Cumulus Media Reports Operating Results for the Third Quarter 2024
Cumulus Media Inc. today (11/4) announced operating results for the three and nine months ended September 30, 2024. Mary G. Berner, president and CEO of Cumulus Media, said, “During the third quarter, we delivered revenue and EBITDA in-line with pacing commentary and analyst estimates. Given the market challenges, we maintained our focus on what we can control. Specifically, we continued investing to drive growth in our digital businesses, including in digital marketing services which increased revenue nearly 40% in the quarter; capitalizing on areas of improvement in national and political ad spending; maximizing operating cash flow; and improving operating leverage through ongoing expense reductions.” Berner continued, “Looking forward, the advertising environment remains uncertain. Nonetheless, Cumulus has a valuable set of assets with which to navigate that uncertainty including: profitable and fast-growing digital businesses; a vast national platform that can reach audiences whenever and wherever they choose to listen; extensive feet-on-the-street local sales capabilities which allow us to walk product through the door; premium programming with particular strength in sports and news/talk; an extensive untapped audio library; and a leadership team with a strong track record of expense management and disciplined stewardship of capital. As we continue to execute against our priorities, we see many paths for leveraging these assets to maximize the value they produce for our shareholders.”
Q3 Key Highlights:
• Posted total net revenue of $203.6 million, a decline of 1.8% year-over-year
• Generated digital revenue of $40.0 million, up 7.5% year-over-year
• Grew digital marketing services by 38% driven by an increase in new customers, improved customer retention and higher average order size
• Increased number of radio-only customers who also bought digital marketing services by 32% year-over-year
• Increased digital revenue to 20% of total company revenue
• Recorded net loss of $10.3 million compared to net income of $2.7 million in Q3 2023 and Adjusted EBITDA(1) of $24.1 million compared to $26.9 million in Q3 2023
• Generated $3.9 million of cash from operations 1
• Reported total debt of $673.0 million, total debt at maturity of $642.1 million, and net debt less total unamortized discount of $590.0 million at September 30, 2024, including total debt due in 2026 of $23.9 million.
For further information and the full report, please contact: Cumulus Media Inc. Investor Relations Department IR@cumulus.com 404-260-6600.
ave decided, with the full support of WISN-AM and its parent iHeartMedia, to transition my program to podcast only effective at the end of this year.
As the Company continues its re-imagination, Borelli will lead Audacy’s audio research and insights practice, closely supporting its forward growth agenda and client enablement strategies. He will report to Paul Suchman, chief marketing officer, and work closely with Audacy’s leadership team across revenue, digital and programming. Suchman tells TALKERS, “Ray’s research experience across channels and media, coupled with his unique ability to turn data into powerful narratives, will make him an excellent addition to the team as we execute our forward strategy,” adding, “With tenure spanning some of the most influential media companies, his expertise in driving meaningful outcomes for clients will be a strong asset as Audacy continues to elevate our value to the advertising community.” “I am thrilled to be joining Audacy at such an exciting time for the audio industry,” said Borelli. “Audacy’s portfolio of brands and research platform is best in class, and I look forward to working closely with our team and advertising partners to help fuel exponential growth for the business.” Borelli previously served as VP of ad sales research at Warner Bros. Discovery, directing the go-to-market sales narrative for WBD’s portfolio. He also previously served as SVP for CNBC, leading the company’s research and scheduling teams and helping build the brand’s market-leading digital business. His research and leadership experience was also built on tenures at the National Basketball Association and FOX Sports.
