Cumulus Media’s Q4 2025 Revenue Down 14%
Cumulus Media reports its operating results for the fourth quarter and for the full year of 2025. Cumulus’ net revenue in Q4 of 2025 was $188 million, a decline of 14% from the same period in 2024. For the full year
of 2025, net revenue was $741.6 million, a decrease of 10.3% from 2024. For the full year 2025, the company posted a loss of $200.7 million. Cumulus reports by segments and for all of 2025, broadcast revenue was $116.2 million, a decline of 22.2% from 2024. Even digital revenue fell in 2025 to $151.3 million, down 1.9%. Cumulus Media president and CEO Mary G. Berner says, “The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value.”
audio in the car among Americans 13+. Edison adds, “As of Q1 2026, 55% of in-car audio time is spent listening to AM/FM radio. The next closest platform in the car is streaming audio. Time with streaming audio has grown over the 12-year history of Share of Ear but remains a distant competitor to AM/FM radio among the total population ages 13+, with 16% of in-car audio time going to streaming platforms… Among Americans 13-34, 46% of their in-car audio time is spent listening to AM/FM radio and 30% with streaming audio sources.”
conservative or liberal – depending on the channel – all-news radio’s audience is almost perfectly balanced. Audacy adds that it matters when it comes to election season. “While most national news platforms reach consumers who already lean one way or another, all-news radio’s neutrality makes listeners more willing to hear a message – even from a candidate they might initially distrust. The Alter Agents study found that 77% of listeners considered all-news advertisers to be ‘trustworthy’ simply by running adjacent to the content.” 
advertising market that was partially offset by the continued expansion of our high-margin, owned-and-operated direct digital revenues. Beasley recorded an operating loss of approximately $230.0 million in the fourth quarter of 2025, compared to operating income of $7.6 million in the fourth quarter of 2024, driven primarily by a non-cash FCC license impairment charge of $224.8 million, reflecting the company’s updated assessment of the fair value of its broadcast licenses in light of continued secular pressures on the radio industry, as well as $1.7 million in other operating expenses.”
we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately 24% of net revenue, up from roughly 19% of net revenue in 2024, and digital segment operating margins reached record levels as our continued shift toward owned-and-operated and programmatic products gained traction across our markets… Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of our first lien debt. Upon completion of the transaction, which is subject to bondholder participation and expected to close by the end of April, we anticipate total outstanding debt will be reduced to approximately $110 million from $220 million today. We believe this transaction will meaningfully strengthen our balance sheet, enhance financial flexibility, and better position the Company to execute on its strategic priorities. Following its completion, our focus will shift toward further deleveraging through EBITDA growth and continued portfolio optimization.”
deceased, known or unknown, in New Mexico who has made a meaningful impact on their community, through service, leadership, sacrifice, or simply showing up when it matters most. On May 4th, News Radio KKOB will begin announcing honorees, with four individuals recognized each weekday, leading up to a culminating event later this summer. KKOB program director Aaron “Buck” Burnett says, “250 Flags is about recognizing the people who don’t always get the spotlight. New Mexico is full of everyday heroes, and this gives us a chance to tell their stories and honor them in a meaningful way.”
operator Usher Media LLC. The deal includes news/talk KGFW-AM, Kearney and two music brands plus two other music FMs in Hastings and Grand Island. Usher Media is owned and operated by Alan Usher.
San Francisco. Cumulus chief content officer Brian Philips says, “Among our strong field of Cumulus programmers, Luis leapt from the pack as the person possessing the energy and imagination to lead WMAL. Luis visualizes the multi-dimensional future of this big brand. The immense benefit of keeping Luis ‘in house’ is that he will continue to offer expert counsel to our revitalized operations in San Francisco and Los Angeles, as needed.” Segura says, “I’m incredibly excited to work with the legendary staff of Cumulus’ flagship news/talk. WMAL is packed with national names like Larry O’Connor and Chris Plante, and I can’t wait to join the team.”
agencies can use AM/FM radio in their upcoming media plans. Some key points include:1) AM/FM radio has a 64% share of ad-supported audio among registered voters; 2) AM/FM radio has substantial shares (62% to 65%) among Independents, Republicans, and Democrats: 3) Marketers and media agencies significantly underestimate AM/FM radio listening shares and dramatically overestimate Spotify and Pandora audiences; and 4) Digital audio only reaches a third of Americans. With AM/FM radio, reach soars to 73%. 
