Cumulus Media

What Cumulus Media does

Cumulus Media is an audio-first media company headquartered in Atlanta, Georgia, operating as America's second-largest radio station owner. The company runs approximately 394 owned-and-operated radio stations across 84 U.S. markets and, through its wholly-owned subsidiary Westwood One, distributes nationally-syndicated sports, news, talk, and entertainment programming to more than 7,800 affiliated stations. Its content portfolio is anchored by exclusive multi-decade rights with the NFL (39th year), NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, supplemented by the Cumulus Podcast Network, which generates over 1.5 billion annual podcast downloads, and digital and voice-activated streaming platforms that together produce more than 5 billion annualized impressions.

The company's technology stack combines traditional audio broadcasting infrastructure with digital streaming, mobile applications, podcast distribution, and voice-activated device support (including Alexa). A January 2026 partnership with Eon Media added AI-driven metadata extraction across the station network to support content discoverability and audience insights. Cumulus generates revenue primarily through B2B advertising across four streams: local broadcast radio spot sales, national network advertising via Westwood One, digital advertising across on-demand and streaming platforms, and integrated digital marketing services serving approximately 3,000 clients. Pricing is quote-based and varies by market, format, daypart, audience reach, and campaign scope, with multi-year contracts typical for both local and national advertisers.

The company is publicly traded on OTCQB under the ticker CMLS.Q after a Nasdaq delisting in May 2025, and filed for prepackaged Chapter 11 bankruptcy on March 5, 2026, with court approval of its reorganization plan on April 15, 2026, to eliminate approximately $600 million of debt and transfer equity ownership to lenders. As of 2025, net revenue was $741.7 million (down 10.3% year-over-year), Adjusted EBITDA was $52.0 million (down 37.1%), and Q1 2026 revenue declined 12.2% year-over-year to $164.4 million, reflecting the secular decline of broadcast radio advertising against digital audio competition.

Name

Cumulus Media

Legal name

Cumulus Media Inc.

Website

https://cumulusmedia.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cumulus Media is an audio-first media company operating ~394 owned-and-operated radio stations across 84 U.S. markets and the Westwood One network reaching 7,800+ affiliated stations. It serves local and national advertisers with broadcast, digital, podcast, and integrated marketing services, generating $741.7M in 2025 revenue.

Ownership category

akta.pro rank

Product category

Radio Broadcasting & Audio Advertising

NAICS

Radio and Television Broadcasting Stations (5161), Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (5162), Motion Picture and Video Industries (5121)

SIC

Radio & Tv Broadcasting & Communications Equipment (3663), Television Broadcasting Stations (4833)

akta.pro primary industry

Talk/News/Sports Radio Networks & Syndication (MPAIAEAG)

akta.pro secondary industries

Radio Content Production & Studios (On-air Production, Imaging, Jingles) (MPAIAEAL), Podcast Networks & Studio Platforms (MPAIADAC), Internet Radio & Streaming Broadcast Stations (Simulcast/Online-only) (MPAIAEAE)

Keywords

• Broadcast radio advertising
• Audio media network
• Radio station operations
• Podcast advertising
• Digital audio marketing

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Broadcast Radio Advertising: Traditional AM/FM radio spot advertising sold locally through station sales teams and nationally through network sales. Revenue declined 16.3% in Q1 2026 compared to prior year.
2. Network Advertising: National audio advertising through Westwood One's network programming including NFL, NCAA, and other syndicated content. Network revenue down 24.9% in Q1 2026.
3. Digital Advertising: Digital advertising across on-demand, mobile, social, and voice-activated platforms. Digital revenue decreased 8.3% in Q1 2026 but digital marketing services grew 34%.
4. Digital Marketing Services: Integrated digital marketing services provided to approximately 3,000 clients, offering campaign execution, post-campaign analysis, and strategic planning for digital advertising initiatives.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Cumulus Media is an audio-first media company that sells advertising across three primary channels: (1) 394 owned-and-operated local radio stations across 84 U.S. markets; (2) the Westwood One national audio network distributing syndicated sports (NFL, NCAA, Masters), news, talk, and entertainment programming across more than 7,800 affiliated stations; and (3) the Cumulus Podcast Network of original podcasts. The company also provides integrated digital marketing services to approximately 3,000 business clients across on-demand, mobile, social, and voice-activated platforms.

Product overview

Cumulus Media is an audio-first media company operating as a platform-plus-networks architecture with three primary divisions: (1) local radio broadcasting through approximately 394 owned-and-operated stations across 84 U.S. markets; (2) national audio distribution via Westwood One, serving over 7,800 affiliated stations with syndicated sports, news, talk, and entertainment programming from brands including the NFL, NCAA, Masters, and AP News; and (3) original podcast content through the Cumulus Podcast Network. The company generates revenue by providing advertisers with local, national, and digital reach through broadcast, on-demand, mobile, social, and voice-activated platforms, supplemented by integrated digital marketing services (~3,000 clients), research & insights offerings, and branded content campaigns via the 'Your Music Plus' audio series.