Proving There’s More to Life in America this Week than Just Presidential Politics. Pictured above is Salem Radio Networks (SRN) East Coast affiliate relations manager Jim Bligh – a frequent “player” in NYC-based skits on “Saturday Night Live“ in addition to appearing in theatrical feature films – joined NBC’s “The Tonight Show with Jimmy Fallon” on Tuesday 10/29). Fallon and Grammy-winning guest Olivia Rodrigo played “What’s Behind Me?”…a charade style game with Fallon describing action happening as her back was turned. Blight – far right – acted out a scene of Three Mobsters doing Yoga at a Barnes & Noble. See Bligh’s skit by 
Cumulus Media, which describes itself as a top “audio-first” media company, and TuneIn, self-proclaimed world’s leader in “live audio,” today (10/29) announced that they have renewed and expanded their existing content partnership. Under the terms of the deal, TuneIn will continue to make Cumulus Media’s local sports, news, talk and entertainment programming available to its 75 million monthly global listeners. The extended agreement also includes a new, non-exclusive sales and supply partnership to optimize digital audio advertising monetization for Cumulus’ diverse radio stations. Cumulus owns and operates 400 radio stations across 84 markets with an extensive collection of nationally syndicated sports, news, talk and entertainment programming.
At the Monday morning (10/28) TALKERS editorial meeting, Harrison said, “The hoopla over this podcast appearance and its enormous profile within election news coverage clearly indicates we have arrived at a point where the terms ‘mainstream,’ ‘legacy,’ ‘alternative,’ ‘grassroots,’ and the like have to be reevaluated in conveying impact and importance – both individually, and certainly collectively – in the marketplace of ideas and the industries that serve it.” Harrison added, “This is especially true of Rogan’s individual impact as indicated by 1) the deference he was paid by a former president and major party candidate in showing up three-hours late for a live rally attended by thousands in which he actually implied that this podcast interview was a priority and more important to ‘winning’ than arriving on time for the event; 2) the tsunami of news coverage this podcast generated; 3) the passive aggressive irreverence granted a somewhat oblivious Trump by Rogan both during and following the interview; and 4) the sheer enormity of Rogan’s raw numbers on Spotify and YouTube, unfettered by FCC regulation.”
“When iHeartMedia New York partnered with the New York Road Runners (NYRR) to produce this inaugural radio broadcast of the marathon, it was a no-brainer to put Len at the helm of the broadcast,” said Tom Cuddy, program director for 710 WOR. “His association with New York sports, during his more than 50-year television career, and his ‘second life’ as co-host of the WOR morning show since 2015, ensure that Len will make this a can’t-miss broadcast.” “I’m honored to be hosting WOR’s maiden voyage with the TCS New York City Marathon,” said Berman. “I’ve hosted TV coverage of the event many times and it’s consistently one of the best days of the year in the city. We look forward to conveying that same message to our listeners.”
“I have been blessed to call WGN Radio home for the past three decades,” Manfredini tells TALKERS. “But in the end, it’s all about our listeners. I’m excited to continue to help them better understand how their homes work, show them they can have fun, and, of course, remind them to never hold a nail for someone else.” The Chicagoland native will be celebrating his 30th anniversary on WGN Radio in 2025. Mr. Manfredini first appeared on the station as a guest on the Bob Collins Show in 1995 following a letter writing campaign to pitch a call-in home improvement show on WGN.
“We are delighted that Lou will be with us for his 30th year and beyond,” said WGN Radio VP/GM Mary Sandberg Boyle. “In the nearly 30 years since first appearing on WGN Radio, Lou’s presence across the media world has evolved considerably. Yet, what truly sets him apart is his natural gift of connecting to and interacting with our listeners in the special way that only radio does. Making those listener ‘connections’ has historically been – and will continue to be – the very fabric of WGN 720.” Manfredini can also be heard on weekday segments with John Williams (Mondays), Lisa Dent (Thursdays) and Bob Sirott (Fridays). 
It will be carried by LibertyNewsRadio.com or video stream at TheBigMigShow on Rumble. For additional information or press inquiries, please contact Sam Bushman at 801-756-9133 or LibertyRoundTable@gmail.com.
One day last winter, Alison Stewart, the host of “All of It” on public station WNYC, New York was alarmed to find herself speaking gibberish. 
