Cumulus Media Inc. reported a net revenue of $167.9 million for the second quarter of 2026, a decrease of 9.7% compared to $186.0 million in the same period of 2025. For the first half of 2026, the company generated $332.4 million in revenue, down 11.0% from $373.4 million in the prior year. The decline in revenue was primarily attributed to reductions in spot and network advertising revenues, which fell by $9.7 million and $5.9 million, respectively, due to challenging macroeconomic conditions. Despite the revenue drop, the company managed to reduce operating expenses, which totaled $165.6 million in Q2 2026, down from $182.3 million in Q2 2025.
Cumulus Media's operating income for the second quarter was $2.3 million, a decrease from $3.7 million in the previous year. The company recorded a net loss of $9.2 million for the quarter, an improvement from the $12.8 million loss reported in Q2 2025. For the first half of 2026, the net loss was $26.1 million, significantly lower than the $45.2 million loss in the same period of 2025. The company’s interest expenses also decreased sharply, falling by 81.3% to $3.0 million in Q2 2026, reflecting the impact of its ongoing Chapter 11 bankruptcy proceedings.
In March 2026, Cumulus Media filed for Chapter 11 bankruptcy, initiating a comprehensive debt restructuring plan. As of June 30, 2026, the company had total liabilities of $1.1 billion, with $1.0 billion classified as liabilities subject to compromise. The restructuring plan includes the cancellation of existing equity securities and the issuance of new common stock to creditors. The company has also been actively managing its operational costs, with significant reductions in content costs and selling, general, and administrative expenses.
Cumulus Media continues to operate as a debtor-in-possession, maintaining its business operations while under bankruptcy protection. The company has been focusing on preserving vendor relationships and ensuring employee compensation during this period. As of June 30, 2026, Cumulus Media had $61.1 million in cash and cash equivalents, down from $82.0 million at the end of 2025. The company anticipates that its liquidity will be contingent upon the successful implementation of its restructuring plan and the approval of necessary regulatory measures.
Looking ahead, Cumulus Media's management expressed uncertainty regarding its ability to continue as a going concern, emphasizing the need for successful execution of the restructuring plan to stabilize its financial position. The company is also exploring opportunities for additional capital through asset divestitures and potential financing options post-emergence from bankruptcy.
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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