Cumulus Media Q2 Net Revenue Down 9.7%
Cumulus Media – which is still awaiting approval from the FCC as it works to exit Chapter 11 reorganization – reports its operating results for the second quarter of 2026 and reveals net revenue of $167.9 million, a decline of 9.7% from the same period in 2025. The company reports a net loss of $9.2 million, down from the 
$12.8 million net loss it reported for the same period in 2025. Breaking down the company’s revenue by segment, broadcast spot revenue was $81.5 million, down 10.6% from a year ago; network revenue was $21.4 million, a decline of 21.5% compared to 2025; and digital revenue was $38.7 million, basically flat compared to Q2 of 2025. Cumulus Media CEO Mary G. Berner comments, “We are pleased to report our second quarter earnings. With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities.”
For the second quarter of 2026, Salem’s net revenue was $45.9 million, a decrease of 15.2% from the same period in 2025. On the plus side, Salem’s net loss for the quarter was $3.4 million, a dramatic 81% decline from the $17.6 million net loss it reported a year ago. By segment for the quarter, Salem’s broadcast advertising revenue was $17.85 million, a dip of 11.3% compared to Q2 of 2025; broadcast programming revenue was $34.3 million, a decline of 6.3%; and digital revenue was $32.7 million, a decrease of 12.5%.
we are encouraged by the progress we’re making in transforming Beasley into a more diversified, higher-margin media company. Our digital and local direct spot businesses continue to build momentum, our cost structure is significantly more efficient than it was a year ago, and we remain focused on improving the quality of our revenue. We believe these initiatives are creating a stronger operating foundation and positioning the company for more consistent financial performance over the long term. At the same time, we continue to execute against the financial priorities we established at the beginning of the year. We are operating with discipline, allocating capital thoughtfully, and taking deliberate actions to strengthen our balance sheet through debt reduction, portfolio optimization, and improved financial flexibility. These efforts, combined with our ongoing operational initiatives, are designed to improve cash flow generation and create long-term value for our shareholders. Looking ahead, our strategy remains unchanged. We are focused on delivering sustainable revenue growth, expanding EBITDA through continued operating discipline and higher-margin revenue, and further reducing leverage over time. While the broader advertising environment remains dynamic, we believe the actions we are taking today are positioning Beasley to emerge as a stronger, more profitable, and more resilient company.”
company’s Digital Audio Group revenue was $364 million, up 12% over Q2 of 2025, with the podcast segment rising 21% on revenue of $162 million. iHeartMedia chairman and CEO Bob Pittman comments, “We’re pleased with our second quarter results, generating Adjusted EBITDA of $152 million, slightly above the midpoint of our previously provided guidance range. Our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance. Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace – an incremental growth opportunity for us, including on streaming video services including Netflix and Disney+ and Hulu, which we announced today. And our work in building our digital assets continues to pay off; this is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.”
a year ago. Additionally, Urban One reports a net loss of approximately $3.1 million for the period, compared to the net loss of $11.7 million it reported in Q1 of 2025. Urban One CEO and president Alfred C. Liggins, III states, “First quarter revenue was soft across all divisions, with TV down 18.5%, Digital down 33.5%, Radio down 6.4% and Reach Media dropped by 17.0%. We had budgeted for a down-quarter in our Radio and TV divisions, but not at Reach Media and Digital… In Radio, our Miller Kaplan local Radio revenues were down 5.5% year-over-year vs the market down 7.1% and national was down 8.2%, vs the market down 6.7%. Including local digital, first quarter Radio revenue was down 2.8%. We did approximately $1.0 million in gross political advertising in the first quarter and have another $1.0 million on the books for the second quarter. Radio second quarter is pacing down 2.6%. We are in a turnaround situation at Reach Media, where we continue to be impacted by a weak marketplace, key client attrition and sales team re-building. Digital also had a soft first quarter, driven by weak advertiser demand but second quarter is forecasted to be up, and there is optimism for the back half of the year based on the current sales pipeline.”
