Editing Cumulus Media

{{Short description|American radio broadcasting company}}
{{Use American English|date=July 2022}}
{{Use mdy dates|date=December 2019}}
{{Infobox company
| name = Cumulus Media, Inc.
| logo = Cumulus Media logo.svg
| logo_caption = 
| type = [[Public company|Public]]
| traded_as = {{nasdaq|CMLS}} (Class A)<br />[[Russell 2000 Index]] component
| ISIN = {{ISIN|sl=n|pl=y|US2310828015}}
| foundation = {{start date and age|1998|08}}
| founders = {{Unbulleted list
   | Lewis Dickey Jr.
   | Richard Weening
   }}
| industry = [[Broadcasting]]
| location = [[Atlanta]], Georgia, U.S.
| key_people = Mary G. Berner ([[Chief executive officer|CEO]], [[President (corporate title)|president]] and [[Director (business)|director]])<br /> Frank Lopez-Balboa ([[Executive vice president|EVP]], treasurer & [[Chief financial officer|CFO]])<br />Richard S. Denning ([[Senior vice president|SVP]], secretary & [[general counsel]])
| owner = Mary G. Berner (4.5%)
| num_employees = 3,367
| num_employees_year = FY23
| subsid = [[Westwood One]]
| services = [[Radio broadcasting]]
| revenue = {{decrease}} {{US$|844.5&nbsp;million|link=no}}
| revenue_year = FY23
| operating_income = {{decrease}} {{US$|1,035}}
| income_year = FY23
| net_income = {{decrease}} {{US$|18}}
| net_income_year = FY23
| assets = {{decrease}} {{US$|7,009}}
| assets_year = FY23
| homepage = {{URL|cumulusmedia.com}}
}}

'''Cumulus Media, Inc.''' is a broadcasting company of the [[United States]] and is the second largest owner and operator of [[AM broadcasting|AM]] and [[FM broadcasting|FM]] radio stations in the United States ahead of [[Audacy, Inc.|Audacy]] and behind [[iHeartMedia]]. As of June 2019, Cumulus lists ownership of 428 stations in 87 [[media market]]s.<ref>{{cite web|url=http://www.cumulus.com/|title=Cumulus Media|website=cumulus.com|access-date=November 30, 2017}}</ref> It also owns and operates [[Westwood One]]. Its headquarters are located in [[Atlanta]], Georgia. Its subsidiaries include '''Cumulus Broadcasting LLC''', '''Cumulus Licensing LLC''' and '''Broadcast Software International Inc.'''<ref>{{cite web|title=Subsidiaries of Cumulus Media Inc|url=https://www.sec.gov/Archives/edgar/containers/fix026/1058623/000095014408002024/g12250exv21w1.htm|publisher=U.S. Securities and Exchange Commission|access-date=March 23, 2014|date=October 14, 2013}}</ref>

==History==
===Origins===
Cumulus Media was established in August 1998 by radio consultant Lewis Dickey Jr. and media and technology entrepreneur Richard Weening. The [[Telecommunications Act of 1996]], among other legislation, relaxed media ownership restrictions, allowing a single owner to possess or control an unprecedented number of radio stations per market and nationwide. Dickey, then a nationally known radio programming consultant, was acting as a consultant to a small radio group in which Weening had a personal investment. Weening signed onto Dickey's idea to acquire and operate radio stations in mid-size markets as opposed to the largest markets on which competing radio group [[Clear Channel Communications]] was focusing. Dickey was the radio expert and Weening was the corporate finance and start-up CEO. Dickey was president of both radio consulting firm Stratford Research<ref>{{cite web|url=http://www.fmqb.com/Article.asp?id=1280111|title=Lewis Dickey, Jr.|url-status=dead|access-date=November 30, 2015|archive-url=https://web.archive.org/web/20160107000401/http://www.fmqb.com/Article.asp?id=1280111|archive-date=January 7, 2016}}</ref> and his family company, Midwestern Broadcasting, with two stations in [[Toledo, Ohio]]; these stations would later be acquired by Cumulus. Weening had successful experience as a start-up CEO in book and magazine publishing, online services and enterprise software systems. He was then CEO of Quaestus & Co., Inc., a [[private equity]] firm specializing in media and technology startups. For the new radio company, Weening chose the name Cumulus for the [[Cumulus cloud|type of cloud formation]] for their ubiquity in the sky, which Weening and Dickey hoped would be the same for their stations across the country. Quaestus provided the seed capital to make the first station acquisitions as a model for the Cumulus business strategy.<ref name="fundinguniverse.com">{{cite web|url=http://www.fundinguniverse.com/company-histories/cumulus-media-inc-history/|title=History of Cumulus Media Inc.|website=FundingUniverse|access-date=November 30, 2017}}</ref>

The next significant milestone was obtaining a $50&nbsp;million investment from the State of Wisconsin Investment Board (SWIB),<ref>{{Cite web|url=https://www.swib.state.wi.us/|title=State of Wisconsin Investment Board (SWIB)|website=swib-1}}</ref> which previously invested in Weening's magazine publishing company. With this capital in place, Cumulus began full-scale operations on May 22, 1997. Weening assumed the role of Executive chairman focusing on acquisitions deal structuring, corporate finance, and internet from the company's original headquarters in [[Milwaukee, Wisconsin]]. Dickey selected stations to buy and oversaw radio programming, operations and strategy as Executive vice-chairman. Dickey brought in highly regarded radio operator William Bungeroth to serve as President of Cumulus Broadcasting from new offices in [[Chicago, Illinois|Chicago's]] [[Hancock Center]]. Having a reputation as an advertising sales leader, Bungeroth oversaw market-level tactical execution, including the integration of newly acquired stations into market operating units. John Dickey, brother of Lewis and himself an experienced radio programming consultant. would oversee station content.<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/.../person.asp?.|title=Terms of Service Violation|date=June 24, 2023 |publisher=Bloomberg L.P.}}</ref><ref>{{cite web|url=https://www.bloomberg.com/research/stocks/.../snapshot.asp?...|title=Terms of Service Violation|date=June 24, 2023 |publisher=Bloomberg L.P.}}</ref>