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PD and operations manager Charlie Steele says, “We’re excited to have Leanne back in the family. Her energy and personality will be a great addition to the show, and I’m excited to hear where Joe, Leanne, and DJ Slide take the show next.” Graham comments, “Just when I thought I was out, they pulled me back in. But seriously, the path of least resistance has a funny way of surprising you. Never in a million years did I imagine my ‘restart button’ would lead me back on air – but I know it’s because it brought me home to my long-lost family at WRNN. I feel like the prodigal daughter finally finding her way back.”
Suarez aboard as a contributor. FOX says Suarez will provide legal and political analysis across all network platforms. Suarez served as mayor of the city of Miami for two terms from 2017 to 2025. Currently, Suarez serves as president of Alpha Wave Global, an investment firm with nearly $30 billion in assets under management and is Of Counsel at Quinn Emanuel Urquhart & Sullivan.
stations in February and March. His “Armed American Radio” and “Daily Defense Hour” shows are now heard on KVOC, Casper, Wyoming. WOBX, Wanchese, North Carolina adds the “Daily Defense Hour.” “Armed American Radio” also joins WNRJ, Huntington, West Virginia and WXIC, Waverly, Ohio. Additionally, WKDP, Corbin, Kentucky bumps the “Daily Defense Hour” to live, daily from 5:00 pm to 6:00 pm.
longtime “Voice of the Colorado Rockies” Jack Corrigan and executive producerJesse Thomas. Goodman – a Colorado native – joins the broadcast team after spending the past two seasons as the radio voice of the Arizona Diamondbacks AA affiliate, the Amarillo Sod Poodles in Texas. KOA and Rockies Radio PD Dave Tepper says, “I was immediately impressed by Zach’s natural, versatile talent first hearing him nearly two years ago. Rockies fans will appreciate his passionate, descriptive style, fueled by years of playing college baseball, alongside one of the great voices of the game, Jack Corrigan.”
In 1952, the success formula for today’s radio was discovered and put into practice by two hungry entrepreneurs: Todd Storz and Gordon McLendon. Both men owned dying radio stations in medium and major markets. The industry was suffering from a lack of purpose or solutions due to the advent of television which drove the migration of hit network radio shows to television. Lucille Ball, Bob Hope, and Gertrude Berg were on radio first.
greater access to trusted news and talk at a time when local information matters more than ever. This expansion reflects our ongoing commitment to serve Asheville and the surrounding communities with credible voices, local connection and meaningful conversations.” iHeartMedia area SVP of programming Zac Davis adds, “After our post–Hurricane Helene broadcast, it became clear just how essential WWNC is to Western North Carolina. Over the past year, we’ve focused on expanding our ability to serve the community, and this next step allows us to reach even more listeners. It’s a natural extension of the incredible work our Asheville team has already done.”
Milner comments, “Joyce is an experienced market leader with deep relationships across Salt Lake City, enabling her to bring sharp local insight and credibility to every client partnership. She excels at delivering integrated marketing solutions, helping clients leverage our multi-platform strategies that maximize the combined power of audio and digital to drive results. Joyce will be a tremendous asset to our Salt Lake City team and a growth catalyst for our clients.”
Federation of Taxi Drivers, Fernando Mateo. The new show, “No Excuses with Fernando Mateo” airs Sundays and 6:00 pm. Station owner John Catsimatidis says, “There are 65 million Hispanics in the U.S. and New York City is home to nearly three million of this fast growing population… With Mateo as part of our on-air lineup, we can super serve the needs and interests of the Hispanic community.”
executives who are dedicated to ensuring full transparency and maximum effectiveness from the Broadcasters Foundation. Our goal is to help every broadcaster who qualifies for aid, and we must always have the funds to do so.” BFOA president Tim McCarthy adds, “Our donors have often commented on the fact that they see the money going where it belongs – to the hard-working individuals in our business who are suffering from debilitating illness or disaster and simply need a hand-up during a trying time. These top-tier ratings are a further affirmation of our ongoing commitment to providing aid to broadcast radio and television professionals in critical need – whether behind the mic, in front of the camera, or at a desk.”
signals as WSCR-AM/FM “The Score” and news/talk WCCO-AM. Audacy president and CEO Kelli Turner comments, “Debbie Kenyon has been a pillar of our business for over a quarter century, and her elevation to regional president for our Central region is a testament to her ability to drive innovation and deliver consistent performance. Her appointment supports our commitment to empower our teams and build on our unmatched presence in local markets and communities while fully leveraging our scale and reach.” Kenyon joins Jeff Federman, Mark Hannon, Claudia Menegus and chief business officer Chris Oliviero in regional president roles overseeing key Audacy markets.