2025. Looking at Salem’s business segments, the company reports Broadcast Programming Revenue (from local and national block programming) of $17.2 million in Q1 of 2026, while Broadcast Advertising Revenue (national & local spot, network advertising) was $9.27 million during the quarter. Meanwhile, Salem’s total digital revenue for the period was $18.1 million. Salem Media announced this week that it is in the process of being acquired by WaterStone in a stock purchase deal that will take the company private. 
Audio Group continued its strong momentum, with revenues up 18% year over year, slightly ahead of our guidance, while our Podcasting revenues grew 26.9% compared to prior year, above our guidance. We are announcing a new savings initiative that will generate an additional $50 million of annualized savings, in addition to our previously announced $100 million of in-year 2026 savings, as well as now paying minimal cash taxes in 2026, which we expect will have a $150 to $200 million impact over the next 3 years. And today we are reaffirming our Full Year Adjusted EBITDA guide of $800 million and our Free Cash Flow guide of $200 million.” The company is also expecting the increase in programmatic revenue to be some $200 million (+50%) during 2026. 
a decline of 7.9% from last year and broadcast advertising revenue was $38.6 million, down 6.6% from the same period a year ago. Townsquare Media CEO Bill Wilson comments, “With our digital growth engine driving our performance, each year our business mix continues to shift to a greater percentage of both digital revenue and profit. In the first quarter, 59% of our total revenue and 63% of our total Segment Profit was generated from our differentiated digital solutions – each our highest percentages ever. Our Digital Advertising revenue returned to high-single digit revenue growth in Q1, which we believe will continue throughout the year due to the consistent performance of our digital programmatic offering and the success of our Media Partnership division; the strong revenue growth of the direct sales of our local owned and operated digital properties; and the stabilization of our online audience and remnant revenue. I would also like to highlight Townsquare Interactive’s strong profit performance, with Segment Profit margin of 34% in Q1, representing year-over-year margin expansion.” The company also announced that its board of directors approved a quarterly cash dividend of $0.20 per share payable on August 3, 2026 to shareholders of record as of the close of business on July 27, 2026.
a is reporting a net loss of $2.4 million for the quarter compared to the net loss of $1.6 million it reported in Q1 of 2025. Saga paid a quarterly dividend of $0.25 per share on March 20, 2026. The aggregate amount of the quarterly dividend was approximately $1.6 million. With payment of this most recent declaration Saga will have paid over $145 million in dividends to shareholders since the first special dividend was paid in 2012.
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.”
company says Total Digital Segment Profit decreased 14.8%; Digital Advertising Segment Profit decreased 28.0%; Subscription Digital Marketing Solutions Segment Profit increased 12.0%; and Broadcast Advertising net revenue decreased 17.8%. Townsquare CEO Bill Wilson comments, “I am pleased to share that Townsquare’s fourth quarter and year end results met our previously issued net revenue and Adjusted EBITDA guidance, reflecting our team’s hard work in the current environment. We are proud that the execution of our Digital First Local Media strategy allowed us to deliver excellent results for our clients, while also outperforming competitors and gaining market share. In 2025, net revenue decreased -2.8% year-over-year excluding political, and -5.2% in total, and Adjusted EBITDA decreased -3.0% year-over-year excluding political, and -12.2% in total. Importantly, due to our strong expense management, Adjusted EBITDA margins excluding political were constant year-over-year, despite revenue declines. In addition, our full year net loss improved by $1.2 million year-over-year, to a net loss of $9.8 million.”