SWIB's investment was soon followed by another $50&nbsp;million from Wisconsin-based [[Northwestern Mutual Life Insurance Company]] and $25&nbsp;million from NationsBank Capital Corporation. With this financial backing secured, Dickey and Weening began acquiring radio stations yet managed to stay "under the radar", not attracting much notice or competition. In its first 12 months in operation, Cumulus acquired over 100 stations in 31 markets.<ref name="fundinguniverse.com" /> Soon it was clear that the company would need over a billion dollars for its desired acquisitions, and an [[initial public offering]] of stock was soon made.

The Cumulus strategy, as articulated in public filings, was to acquire multiple stations in a city or market, consolidate them physically to share a common infrastructure to [[Economies of scale|reduce operating expenses]] but enrich programming. Each station would be programmed with a unique music format, live programming, brand, and target audience. The central idea was to create a cluster of radio stations that could compete with newspapers by offering advertisers a range of target demographic choices comparable to the range of content sections in print. At the time of Cumulus' founding, newspaper display and classified advertising claimed the largest share of local advertising dollars. By offering a range of audiences like newspapers, Cumulus could gain a greater share of the local advertising dollar than the individual stations could garner separately. In addition, acquiring the top-performing stations in a given market as part of the operating cluster would yield more national advertising. The market focus would be on those deemed to offer substantial growth opportunities, while the station focus was the leading station in the market and other stations well-positioned for significant growth.<ref name="sec.gov">{{cite web |url=https://www.sec.gov/Archives/edgar/data/1058623/000095012399006632/0000950123-99-006632.txt |title=Cumulus Media |website=U.S. Securities and Exchange Commission }}</ref>

===Initial public offering and accelerating acquisitions===
Cumulus became a publicly traded company on June 26, 1998. The company raised $400&nbsp;million selling 7.6&nbsp;million [[Common stock|common shares]] at $14.00 each, $125&nbsp;million in [[preferred stock]], and $160&nbsp;million in Senior Subordinated Bonds. At that time Cumulus owned or was committed to buy 176 stations – 124 FM stations and 52&nbsp;am stations in 34 U.S. markets.<ref name="nasdaq.com">{{cite web |url=http://www.nasdaq.com/markets/ipos/company/cumulus-media-inc-236-4285 |title=CUMULUS MEDIA INC (CMLS) IPO |publisher=NASDAQ |access-date=November 30, 2017 }}</ref> In its first 17 months, Cumulus acquired 207 stations, creating the first mid-size market radio conglomerate.<ref name="nasdaq.com"/> Following the company's IPO, its stock fell from $14 to $8 per share on October 2, 1998 before beginning a climb to close 1999 at $50.75. Some radio executives familiar with small markets thought that Cumulus was overpaying to buy top stations in markets that did not have a great upside potential.

For 1998, Cumulus reported revenue of $98.8&nbsp;million, with broadcast cash flow of $26.6&nbsp;million. Its cash-flow margin reached 27 percent. For 1999, Cumulus reported $180&nbsp;million in revenue and $46.7&nbsp;million broadcast cash flow.

On November 19, 1999, Cumulus sold an additional 10&nbsp;million shares at $24.93, raising $250&nbsp;million.<ref name="sec.gov"/> Acquisitions continued at an accelerating pace. At this point, the company owned or operated pending closing 246 stations in 45 markets. In a period of two years and six months, Cumulus became the second largest U.S. broadcasting group in terms of stations operated. It also raised a staggering $1.3&nbsp;billion when considering sales of common and preferred stock shares, senior bank lines of credit, and senior subordinated debt or junk bonds which when issued were rated CCC+.

The stock market acknowledged the remarkable growth with a share price that rose to a high of $51.00 on December 31, 1999.

===Challenges in 2000===
Cumulus was a part-time participant in the euphoria of the [[dot-com bubble]] and was impacted by the hysteria that followed its burst. The reasons included very rapid growth and skyrocketing share price which in the euphoria period fed on itself. The hysteria which followed was driven by both the absence of earnings and rumors which suggested the rapid growth might be false.

The first quarter of 2000 proved to be troubling at Cumulus. A perfect storm of events drove the company's share price from $50 to $13 between January 1 and March 17 when over 30 million shares traded hands. Driving the decline was persistent rumours of possible accounting irregularities in the rapidly assembled radio group. On January 14 respected Wall Street analyst Frank Bodenchak advised institutional clients that Cumulus may miss his estimates for Q4 1999 and the year. A combination of the possible earnings miss and the rumours of accounting problems created a significant loss of investor confidence.

On March 17, Cumulus reported a loss of $0.20 per share vs $0.15 per share expectation.<ref>{{cite web|url=https://money.cnn.com/2000/03/17/companies/cumulus/|title=Cumulus Media shares dive – Mar. 17, 2000|publisher=CNN|access-date=November 30, 2017}}</ref> Broadcast cash flow was $12.3&nbsp;million vs estimates around $17&nbsp;million. In addition the Company reported that company CFO Rick Bonick had left earlier in January. It was not officially announced a fact that CNN Money says "roiled the already active rumour mill about accounting irregularities. The company also reported it would restate quarterly revenues in 1999 as some markets did not comply with Cumulus' revenue recognition policies and booked some advertising contracts for their full value rather than recognizing revenue as the ads aired. As a result, class-action lawsuits were filed against Cumulus charging the company with artificially inflating revenue and profit in 1999. PricewaterhouseCoopers, the company's auditors resigned in April citing material weaknesses in the Cumulus' financial controls<ref>{{cite web|url=https://news.google.com/newspapers?nid=1683&dat=20000425&id=1LsaAAAAIBAJ&pg=4371,5245676&hl=en|title=Milwaukee Journal Sentinel – Google News Archive Search|access-date=March 28, 2018}}{{Dead link|date=April 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> arising from the possible revenue restatements.