Music Group Gunhill Road Putting Final Touches on Talk Radio Anthem. Gunhill Road, the perennial pop music ensemble that has attracted hundreds of thousands of worldwide followers with its growing repertoire of issue-oriented songs and music videos, is currently in post-production with an anthem celebrating talk radio. Titled “Don’t Stop Talkin’” – the song is an uplifting and infectiously catchy tune about the vital role talk radio plays in serving the cause of American freedom of speech. With lines that include “As long as you’ve got a voice, don’t ever stop!” and “As long as you’ve got the truth, don’t ever stop!” the original composition co-written by band members Steve Goldrich, Paul Reisch, Brian Koonin, and Michael Harrison encourages talk radio practitioners to keep up the good work and great service they provide the nation.TALKERS Heavy Hundred syndicated host Dr. Daliah Wachs pictured above bopping to the music in a scene from the forthcoming video “Don’t Stop Talkin'” by Gunhill Road.
Longtime CFO Marie Tedesco will retire from Beasley after 33 years of what sources describe as “dedicated service to the company.” Before joining Beasley, Burrows Coleman served as Global Head of Strategic Corporate and Commercial Finance at Wayfair, where she led a global team of 50 across Financial Planning & Analysis, Commercial Finance, Capital Markets, Corporate Development, and Global Tax functions. Burrows Coleman’s career also includes leadership positions at WindSail Capital Group and Wind Point Partners, both private equity firms, as well as GE Capital, where she managed equity and debt investments across various industries. She began her career as an investment banker in the Communications & Media group at Lehman Brothers. “We are absolutely thrilled to welcome Lauren into the Beasley family,” said Caroline Beasley, CEO of Beasley Broadcast Group, Inc. “Her extensive and diverse experience, combined with her leadership skills, are exactly what we need to drive the company forward as we evolve into the future.” Burrows Coleman holds an MBA from Harvard Business School and an A.B. cum laude from Dartmouth College. Commenting on Marie Tedesco’s retirement, Beasley said, “Marie has been an integral part of our success, and her contributions have shaped the organization into what it is today,” adding, “It has been a privilege to work alongside her, and we are deeply grateful for her unwavering commitment, hard work, and leadership. We will greatly miss Marie’s wisdom and guidance, and we wish her nothing but the very best!”
iHM Portand Adds Sean Highkin as Trail Blazers Correspondent on WPOJ-AM. iHeartMedia Portland’s Rip City Radio 620, “Your Home of the Portland Trail Blazers,” announced today (10/24) that acclaimed sports journalist Sean Highkin will join the station as the Portland Trail Blazers correspondent, effective immediately. He will provide comprehensive coverage of the games, practices, press conferences and everything revolving around the Portland Trail Blazers on their flagship station. Highkin brings over a decade of experience covering the NBA, including seven years dedicated to the Portland Trail Blazers. As a trusted voice in basketball, his experience includes contributing to national outlets such as Bleacher Report, USA Today, The Athletic and NBC Sports. In 2023, Highkin was named Oregon Sportswriter of the Year by the National Sports Media Association. “Sean’s knowledge, expertise and impressive track record will elevate and take our Trail Blazers coverage to the next level,” said Marshal Burgess, metro president of iHeartMedia Portland. “His insightful analysis and in-depth reporting have made him a respected voice in the sports journalism community, and we are thrilled to have him join the iHeartRadio Portland team.”
