CUMULUS MEDIA INC. Files 2023 Annual Report on Form 10-K

Ticker: CMLSQ · Form: 10-K · Filed: Feb 27, 2024 · CIK: 1058623

Cumulus Media Inc 10-K Filing Summary
FieldDetail
CompanyCumulus Media Inc (CMLSQ)
Form Type10-K
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0000001
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Cumulus Media, Financial Report, Radio Broadcasting, SEC Filing

TL;DR

<b>CUMULUS MEDIA INC. filed its 2023 10-K report detailing financial data and corporate structure.</b>

AI Summary

CUMULUS MEDIA INC (CMLSQ) filed a Annual Report (10-K) with the SEC on February 27, 2024. Filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is engaged in Radio Broadcasting Stations. Incorporated in Delaware with its principal business address in Atlanta, GA. The filing includes data related to common stock, treasury stock, and additional paid-in capital for the fiscal years 2021, 2022, and 2023. Key financial instruments mentioned include Term Loan Due 2026 and Senior Notes 6.75%.

Why It Matters

For investors and stakeholders tracking CUMULUS MEDIA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cumulus Media's financial performance and position for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed breakdown of equity accounts and debt instruments offers insights into the company's capital structure and its obligations, which are key factors in investment decisions.

Risk Assessment

Risk Level: medium — CUMULUS MEDIA INC shows moderate risk based on this filing. The company operates in the radio broadcasting industry, which is subject to evolving media consumption trends and regulatory changes, posing potential market and operational risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's financial health and industry-specific challenges.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-27 — Filing Date (Date of submission)
  • 2021-12-31 — Prior Year End (Comparative financial data)
  • 2022-12-31 — Prior Year End (Comparative financial data)

Key Players & Entities

  • CUMULUS MEDIA INC (company) — Filer name
  • 2023-12-31 (date) — Fiscal year end
  • 2024-02-27 (date) — Filing date
  • 4832 (industry_code) — Standard Industrial Classification for Radio Broadcasting Stations
  • DE (state) — State of incorporation
  • 30305 (zip_code) — Business and mailing zip code
  • 404-949-0700 (phone_number) — Business phone number
  • 001-38108 (sec_file_number) — SEC file number

FAQ

When did CUMULUS MEDIA INC file this 10-K?

CUMULUS MEDIA INC filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by CUMULUS MEDIA INC (CMLSQ).

Where can I read the original 10-K filing from CUMULUS MEDIA INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CUMULUS MEDIA INC.

What are the key takeaways from CUMULUS MEDIA INC's 10-K?

CUMULUS MEDIA INC filed this 10-K on February 27, 2024. Key takeaways: Filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The company is engaged in Radio Broadcasting Stations.. Incorporated in Delaware with its principal business address in Atlanta, GA..

Is CUMULUS MEDIA INC a risky investment based on this filing?

Based on this 10-K, CUMULUS MEDIA INC presents a moderate-risk profile. The company operates in the radio broadcasting industry, which is subject to evolving media consumption trends and regulatory changes, posing potential market and operational risks.

What should investors do after reading CUMULUS MEDIA INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's financial health and industry-specific challenges. The overall sentiment from this filing is neutral.

Risk Factors

  • Impairment of Intangible Assets [medium — market]: The company may experience impairment of intangible assets, excluding goodwill, which could negatively impact its financial results.

Glossary

ImpairmentOfIntangibleAssetsExcludingGoodwill
A reduction in the carrying value of intangible assets when their recoverable amount is less than their carrying amount, excluding goodwill. (Indicates potential write-downs of assets like broadcast licenses or customer relationships, impacting profitability.)
OtherAssetsNoncurrent
Assets that are not expected to be converted to cash within one year, such as long-term investments or deferred charges. (Represents long-term investments or deferred costs that do not directly contribute to short-term liquidity.)
AccountsPayableAndAccruedLiabilitiesCurrent
Obligations due within one year, including amounts owed to suppliers and accrued expenses. (Reflects the company's short-term payment obligations to its vendors and for operational expenses.)
OtherLiabilitiesNoncurrent
Obligations due after one year, not classified elsewhere. (Includes long-term financial obligations or deferred revenue not covered by other liability categories.)

Filing Stats: 4,459 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-02-27 08:02:34

Key Financial Figures

  • $0.0000001 — stered Class A common stock, par value $0.0000001 per share CMLS Nasdaq Global Market Cl

Filing Documents

Signatures

Signatures 48 3 Table of Contents Cautionary Statement Regarding Forward-Looking Statements In this Annual Report on Form 10-K (this "Form 10-K" or this "Report") the terms "Company," "Cumulus," "we," "us," and "our" refer to Cumulus Media Inc. and its consolidated subsidiaries. This Form 10-K contains and incorporates by reference "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For purposes of federal and state securities laws, forward-looking statements are all statements other than those of historical fact and are typically identified by the words "believes," "contemplates," "expects," "anticipates," "continues," "intends," "likely," "may," "plans," "potential," "should," "will" and similar expressions, whether in the negative or the affirmative. These statements include statements regarding the intent, belief or current expectations of Cumulus and its directors and officers with respect to, among other things, future events, financial results and financial trends expected to impact Cumulus. Such forward-looking statements are and will be, as the case may be, subject to change and subject to many risks, uncertainties and other factors relating to our operations and business environment, which may cause our actual results to be materially different from any future results, expressed or implied, by such forward-looking statements, depending on a variety of important factors, including, but not limited to, those identified in Item 1A, "Risk Factors" in this Form 10-K. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ongoing impact of weakening or uncertain economic conditions on our results of operations, financial condition and liquidity; our achievement of certain expected revenu

Business

Item 1. Business Company Overview Cumulus Media is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 403 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com. We are a Delaware corporation, organized in 2018, and the successor to a Delaware corporation with the same name that was organized in 2002. Our predecessor, CM Wind Down Topco Inc. (formerly known as Cumulus Media, Inc., "Old Cumulus"), and certain of its direct and indirect subsidiaries filed voluntary petitions for bankruptcy relief in November 2017. Old Cumulus and its debtor subsidiaries emerged from Chapter 11 bankruptcy on June 4, 2018 and, prior to winding down its business, it transferred substantially all of its remaining assets to an indirect wholly owned subsidiary of reorganized Cumulus Media Inc. (formerly known as CM Emergence Ne

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