Meanwhile, Dickey had taken over day-to-day station operations from Bungeroth who resigned in mid January.

During this same period Weening got into a dispute with the SEC over his proposal to reverse some of his and Dickey's 1999 compensation to help offset the earnings miss. While the proposal was never implemented, the SEC maintained it would have amounted to earnings management and was therefore an infraction. Weening finally agreed to pay a fine of $75,000 without conceding wrongdoing to settle the matter in 2003.

As the dust began to settle in April 2000 the company issued revised annual 10K reports for 1998 and 1999 that showed minor variations in quarterly revenue and adjusted net loss for 1999 from $20.8&nbsp;million to $13.6&nbsp;million and net loss for 1998 was restated from $13.7&nbsp;million to $8&nbsp;million, after the company found a $4.9&nbsp;million tax benefit that had been under-reported. The restatement as it turns out had no material impact on the financials but in the context of the dot-com bust hysteria rumours of accounting irregularities drove a significant decrease in share price which threatened the company's ability to finance pending acquisitions.

===Internet debate===
Since November 1998 the company had been developing an internet platform for classified employment advertising. The new system would operate in tandem with the radio station cluster in each market and offer employers the chance to post available positions on the web and promote their company and the position on the radio stations. At the time of the dot-com bust the system was in beta test in two markets. One of the short-lived but important impacts of the [[dot-com bubble]] burst was a loss of confidence that the promise of the internet would ever happen. Many professional radio people like Dickey were skeptical and believed the best course for Cumulus was to focus on the radio strategy and drop the internet projects.<ref>{{cite web|url=http://www.thefreelibrary.com/CONNECT%2C+Inc.%27s+OneServer+Powers+PhotoDisc+Online+to+Win+PC+Week+Web...-a019039843|title=CONNECT, Inc.'s OneServer Powers PhotoDisc Online to Win PC Week Web Commerce Award; PhotoDisc Named One of Top 10 Web Commerce Sites. – Free Online Library|website=thefreelibrary.com|access-date=November 30, 2017|archive-date=March 17, 2016|archive-url=https://web.archive.org/web/20160317042750/http://www.thefreelibrary.com/CONNECT%2c+Inc.%27s+OneServer+Powers+PhotoDisc+Online+to+Win+PC+Week+Web...-a019039843|url-status=dead}}</ref> Weening who had started a Silicon Valley e-commerce software company in the early 1990s had conceived and was overseeing development of the employment platform.<ref>{{cite web|url=http://www.industryweek.com/information-technology/connect-incmountain-view-calif|title=Connect Inc.Mountain View, Calif.|date=December 21, 2004|access-date=November 30, 2017}}</ref> Weening advocated for continuance of the project as a key potential source of revenue with a service that would be unique among radio companies. Ultimately, the board backed Dickey not Weening and the Internet project was scrapped.

===Changing of the guard===
According to interviews with two former members of the Cumulus board, Lew Dickey and his brother John convinced the board to let them run the company. Dickey, whose family had just sold an Atlanta station for a reported $250&nbsp;million, offered to invest in Cumulus if needed to close pending acquisitions. The board was concerned about the restatement of revenues and the shareholder lawsuits. This is consistent with reports in a radio industry newsletter<ref>Inside Radio, March 16, 2000</ref> which reported that it was a widely held belief in the Radio industry was that the Dickey brothers orchestrated events that lead to the board's decision not to back the Internet project, placing Dickey at the helm of Cumulus, moving the Cumulus headquarters from Milwaukee to Atlanta and to Weening's ultimate resignation as an employee and director in January 2001.<ref>{{cite web|url=https://insidemusicmedia.com/what-happens-to-dickeys-posse-now/|title=What Happens To Dickey's Posse Now – Inside Music Media|website=insidemusicmedia.com|access-date=November 30, 2017}}</ref><ref>{{Cite news |date=January 29, 2001 |title=Weening leaves Cumulus Media |work=bizjournals.com |publisher=[[American City Business Journals]] |url=https://www.bizjournals.com/milwaukee/stories/2001/01/29/daily4.html |access-date=July 27, 2022}}</ref> According to public filings Weening, QUAESTUS management company and other Weening related interests sold their interests in Cumulus a year later in May 2002 at prices ranging from $17 to $21.50 per share not The $55 high but considerably higher than share prices after their sale.