Missouri 6th congressional district. Stigall is a Missouri native who graduated from Northwest Missouri State University and who says five generations of his family have called the 6th district home. He says, “After prayer, believe me, a lot of prayer, and careful consideration with my family, on this 250th anniversary of our great country this year, I’ve decided it’s time to join in the fight.” Stigall says he’s leaving Salem Media to run after U.S. Rep. Sam Graves announced he’s not running for reelection. 
documentary, breaking news, entertainment, and music, submitted by global networks, production companies, and independent storytellers.” Submissions of note include programs from Alabama Media Group, Bloomberg, CBS News, ESPN, NPR, and SiriusXM. Award-winning entries will be announced during the New York Festivals 2026 Storytellers Gala virtual event on May 21. The virtual event will include featured global audio and video highlights, award winners’ acceptance speeches from around the world, and up-close and personal spotlights featuring some of radio and television’s most respected storytellers. 
the industry that I love. I will treasure the friendships and relationships I have built over the years. To those who have taken a chance on me, thank you. To those I have had the privilege to work with over the years, thank you. Working in radio has been a tremendous ride and I have enjoyed every minute of it.” Connoisseur Media CEO Jeff Warshaw says, “Zoe’s career in this industry speaks for itself. We appreciate the experience and insight she shared with our team. I personally thank her for her time with Connoisseur Media and wish her a very happy and well-deserved retirement.”
Salem Media is adding “That KEVIN Show” starring Kevin McCullough to three of its owed-and-operated stations. A combination of the Monday-Friday show and the live Saturday edition are joining the program schedule at KDXE, Little Rock; KSLR, San Antonio; and KNTH, Houston. The program is now heard on 419 affiliate stations. 
Baseball across South Florida. WQAM will broadcast all regular season Marlins games, delivering live play-by-play coverage along with pregame and postgame programming to listeners throughout the region. The broadcasts will also be available through the Audacy app, expanding access for fans across digital and streaming platforms.
The Florida Association of Broadcasters will honor Beasley Broadcast Group CEO Caroline Beasley as a 2026 inductee into the Florida Broadcasters Hall of Fame on June 18 at The Breakers Palm Beach. The Florida Broadcasters Hall of Fame recognizes individuals whose careers have left a lasting mark on Florida’s radio and television industry. Inductees are selected based on a distinguished professional career directly tied to Florida and at least 25 years of service to broadcasting. 
-FM, licensed to Volga. The transaction is pending regulatory approval by the FCC and is expected to close in early summer of this year. Connoisseur Media CEO Jeff Warshaw states, “The Brookings market did not fit into the long-term vision we set out for Connoisseur. As we pursued a potential sale, we looked for local quality operators to purchase these stations and found that the best operators in the market already worked for us! This is not the first time we have encouraged some of our local management to break into ownership so that they could continue to serve the communities we are so committed to. We are incredibly happy that Cami and her group stepped up to the challenge.”
show while Hale was away on vacation in Florida. Blueberry vice president Bruce Biette told the paper it is “time to evolve the station.” Biette added, “Simply put, George has had a magnificent media career. He’s the reason a lot of us chose to get into this business, and we here at Blueberry Broadcasting appreciate everything he’s done for VOM.” The Daily News states, “WVOM is an influential station because it is one of only three in the state that runs a locally produced news talk show and the only one based in the Bangor area. WGAN and WLOB, with shows hosted by conservatives Matt Gagnon and Ray Richardson, respectively, are based in the Portland area.” 
who were excluded from the recently canceled March 24 KABC-TV | University of Southern California gubernatorial debate. Smiley says he’ll speak with Xavier Becerra, Tony Thurmond, Betty Yee, and Antonio Villaraigosa separately in four 15-minute segments about the race, their campaigns, and their plans for California’s future. He adds, “It’s no coincidence that the four gubernatorial candidates who were excluded from a debate hosted by ABC7 and USC – canceled due to public outcry – are now appearing on KBLA Talk 1580, a Los Angeles-based, Black-owned, progressive radio station, to discuss their campaigns and the race for California’s top office.”