusing on reducing corporate expenses, which decreased by 16.9% year-over-year, although this was partially offset by $8.0 million in royalty settlements recorded in the third quarter of 2025.
Operationally, Cumulus Media's cash and cash equivalents increased to $90.4 million as of September 30, 2025, up from $63.8 million at the end of 2024. The company utilized $8.2 million in cash for operating activities during the first nine months of 2025, a significant improvement compared to $20.1 million used in the same period of 2024. The company also drew $55.0 million from its 2020 Revolving Credit Facility, indicating a proactive approach to managing liquidity amid ongoing market challenges.
Looking ahead, Cumulus Media expressed cautious optimism regarding its liquidity and operational strategy, emphasizing its diverse content platforms and the potential for recovery in advertising revenues. However, the company acknowledged the uncertainty surrounding macroeconomic conditions and their potential impact on future performance. The management believes that its current cash reserves and access to credit facilities will support its operational needs for at least the next twelve months, contingent on the successful execution of its business plans and favorable market conditions.
About CUMULUS MEDIA INC
Cumulus Media is an audio-first media company providing local radio programming, national sports, news, talk, and entertainment content through 400 owned stations and 9,500 affiliates across the U.S. It monetizes via broadcast and digital advertising, podcasts, streaming, and digital marketing services. The company leverages its extensive content platforms, national reach, and diverse advertiser base to deliver targeted advertising solutions and audience engagement.
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