The new CEO of Cumulus Media, as of September 2015 is Mary G Berner.<ref>{{cite press release |title=Cumulus Media Appoints Mary G. Berner Chief Executive Officer |url=http://www.prnewswire.com/news-releases/cumulus-media-appoints-mary-g-berner-chief-executive-officer-300150974.html |last= |first= |access-date=November 30, 2017 |agency=PR Newswire}}</ref><ref>{{cite web|url=http://www.cumulus.com/leadership/mary-g-berner.html|title=Cumulus Media|website=cumulus.com}}</ref>

In April 2016, [[Talk Radio Network]] filed a lawsuit against Cumulus Media and associated defendants, alleging "[[Competition law|antitrust]] violations, unfair competition, breach of contract and breach of fiduciary duty, among other claims", similar to a lawsuit launched in 2012 and dropped in 2014 by the same plaintiff.<ref name=":0">{{Cite web|url=http://www.insideradio.com/free/cumulus-seeks-dismissal-of-syndication-suit/article_2cb77b78-3a4c-11e6-bb14-7b6a286d5dcf.html|title=Cumulus Seeks Dismissal of Syndication Suit.|date=June 24, 2016 |access-date=June 28, 2016}}</ref> In June 2016, Cumulus Media and Westwood One moved to have the new suit dismissed.<ref name=":0" />

In June 2016, Cumulus Media announced the resignation of its executive vice president, treasurer and chief financial officer, Joseph P. Hannan, to "pursue other interests" after six years with the company, to be replaced by John F. Abbot.<ref>{{Cite press release|url=https://globenewswire.com/news-release/2016/06/22/850653/0/en/Cumulus-Media-Appoints-John-Abbot-as-Chief-Financial-Officer.html|title=Cumulus Media Appoints John Abbot as Chief Financial Officer|last=Cumulus Media|date=June 22, 2016|access-date=June 28, 2016}}</ref> It had previously been reported in April 2016 that Cumulus was "going to great lengths to keep two of its executives on board"<ref>{{Cite web |title=Cumulus aims to keep CFO and General Counsel on board with bonus offers |url=https://www.bizjournals.com/atlanta/news/2016/04/01/cumulus-aims-to-keep-cfo-and-general-counsel-on.html |access-date=August 7, 2019 |website=The Business Journals}}</ref> and that Hannan had been offered "a big bonus to stay" as incentive to remain with the company.<ref>{{Cite web|url=https://www.bizjournals.com/atlanta/news/2016/06/22/struggling-cumulus-media-loses-its-cfo.html|website=The Business Journals|access-date=August 7, 2019}}</ref> In October 2016, it was announced Hannan had taken the role of chief financial officer at programmatic advertising company, Social Reality, Inc. [NASDAQ: SRAX].<ref>{{Cite web|url=http://www.insideradio.com/free/cumulus-vet-hannan-secures-cfo-spot-at-ad-tech-company/article_f325c1e6-9705-11e6-8ca9-8f982b3bddf1.html|title=Cumulus Vet Hannan Secures CFO Spot at Ad Tech Company|last=Inside|first=Radio|date=October 20, 2016|website=Inside Radio}}</ref> Per SEC filings, Hannan would also "assist the company for several months to ensure a smooth transition".<ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1058623/000119312516628578/d289548dex991.htm|title=CUMULUS MEDIA APPOINTS JOHN ABBOT AS CHIEF FINANCIAL OFFICER|date=June 22, 2016|website=Securities & Exchange Commission}}</ref> Noble Financial Analyst Michael Kupinski was reported to say that the resignation of CFO JP Hannan for John Abbot was "not a good sign" for the company and as a result of the change, a restructuring was likely.<ref>{{Cite web|url=https://radioink.com/2016/06/23/analyst-new-cumulus-cfo-not-good-sign/|title=Analyst: New Cumulus CFO is Not a Good Sign|date=June 23, 2016|website=Radio Ink|access-date=August 7, 2019}}</ref>

===Chapter 11 bankruptcy===
On November 29, 2017, Cumulus filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] as part of a restructuring of the company.<ref>{{cite news |url=http://www.insideradio.com/cumulus-strikes-restructuring-deal-using-chapter-process/article_f40793d6-d549-11e7-ac29-83ec6bc006bf.html |title=Cumulus Strikes Restructuring Deal—Using Chapter 11 Process. |website=Insideradio.com |access-date=November 30, 2017  }}</ref> Cumulus exited bankruptcy on June 4, 2018.<ref>{{Cite web|url=https://www.paulweiss.com/practices/transactional/bankruptcy-corporate-reorganization?altTemplate=SubNews&article=cumulus-media-emerges-from-chapter-11&id=26571|title=Cumulus Media Emerges From Chapter 11|website=paulweiss.com|access-date=July 18, 2019}}</ref>

===Response to 2020 election fraud claims ===
On January 6, 2021, in response to [[attempts to overturn the 2020 United States presidential election]] and the [[2021 United States Capitol attack|U.S. Capitol attack]], Cumulus Media executives directed its on-air personalities to stop spreading misinformation about unsubstantiated claims of Biden stealing the election or face termination.<ref>{{cite news | last=Hsu | first=Tiffany | url=https://www.nytimes.com/2021/01/11/business/media/cumulus-election-fraud-bongino-levin.html | title=The talk radio network that airs Dan Bongino and Mark Levin warned staff to stop 'dog-whistle talk' | work=The New York Times | date=January 11, 2021 | access-date=January 15, 2021}}</ref><ref>{{cite news | url=https://www.washingtonpost.com/lifestyle/media/cumulus-radio-conservative-election-fraud/2021/01/11/e12ec46e-537c-11eb-a817-e5e7f8a406d6_story.html | title=Talk-radio owner orders conservative hosts to temper election fraud rhetoric | last=Farhi | first=Paul | date=January 15, 2021 | newspaper=[[The Washington Post]] | access-date=January 15, 2021}}</ref><ref>{{cite news |url=https://www.ajc.com/life/radiotvtalk-blog/cumulus-media-tells-its-conservative-talk-show-hosts-to-stop-talking-about-a-stolen-election/PE2VM6SQKBFBZBULQTFZLQUV7A/ | title=Cumulus Media tells its conservative talk show hosts to stop talking about a stolen election | website=Atlanta Journal-Constitution | access-date=January 11, 2021 }}</ref><ref>{{Cite news|url=https://meaww.com/who-runs-cumulus-media-warning-fire-hosts-election-fraud-capitol-riot-mary-berner|title=Who runs Cumulus Media? Talk-radio threatens to fire its conservative hosts if they discuss election fraud|website=MEAWW}}</ref>