New York Festivals 2025 Radio Awards Announces Distinguished Grand Jury. The New York Festivals® Radio Awards has announced its 2025 Grand Jury. The 2025 Radio Awards Grand Jury features over 100 global leaders from the radio industry across six continents. This distinguished panel comprises world-class content creators, industry visionaries, and iconic voices. Recruited from renowned companies, these directors, producers, journalists, writers, and sound artists are celebrated for their innovation and engaging storytelling. “The robust world of audio storytelling today is fully represented in the 2025 edition of the Grand Jury,” said Rose Anderson, EVP/executive director, New York Festivals Radio Awards. “From audiobooks to podcasts, from investigative journalism to live events, and from mystery to social justice, this year’s jury members volunteer their time and lend their expertise.” The New York Festivals Radio Awards provides a platform to celebrate creative storytellers from around the world. For 67 years, NYF has recognized both innovation and exceptional quality in broadcast audio content across all genres and platforms since 1957. Since 2023, The National Press Club, has partnered with New York Festivals to honor the highest scoring news program across the Coverage Of Breaking News Story, Coverage Of Ongoing News Story, Nonfiction Series, Investigative Journalism Podcast, and News Podcast categories. The winner will be announced during the 2025 Storytellers Gala in April. NYF’s Radio Awards receives entries from radio stations, networks, and independent producers from over 30 countries around the globe. The mission of the competition is to honor the achievements of the men and women who make up the global audio storytelling community. To see complete list of Grand Jurors click here 
more recognition as a (legacy) medium that’s constantly innovating and evolving to enhance the consumer experience and the advertiser opportunity. At the heart of Audio lives great storytelling. From the beginning of humankind to today’s best advertising, storytelling is the single most effective tool for sharing information and knowledge – all while entertaining, educating and yes, selling. Storytelling is a constant, but the way stories are told is shifting, driven by new technologies and approaches that allow brands to create more emotional connection, deliver more personalized experiences and scale their campaigns for maximum impact. And no medium is better equipped to do this than audio.” 
this year’s Benztown 50 is the presentation of the voiceover industry’s highest honor, the Chris Corley Lifetime Achievement Award, to Ann DeWig. Benztown president Dave “Chachi” Denes says, “We are thrilled to recognize the top 50 VO artists in the U.S. and Canada for 2024, along with the peer-voted ‘Best of Format’ honorees and the great Ann DeWig, recipient of the Chris Corley Lifetime Achievement Award. These individuals represent the pinnacle of audio branding and are synonymous with many major brands in our industry. Fifteen years ago, when we began working with VO talent, I never imagined we would collaborate with the best in North America. I am incredibly grateful for their support; without it, Benztown would not be where it is today. As we celebrate these honorees, we also honor all world-class VO talent and the emerging voices that shape the future of the industry.” 
Old Friends and Colleagues Gather for CRN International Reunion. Some 50 long-ago colleagues gathered at a warm weekend reunion at a cozy restaurant in the Nutmeg State for what, in the 1970s, began as “Connecticut Radio Network.” It evolved into CRN International, a major advertising promotion agency, which ceased operations a decade ago. CRN SkiWatch reports aired across the USA, customized for each affiliate, and based on conditions reported by CRN’s army of spotters. Pictured above (l-r): consultant Holland Cooke; CRN International founder Barry Berman; and WABC, New York news personality, Joe Connolly. (NOTE: CRN International is not to be confused with long-active CRN Digital Talk Radio.)
AdLarge Adds Innovative “CIRCLE THIS” Podcast to Client Stable. AdLarge, a pioneering podcast advertising agency, has announces the addition of “CIRCLE THIS with Andrea ‘Dre’ Bendewald” to the 
The research notes millennials (ages 27-42) are the most concerned at 83%. The survey finds people are feeling the effects of the higher costs of goods and services, and they remain concerned about inflation. In addition, 37% said their finances are in worse shape than four years ago. Thirty-four percent said their finances are about the same, while only 29% said they’re better off than they were four years ago. The research indicates more than half (52%) of Americans believe the U.S. presidency has a major impact on their personal finances. “We encourage every American to go out and vote,” said Dave Ramsey, personal finance expert and host of “The Ramsey Show.” “But remember, what goes on in your house is a whole lot more important than who’s in the White House. The research shows that less than half of Americans believe a written household budget is the way to win with money. That has to change, or nothing will.”
Incorporating copyrighted material, such as video clips or actualities, can enhance your content, but understanding fair use is critical to avoid legal trouble. Fair use permits limited use of copyrighted material for purposes like criticism, commentary, news reporting, or parody without needing permission. Courts assess fair use based on four factors: purpose and character of the use (is it transformative?), nature of the work (factual vs. creative), amount used, and the effect on the market. Learn practical tips on safely navigating fair use, including using brief excerpts, transforming content, and considering market impact. To read this important article in its entirety, please 
