Cumulus Media Reports Operating Results for 2024

ATLANTA, GA — February 27, 2025: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2024.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Since the pandemic’s onset, the radio industry has experienced tough economic and secular headwinds. In the face of those, we outperformed our peers through the end of 2023 on key metrics including cost takeouts, EBITDA margin recovery, free cash flow generation, net leverage, and liquidity.”

Berner continued, “2024 brought additional challenges, including accelerated national headwinds as well as an industry-wide slowdown in local radio advertising. In response, we doubled down on investing in growth areas, particularly in our digital marketing services business, which is pacing up 30% in Q1. Additionally, we continued evolving our broadcast go-to-market strategies, including with new offerings that are successfully attracting large new broadcast clients, and we drove additional cost efficiencies with 2024 actions that will result in $43 million of annualized fixed cost savings, of which $15 million benefited 2024 with the balance in 2025. Though the industry environment remains challenging for now, our 2024 refinancing efforts provided us with the time needed to both execute our day-to-day blocking and tackling and, in parallel, continue to reimagine the ways in which we can get the most out of our key assets to create new revenue streams and build additional long-term value.”