==Leadership==
===Current===
;Board of directors<ref name="BoardofDirectorsCumulusMedia">{{Cite web |title=Board of Directors – Cumulus Media |url=https://www.cumulusmedia.com/about-us/board-of-directors/ |access-date=June 16, 2024 |website=Cumulus Media|date=May 19, 2019 }}</ref>
{{div col|colwidth=20em}}
* Andy Hobson (Chairman of the Board)
* Mary Berner (President & CEO)
* Matthew Blank (Board Member)
* Tom Castro (Board Member)
* Deborah Farrington (Board Member)
* Joan Gillman (Board Member)
* Brian Kushner (Board Member)
{{div col end}}

;Executive leadership<ref name="ExecutiveLeadershipTeamCumulusMedia">{{Cite web |title=Executive Leadership Team – Cumulus Media |url=https://www.cumulusmedia.com/about-us/executive-leadership-team/ |access-date=June 16, 2024 |website=Cumulus Media|date=May 19, 2019 }}</ref>
{{div col|colwidth=20em}}
* Mary Berner (President & CEO)
* Richard Denning (EVP, Secretary & General Counsel)
* Frank Lopez-Balboa (EVP, Chief Financial Officer)
{{div col end}}

===Chairman, president and chief executive officer===
By May 2002 the share price recovered to above the IPO price to a short-lived high of $22 on May 31, 2002. Dickey garnered some strong partners in the form of Bain Capital and Crestview partners who helped finance a series of ambitious acquisitions and partnerships which were creative, made Cumulus a significantly larger company but these acquisitions and Cumulus itself have struggled in the face of slow to no radio ad growth.     (another researcher is working on this section)

In 2006, Cumulus acquired control of [[Susquehanna Radio Corporation|Susquehanna Radio]], with the backing of 3 venture capital firms ([[Bain Capital|Bain Capital Partners LLC]], [[The Blackstone Group]] and [[Thomas H. Lee Partners|Thomas H. Lee Partners, L.P.]]) for a price of $1.2 Billion. The 33 Susquehanna stations were privately held in a separate partnership called Cumulus Media Partners, LLC (commonly referred to as CMP on the company's quarterly earnings calls) that was the subject of an equity-for-debt swap in May 2009 in an attempt to avoid defaulting on the terms of the CMP lending agreement. While Cumulus operated the CMP stations, they initially held only a minor ownership interest in them.<ref>{{Cite web|url=http://www.rbr.com/media-news/wall-street/13895.html|archiveurl=https://web.archive.org/web/20090513054228/http://www.rbr.com/media-news/wall-street/13895.html|url-status=dead|title=Radio Business Report/Television Business Report – Voice of the Broadcasting Industry<!-- Bot generated title -->|archivedate=May 13, 2009}}</ref> On January 31, 2011, Cumulus announced a deal to acquire the remaining ownership of CMP from its equity partners in a stock transaction valued at approximately $740&nbsp;million that is closed in August 2011.<ref>{{cite web|url=http://www.businesswire.com/news/home/20110131007293/en/Cumulus-Media-Enters-Agreement-Acquire-Cumulus-Media|title=Cumulus Media Inc. Enters into Agreement to Acquire Cumulus Media Partners, LLC|website=businesswire.com|date=January 31, 2011|access-date=November 30, 2017}}</ref> As a result of the CMP acquisition, Cumulus now owns a limited-partnership interest in San Francisco Baseball Associates LP, the owner of the [[San Francisco Giants]] baseball club.<ref>Cumulus Media, Inc. (December 31, 2012).  "Notes to consolidated financial statements".  ''Annual report to the Securities and Exchange Commission on Form 10-K''. p. F-14.</ref>

In July 2010, Cumulus publicly announced formation of a similar venture with Crestview Partners to acquire up to $1&nbsp;billion of additional radio assets.<ref>{{cite news|title=Cumulus Media and Crestview Form Venture|url=https://dealbook.nytimes.com/2010/04/08/cumulus-media-and-crestview-form-venture/?_php=true&_type=blogs&_r=0|access-date=March 23, 2014|newspaper=The New York Times|date=April 8, 2010}}</ref>

In July 2007, the company announced its intention to "go private",<ref>{{cite news|title=Cumulus Agrees to $1.3 Billion Buyout|url=https://www.nytimes.com/2007/07/24/business/media/24cumulus.html|access-date=March 23, 2014|newspaper=The New York Times|date=July 4, 2007}}</ref> however on May 11, 2008, the company announced it was unable to come to terms with the parties involved and the merger/acquisition agreement was terminated.<ref>{{cite news|title=Cumulus Buyout Is Terminated|url=https://dealbook.nytimes.com/2008/05/12/cumulus-buyout-is-terminated/|access-date=March 23, 2014|newspaper=The New York Times|date=May 12, 2008}}</ref>

Like most major American radio station owners, Cumulus has been forced to write down the value of its radio station licenses, resulting in large non-cash losses – $498.9&nbsp;million in 2008, $230.6&nbsp;million in 2007, and $63.4&nbsp;million in 2006.

