Media industry
fromRAIN News
1 week agoCumulus Media files second bankruptcy; $600M at stake
Cumulus Media filed for Chapter 11 bankruptcy using a prepackaged agreement to eliminate $600 million in debt while maintaining normal operations.
Posted total net revenue of $180.3 million, a decline of 11.5% year-over-year Generated digital revenue of $39.0 million, a decrease of 2.6% year-over-year But there is nuance in those metrics also, related to the departure of The Dan Bongino Show, an extraordinarily podcast. (Bongino discontinued the podcast when he was recruited as Director of the FBI.) Bongino's departure registers on the finance sheet as a $6.9 million negative impact.
"This partnership represents a powerful alignment between two media innovators," said Collin Jones, President, Westwood One and EVP, Corporate Strategy & Development, Cumulus Media. "By combining our premium podcast inventory with Rumble's dynamic creator ecosystem, we're creating a new frontier for host-read advertising that delivers authenticity, scale, and brand safety."