3.9% to $252.4 million in 2025. After posting net income of $16.2 million in 2024, the company is reporting a net loss of $34.6 million in 2025. Salem reports revenue by segments and the erosion of its broadcast advertising revenue was dramatic after it shut down its Christian music formats and sold numerous radio stations, falling 36% — from $62.6 million in 2024 to $40.75 million in 2025. However, the company’s digital revenue (including advertising, streaming, downloads, and subscriptions) rose 5.5% from $83.8 million in 2024 to $88.4 million in 2025.
company says that digital revenue increased 25.8% to $4.3 million in the fourth quarter, compared to $3.5 million for the same period last year. For the full year of 2025, Saga posts a net loss of $7.9 million compared to the net income of $3.46 million it reported for the full year of 2024.
2024. Urban One CEO and president Alfred C. Liggins, III, states, “As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television business. Despite this, we were able to achieve full-year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% – 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently down 5%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split.”
revenue was $51.3 million, a decline of 12.6% from the same period in 2024. The company’s broadcast revenue was $40.7 million, down 11.5% from Q3 of 2024, and digital media revenue was $10.5 million, down 3% from the same period a year ago. The company posted a net loss of $2.3 million compared to the net loss of $6.6 million it posted in Q3 of 2024.
agency advertising market, partially offset by sustained growth in high-margin, owned-and-operated digital revenue and local direct sales.” Beasley recorded an operating loss of approximately $300,000 in the third quarter of 2025, compared to an operating income of $1.2 million in the 
prior year quarter. Beasley CEO Caroline Beasley comments, “Our third quarter results demonstrate continued operational discipline. While advertising demand remains challenging, particularly within agency channels, the quality of our revenue mix continues to strengthen, led by sustained growth and record margins in our digital business. Digital revenue now represents roughly one-quarter of total company revenue, with owned-and-operated products driving margin expansion and scalability. At the same time, our cost-reduction initiatives are yielding tangible, lasting benefits. We’ve reduced total station operating and corporate expenses by $15 million year-to-date, while improving organizational efficiency and positioning Beasley to generate higher returns on every dollar of revenue. As we move into the fourth quarter, we remain focused on disciplined execution, strengthening our balance sheet through planned asset sales, and advancing our strategy to deliver sustainable shareholder value.”
Townsquare’s total Digital net revenue increased +2.1% year-over-year, representing 55% of the Company’s total net revenue, and Digital Segment Profit increased +3.6% year-over-year, operating at a 26% profit margin, and representing 55% of our total Segment Profit. In particular, I’d like to highlight the strong performance of our Direct Digital Advertising revenue streams 
(including the direct sales of our owned and operated digital properties and our programmatic offering), which increased +7% year-over-year in the third quarter, partially offsetting the significant short-term headwinds we are currently facing due to the deterioration in online audience trends; and the strong profit performance of Townsquare Interactive, which delivered Segment Profit growth of +21% year-over-year in the third quarter (+$1.1 million) and +19% year-over-year in the September year-to-date period (+$3.0 million). Despite numerous headwinds that we have encountered, we are proud that the execution of our Digital First Local Media strategy has allowed us to deliver excellent results for our clients, while also producing strong cash flow from operations due to the thoughtful and deliberate management of our expense base.”
the same period a year ago. Urban One CEO and president Alfred C. Liggins, III says, “Third quarter results came in slightly softer than expected across the board. Core radio, excluding political, finished down 8.1%, and our Radio segment is currently pacing down 30.2% all-in and 6.4% ex-political for the fourth quarter of 2025. Revenues at our Reach Media and Digital segments were down 40.0% and 30.0% respectively, which was on the lower end of expectations. Cable TV advertising was down 5.4% and affiliate revenue was down 9.1% driven by continuing subscriber churn. In light of the soft overall market conditions, we are reducing our full year guidance from $60 million of Adjusted EBITDA to $56 to $58 million. Our focus remains on controlling costs, managing debt, leverage and liquidity. During the third quarter of 2025, we repurchased $4.5 million of our 2028 Notes at an average price of approximately 52.0% of par, reducing our outstanding debt balance to $487.8 million.” 