The company's stock, priced over $56 in 1999,<ref>{{cite web |url=https://www.google.com/search?q=NASDAQ:CMLS |title=NASDAQ:CMLS stock chart 1998–2014 |date=June 29, 2014 }}</ref> then over $22 in 2004, was as low as $0.45 per share toward the end of 2008.<ref>{{cite web |url=http://www.radio-info.com/news/cumulus-ceo-half-the-companies-in-radio-gone-in-36-months |title=Cumulus CEO: "Half the companies in radio gone in 36 months" |date=November 24, 2008 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20120624071339/http://www.radio-info.com/news/cumulus-ceo-half-the-companies-in-radio-gone-in-36-months |archive-date=June 24, 2012 }}</ref><ref>{{cite web |url=http://www.nasdaq.com/symbol/cmls/stock-chart?intraday=off&timeframe=10y&splits=off&earnings=off&movingaverage=None&lowerstudy=volume&comparison=off&drilldown=off&symbol=CMLS |title=NASDAQ:CMLS stock chart 2004–2014 |date=June 29, 2014 |publisher=NASDAQ}}</ref>

===Acquisition of Citadel Broadcasting and Dial Global===
Starting in June 2010, Cumulus made multiple unsuccessful offers to buy out [[Citadel Broadcasting]] after its emergence from bankruptcy.<ref>{{cite web|url=http://www.radio-info.com/news/citadel-says-no-to-two-merger-offers-from-cumulus |title=Citadel says "No" to two merger offers from Cumulus |date=December 6, 2010 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110715151444/http://www.radio-info.com/news/citadel-says-no-to-two-merger-offers-from-cumulus |archive-date=July 15, 2011 }}</ref> In February 2011, Cumulus was again said to be in "exclusive negotiations" to acquire Citadel for $2.5&nbsp;billion paid to Citadel shareholders, according to [[CNBC]]. Some Citadel shareholders were said to have been pushing the board to consider a sale.<ref>{{cite web |url=http://www.radio-info.com/news/citadel-confirms-exclusive-negotiations-with-cumulus-but-says-no-deal-yet |title=Citadel confirms 'exclusive negotiations' with Cumulus – but says "no deal yet" |date=February 17, 2011 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110426074849/http://www.radio-info.com/news/citadel-confirms-exclusive-negotiations-with-cumulus-but-says-no-deal-yet |archive-date=April 26, 2011 }}</ref> On March 10, 2011, [[Citadel Broadcasting]] stations announced via email that Cumulus had purchased Citadel Broadcasting. Citadel was made up of 225 radio stations in over 50 markets, as well as [[Citadel Media]], one of the largest radio networks in the United States; it included the stations that made up the former [[Cumulus Media Networks|ABC Radio]] group (like flagship stations [[KABC-AM]], [[WLS-AM]] and [[WABC-AM]]). The deal was finalized on September 16, 2011, after acceptance by the FCC and Citadel's shareholders.<ref name="Business Journal">{{cite news |url=http://www.bizjournals.com/atlanta/news/2011/09/16/cumulus-now-owns-citadel-broadcasting.html |title=211 Cumulus Now Owns Citadel Broadcasting |work=Business Journal |access-date=September 16, 2011 |date=September 16, 2011}}</ref> As part of the deal, Cumulus Media will have to place 14 stations into a separate trust to comply with ownership limits.<ref>{{cite web |url=http://www.radio-info.com/news/cumulus-files-to-divest-14-stations-to-complete-its-24b-purchase-of-citadel |title=Cumulus files to divest 14 stations, to complete its $2.4B purchase of Citadel |date=April 12, 2011 |work=Radio-Info.com |url-status=dead |archive-url=https://web.archive.org/web/20110416151842/http://www.radio-info.com/news/cumulus-files-to-divest-14-stations-to-complete-its-24b-purchase-of-citadel |archive-date=April 16, 2011 }}</ref> Following the acquisition, in an effort to focus on larger markets, Cumulus reached a deal with [[Townsquare Media]] to swap 65 radio stations in 13 markets, with the majority of the 65 stations being sold to Townsquare.<ref>[http://www.radio-info.com/news/townsquare-and-cumulus-swap-65-stations-in-13-markets Townsquare and Cumulus swap 65 stations in 13 markets] {{webarchive|url=https://web.archive.org/web/20120506051720/http://www.radio-info.com/news/townsquare-and-cumulus-swap-65-stations-in-13-markets |date=May 6, 2012 }} – ''[http://www.radio-info.com Radio-Info.com] {{webarchive|url=https://web.archive.org/web/20120103161747/http://www.radio-info.com/ |date=January 3, 2012 }}'' (released April 30, 2012)</ref>

On August 29, 2013, it was reported by ''[[The Wall Street Journal]]'' that Cumulus would purchase the syndicator [[Dial Global]] for $260&nbsp;million. To fund the sale, Cumulus, sold 53 more stations to Townsquare Media for $238&nbsp;million, in markets such as [[Danbury, Connecticut|Danbury, CT]], [[Rockford, Illinois|Rockford, IL]], [[Cedar Rapids, Iowa|Cedar Rapids, IA]], [[Quad Cities|Quad Cities IA/IL]], [[Waterloo, Iowa|Waterloo, IA]], [[Portland, Maine|Portland, ME]], [[Battle Creek, Michigan|Battle Creek, MI]], [[Kalamazoo, Michigan|Kalamazoo, MI]], [[Lansing, Michigan|Lansing, MI]], [[Faribault, Minnesota|Faribault, MN]], [[Rochester, Minnesota|Rochester, MN]], and [[Portsmouth, New Hampshire|Portsmouth, NH]]. Additionally, Townsquare Media acquired Peak Broadcasting, and Cumulus swapped 15 more stations in [[Dubuque, Iowa|Dubuque, IA]] and [[Poughkeepsie, New York|Poughkeepsie, NY]] in exchange for Peak Broadcasting's [[Fresno, California|Fresno]] cluster.<ref name=aa-cumulustownsquarepeak>{{cite news|title=Official: Cumulus Buys Dial Global, Spins Some Stations To Townsquare; Peak Stations Sold To Townsquare, Fresno Spun To Cumulus|url=http://www.allaccess.com/net-news/archive/story/121835/official-cumulus-buys-dial-global-spins-some-stati|access-date=August 30, 2013|newspaper=All Access|date=August 30, 2013}}</ref><ref name=ri-cumulustownsquarepeak>{{cite news|title=Cumulus Makes Dial Global And Townsquare Deals Official|url=http://radioinsight.com/blog/headlines/84851/are-these-the-markets-in-the-cumulustownsquaredial-global-deal/|access-date=August 30, 2013|newspaper=RadioInsight|date=August 30, 2013}}</ref> The sale to Cumulus was completed on November 14, 2013.<ref name=aa-cumulustownsquarefinal>{{cite news|title=Cumulus-Townsquare-Peak Deal Closes|url=http://www.allaccess.com/net-news/archive/story/124346/cumulus-townsquare-peak-deal-closes|access-date=November 16, 2013|newspaper=All Access|date=November 15, 2013}}</ref>