Differentiator

Problem solved

Functional benefit

Brands

• Westwood One Sports: Sports programming network broadcasting NFL, NCAA, and other major sporting events
• Podcast Download Report

Products and services

• Cumulus Media Radio Stations High-quality local programming through 394 owned-and-operated radio stations across 84 markets in the United States, featuring various formats including country, news/talk, sports, rock, alternative, and CHR. Sold to local and regional advertisers via regional sales teams.
• Westwood One America's largest national audio network, delivering nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, NCAA, Masters, US Soccer, AP News, and Academy of Country Music Awards across more than 7,800 affiliated stations.
• Cumulus Podcast Network

Quantifiable outcome

• Radio advertising delivers 14% average increase in website traffic according to Sampled case study analysis.
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability3 records

Feature3 records

Partnerships

Five partnerships are on record, tiered supporting, strategic and core.

• The Media Audit and TOMA.SolutionssupportingTechnology or Integration · 30 April 2026Cumulus Media partnered with The Media Audit and TOMA.Solutions to sharpen local edge with advanced consumer insights and market intelligence, enhancing data-driven sales capabilities.
• Eon MediastrategicTechnology or Integration · 21 January 2026Cumulus Media partnered with Toronto-based Eon Media to develop AI-driven audio initiatives. The joint partnership leverages Eon Media's in-house AI technology to extract metadata from Cumulus Media's 395 U.S. radio stations and digital assets, aiming to enhance audience engagement, content discoverability, and unlock new monetization opportunities across radio and digital platforms.
• AudacycoreStrategic or Co-development Partner · 21 October 2025Cumulus Media's Westwood One and Audacy announced the rebranding of the Infinity Sports Network to Westwood One Sports, effective December 29, 2025. Westwood One assumed programming and distribution for most syndicated sports content including 'The Jim Rome Show,' while Audacy continues producing BetMGM Network programs. The expanded network includes live coverage, on-demand streaming, and podcast distribution.
• RumblestrategicStrategic or Co-development Partner · 5 August 2025Cumulus Media and Rumble announced a strategic partnership to combine video and audio content distribution. Under the agreement, Westwood One distributes audio and video content on Rumble's platform while collaborating to maximize advertising opportunities for brand partners through multi-platform solutions, creating new monetization opportunities for creators.
• Signal Hill InsightssupportingStrategic or Co-development Partner · 2 December 2024Cumulus Media partners with Signal Hill Insights to produce the semi-annual Podcast Download report, providing industry-leading research on podcast consumption, platform preferences, and listener behavior trends.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Spotify: Spotify is the leading global music and podcast streaming platform with significant advertising-supported revenue. Comparable as a competing destination for Cumulus's digital audio inventory, podcasts, and listener attention.
• Sirius XM Holdings: Sirius XM is a satellite radio subscription service with a large original content and podcast portfolio that competes for advertiser and listener attention alongside Cumulus's Westwood One network and podcast business.
• NPR: NPR operates a national network of member stations and a major podcast platform, competing for the same news/talk audiences and underwriting dollars that Cumulus and Westwood One target.

Emerging players

• SoundCloud: SoundCloud is a digital audio streaming and creator platform with podcast and music capabilities. Comparable as an emerging digital audio competitor for Cumulus Podcast Network creators and listeners.

Direct peers

• Salem Communications: Salem Communications (now Salem Media Group) operates radio stations nationally with a focus on Christian and conservative talk formats, plus digital and publishing assets. Comparable as a U.S. radio broadcasting operator with overlapping advertiser mix.
• Townsquare Media: Townsquare Media operates ~320 radio stations in mid-sized U.S. markets plus a digital marketing services arm (Townsquare Interactive). Comparable to Cumulus as a smaller-scale radio operator with a parallel digital services pivot.
• Emmis Communications: Emmis Communications owns and operates radio stations in major U.S. markets (e.g., Hot 97 in New York) and has been active in digital audio and podcasting. Comparable as a radio broadcaster pivoting toward digital audio.
• Beasley Broadcast Group: Beasley Broadcast Group operates radio stations in multiple U.S. markets and a digital/audio streaming business. Comparable as a smaller, publicly traded direct competitor in local radio broadcasting.
• iHeartMedia: iHeartMedia is the largest U.S. radio operator with roughly 860 stations, iHeartRadio digital platform, and a major podcast network. Directly comparable to Cumulus across owned-and-operated stations, national audio network, digital, and podcast verticals.
• Audacy: Audacy operates ~200 U.S. radio stations, the Audacy streaming app, and a leading podcast portfolio; it partnered with Cumulus on the Westwood One Sports rebranding. Comparable as a direct competitor in radio broadcasting, digital streaming, and podcasts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/CumulusMedia
• LinkedInlinkedin.com/company/cumulus-media-digital

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cumulus Media