8.4% excluding the $6.9 million impact from discontinuing the DailyWire and Dan Bongino relationships. The company posted a net loss of $20.4 million compared to net loss of $10.3 million in Q3 2024. Cumulus breaks down its revenue by segment and reports that its broadcast radio spot revenue declined 13.1% to $83.7 million, while network revenue fell 26.5% to $31.2 million. Total broadcast revenue was 
$114.9 million, a decrease of 17.2% from the same period in 2024. Cumulus president and CEO Mary G. Berner says, “In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter. Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth. These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the company for long-term success through strong execution and by maximizing value from the company’s underlying assets.”
says, “While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels. We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the 38% year-over-year increase in our digital marketing services business. Additionally, we executed $5 million of annualized cost reductions, bringing total annualized cost reductions to $175 million over the last 5 years. These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, while we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company’s valuable underlying assets.”
reporting a net loss of $48.8 million in the same quarter a year ago. Townsquare reports revenue in segments and the broadcast advertising segment saw net revenue of $48.7 million, a decrease of 9.2% from the same quarter in 2024. The company’s digital advertising segment’s net revenue was $42.5 million, an increase of 2.4% over Q2 of 2024.
same period in 2024. The company reports that net broadcast revenue was $39.8 million, down 13.6% from Q1 in 2024, and digital media revenue also fell to $10.2 million, a decline of about 4.5%. Salem’s net loss for the quarter was $7.1 million compared to the net loss of $5.1 million it reported in Q1 of 2024.
expectations: core radio advertising finished at -12.4% excluding digital, and Cable TV advertising was -6.3%. Our cable TV ratings stabilized significantly in the first quarter of 2025 and are performing in line with our 2025 budget. Second quarter core radio advertising pacings have weakened over the past several weeks and are now -8.7%. Our first quarter 2025 digital revenues were down 16.1% driven by expected weakness in streaming and podcasting revenues. Based on our year-to-date performance, we reaffirm our full year guidance of $75 million in Adjusted EBITDA. Our cumulative debt repurchases so far in 2025 are $88.6 million at an average price of 53.9%, resulting in reduced gross debt of $495.9 million, and we currently have approximately $79.8 million of cash on hand. In a challenging marketplace, our focus remains on controlling costs, managing leverage and retaining a strong liquidity position.”
decreased 2.2% for the quarter to $22 million compared to the same period last year. Saga reports a net loss of $1.6 million for the quarter consistent with the same period last year. Looking ahead, the company says revenue pacing for the second quarter remains uncertain but is improving as the quarter progresses. For the second quarter Saga is currently pacing down mid-single digits. April was down high-single digits. May improved to being down low-single digits and June is approximately flat with the same period last year.
investment. Other notes from the first quarter include: Revenue from new business accounted for 18% of net revenue; Local revenue, including digital packages sold locally, accounted for 71% of net revenue; Digital revenue was comparable to the first quarter of 2024 but increased 6% year-over-year to $10.8 million, on a same-station basis; Digital revenue accounted for 22% of net revenue; and Digital segment operating margin was 18%. Beasley CEO Caroline Beasley says, “Our first quarter results 
reflect the strength of our ongoing transformation and the resilience of our core strategy. While revenue was impacted by persistent macroeconomic headwinds, we mitigated this through disciplined cost management, operational streamlining, and continued momentum in our digital business, resulting in an Operating Loss of $2.0 million and year-over-year Adjusted EBITDA growth. Digital revenue now represents over 20% of total revenue, and the meaningful expansion in digital segment operating income underscores the scalability of our platform and the impact of our strategic investments. As we look ahead, we remain focused on unlocking margin expansion, accelerating our digital evolution, and driving long-term value for our stockholders through thoughtful execution and innovation. We are particularly encouraged by the continued growth in our high-margin digital offerings and the early success of new digital and content initiatives. With a more agile operating structure, a differentiated content portfolio, and deepened advertiser engagement, we believe Beasley is well-positioned to navigate short-term market challenges while building a more durable and diversified revenue base.”