===Launch of Nash, CNN partnership, and Rdio/iHeartRadio partnerships===
On January 11, 2013, after acquiring the station from [[Family Radio]], Cumulus re-launched [[WXBK|WFME]] in New York City as a [[country music]] station under its new [[Nash FM]] brand. Nash was designed to serve as an umbrella brand for all country music-related content across the company's properties, including radio, digital, and live events such as the "Nash Bash". All country stations owned by Cumulus would either be branded as Nash FM, or be strongly cross-promoted as part of the Nash family of properties.<ref>{{cite web|last=McKinley|first=James C. Jr.|title=New York Radio Gets a New Country Station|url=http://artsbeat.blogs.nytimes.com/2013/01/21/new-york-radio-gets-a-new-country-station/|work=The New York Times|access-date=January 21, 2013|date=January 21, 2013}}</ref><ref name=billboard-nash>{{cite magazine|title=Cumulus' Lew Dickey Explains Why NYC's New NASH-FM 'Is Good for Nashville' at CRS|url=http://www.billboard.com/biz/articles/news/branding/1550427/cumulus-lew-dickey-explains-why-nycs-new-nash-fm-is-good-for|magazine=Billboard|date=February 28, 2013|access-date=December 12, 2014}}</ref>

In July 2014, Cumulus announced that it would end its partnership with [[ABC News Radio]], and enter into a new partnership with [[CNN]] to syndicate news content for its stations through Westwood One beginning in 2015. The network will provide its content on a [[White label product|white label]] basis, allowing individual stations to use their own brands for the content. In turn, [[ABC Radio (United States)|ABC]] announced that it would take the syndication of its radio content in-house, with distribution handled by Skyview Networks.<ref name=cny-abccumulus>{{cite web|title=ABC News radio deal with Cumulus to end, but there's an upside|url=http://www.capitalnewyork.com/article/media/2014/08/8550357/abc-news-radio-deal-cumulus-end-theres-upside|website=Capital New York|access-date=December 12, 2014|archive-url=https://web.archive.org/web/20141215032607/http://www.capitalnewyork.com/article/media/2014/08/8550357/abc-news-radio-deal-cumulus-end-theres-upside|archive-date=December 15, 2014|url-status=dead}}</ref><ref name=abc-cnncumulus>{{cite web|title=Cumulus taps CNN for Westwood One news service|url=http://www.bizjournals.com/atlanta/news/2014/07/31/cumulus-taps-cnn-for-westwood-one-news-service.html|website=Atlanta Business Chronicle|access-date=December 12, 2014}}</ref>

On September 15, 2013, Cumulus announced that it had entered into a partnership with music streaming service [[Rdio]]; Cumulus took a stake in Rdio, and provided the company with access to its advertising sales team for a [[freemium]] tier, the ability to offer Cumulus radio stations on the Rdio service, and $75&nbsp;million in marketing on Cumulus stations over five years. The stations launched on Rdio in August 2015; prior to the deal, Cumulus partnered with the competing [[iHeartRadio]] service.<ref name=lat-rdiocumulus>{{cite web|title=Rdio cues up traditional radio stations, hoping to get an edge on competition|url=http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-cumulus-rdio-am-fm-stations-20150812-story.html|website=Los Angeles Times|date=August 12, 2015 |access-date=January 17, 2016}}</ref><ref name=billboard-rdio>{{cite magazine|title=Rdio Partners With Cumulus Media (Report)|url=http://www.billboard.com/biz/articles/news/digital-and-mobile/5695456/rdio-partners-with-cumulus-media-report|magazine=Billboard|date=September 16, 2013|access-date=January 17, 2016}}</ref> However, in November 2015, Rdio filed for bankruptcy and sold its assets to [[Pandora Radio]].<ref name=techcrunch-rdioch11>{{cite web|title=Pandora To Buy Rdio Assets For $75M in Cash, Rdio Files Ch.11 And Shuts Down Service|url=https://techcrunch.com/2015/11/16/confirmed-pandora-buys-key-rdio-assets-for-75m-in-cash-rdio-files-ch-11-to-shut-down/|website=TechCrunch|date=November 16, 2015 |publisher=AOL, Inc.|access-date=November 16, 2015}}</ref><ref>{{cite web|url=https://variety.com/2015/digital/news/pandora-rdio-acquisition-1201641583/|title=Pandora Is Acquiring Music Streaming Service Rdio For $75 Million|author=Roettgers, Janko|work=[[Variety (magazine)|Variety]]|date=November 16, 2015|access-date=November 16, 2015}}</ref>

