ATLANTA, GA — October 27, 2023: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three and nine months ended September 30, 2023.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local and national business lines. Despite the challenging environment, we maximized performance by continuing to focus on areas we can control, including growing each of our digital businesses, reducing costs, and improving our balance sheet through non-core asset sales and debt reduction. These actions have further improved the Company’s revenue growth profile, operating leverage, financial flexibility, and strategic optionality and, collectively, position us to rebound when the advertising environment improves.”

Berner continued, “While we are continuing to see weakness in national markets, as companies are starting to set their 2024 marketing budgets, we are seeing some initial indications from key national advertisers in several categories that sentiment is improving for next year. That tone, combined with the anticipation of a robust political spending cycle, gives us cautious optimism that we may be seeing the early signs of a market recovery.”

Q3 Performance Summary:

• Posted total net revenue of $207.4 million, a decline of 11% year-over-year
• Generated digital revenue of $37.2 million, an increase of 7% year-over-year – representing 18% of total revenue, with growth across streaming, podcasting, and digital marketing services
• Recorded third quarter net income of $2.7 million compared to $8.5 million in Q3 2022 and third quarter Adjusted EBITDA⁽¹⁾ of $26.9 million compared to $46.6 million in Q3 2022
• Retired $5.2 million face value of term loans at an average purchase price of 83.5% of par
• Reported total debt of $675.8 million at September 30, 2023, and net debt⁽¹⁾ of $592.9 million
• Completed the sale of WDRQ-FM for $10.0 million of gross proceeds

(1) Adjusted EBITDA and net debt are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

About Cumulus Media

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 403 owned-and-operated radio stations across 85 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 9,400 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.

Contact Information

Investor Relations
IR@cumulus.com
404-260-6600