==Criticism and controversies==
===COVID-19 vaccine mandate controversy===
{{Main|COVID-19 vaccine mandates in the United States}}
On August 11, 2021, in a company [[town hall meeting|town hall]] [[Zoom (software)|Zoom]] meeting, Cumulus Media CEO Mary Berner announced a company wide [[COVID-19 vaccination mandates in the United States|COVID-19 vaccine mandate]]. She stated that employees must be fully vaccinated by September 27, 2021. Cumulus made no public comment.<ref>{{Cite web |date=2021-08-11 |title=Cumulus To Mandate COVID-19 Vaccinations For All Employees |url=https://radioinsight.com/headlines/211622/cumulus-to-mandate-covid-19-vaccinations-for-all-employees/ |access-date=2025-02-12 |website=RadioInsight |language=en-US}}</ref><ref>{{cite web | url=https://www.insideradio.com/free/cumulus-media-institutes-mandatory-vaccinations-for-all-employees/article_642ffade-fb68-11eb-96b3-7f77eb6e81d0.html | title=Cumulus Media Institutes Mandatory Vaccinations for All Employees | date=August 12, 2021 }}</ref><ref>{{Cite web |last= |first= |date=2021-08-12 |title=Cumulus Mandates COVID-19 Vaccine |url=https://radioink.com/2021/08/12/cumulus-mandates-covid-19-vaccine/ |access-date=2025-02-12 |website=Radio Ink |language=en-US}}</ref><ref>{{Cite web |last=kevincarter |date=2021-08-12 |title=Cumulus Mandating Employee Vaccinations |url=https://ramp247.com/executive-action/cumulus-mandating-employee-vaccinations/ |access-date=2025-02-12 |website=RAMP - Radio and Music Pros |language=en-US}}</ref><ref>{{cite web | url=https://www.rbr.com/with-no-official-comment-cumulus-ceo-issues-vaccine-mandate/ | title=With No Official Comment, Cumulus CEO Issues Vaccine Mandate {{pipe}} Radio & Television Business Report | date=August 12, 2021 }}</ref> Unvaccinated employees had their employment terminated on October 11, 2021.<ref>{{cite web | url=https://www.insideradio.com/free/more-cumulus-employees-let-go-after-refusing-to-abide-with-vaccine-mandate/article_010d9afc-2dcb-11ec-a211-e7c70819bbf2.html | title=More Cumulus Employees Let Go After Refusing to Abide with Vaccine Mandate | date=October 15, 2021 }}</ref><ref>{{cite web | url=https://radioink.com/2021/10/12/cumulus-detroit-host-out-after-refusing-vaccine/ | title=Cumulus Hosts Hitting the Exits After Refusing Vaccine | date=October 12, 2021 }}</ref> Terminated employees were denied [[unemployment benefits]]. It was reported that most exemption claims were being rejected. The rejections were reported to use boilerplate messages.<ref>{{cite web | url=https://www.insideradio.com/free/reports-cumulus-denying-most-requests-for-vaccine-policy-exemption/article_22ca9128-0fac-11ec-bf92-4f45bb084ee8.html | title=Reports: Cumulus Denying Most Requests for Vaccine Policy Exemption | date=September 7, 2021 }}</ref> On October 18, 2021, political commentator, radio show host, and author [[Dan Bongino]], rallied against the company's COVID-19 vaccine mandate, and threatened to quit over the mandate. He described their mandate as unethical, immoral, and antithetical. Giving Cumulus an ultimatum, he said "You can have me or you can have the mandate. But you can't have both of us." Cumulus declined to comment.<ref>{{Cite web |title=Talk-show host Dan Bongino threatens to quit over Cumulus vaccine mandate |url=https://www.tampabay.com/news/nation-world/2021/10/19/talk-show-host-dan-bongino-threatens-to-quit-over-cumulus-vaccine-mandate/ |access-date=2025-02-12 |website=Tampa Bay Times |language=en}}</ref> Bongino's team says that he has been [[COVID-19 vaccine|vaccinated against COVID-19]] upon the advice of his doctors because he has [[Hodgkin’s lymphoma]].<ref>https://www.washingtonpost.com/media/2021/10/18/conservative-pundit-dan-bongino-threatens-quit-radio-giant-over-vaccination-mandate/</ref>

On May 9, 2023, former News/Talk 98.9 [[WKIM]] Memphis morning show co-host Bob Boccia, who has [[Crohn's disease]], sued Cumulus Media after failing to accommodate his medical condition and religious beliefs. His suit details violations of the [[Americans with Disabilities Act]] and [[Title VII of the Civil Rights Act of 1964]], as well as breach of contract.<ref>{{cite web | url=https://www.insideradio.com/free/former-morning-man-sues-cumulus-over-2021-covid-vaccine-mandate/article_9401f538-ee36-11ed-a453-3ba3dae9e631.html | title=Former Morning Man Sues Cumulus over 2021 COVID Vaccine Mandate | date=May 9, 2023 }}</ref><ref>{{Cite web|url=https://www.radiodiscussions.com/threads/former-cumulus-air-personality-sues-over-covid-19-vaccine-mandate.763447/|title=Former Cumulus Air Personality Sues Over COVID-19 Vaccine Mandate {{pipe}} RadioDiscussions}}</ref><ref>{{cite web | url=https://rbr.com/former-cumulus-air-personality-sues-over-covid-19-vaccine-mandate/ | title=Former Cumulus Air Personality Sues over COVID-19 Vaccine Mandate {{pipe}} Radio & Television Business Report | date=May 9, 2023 }}</ref><ref>{{cite web | url=https://radioink.com/2023/05/10/cumulus-sued-over-religious-exemption-to-vaccine/ | title=Cumulus Sued over 'Religious Exemption' to Vaccine | date=May 10, 2023 }}</ref> He is the first former Cumulus employee to sue the company for its vaccine mandate. On December 1, 2023, former 107.5 The Game in South Carolina sports talk radio host Tim Hill filed a civil rights lawsuit against Cumulus for firing him back in 2021 over their vaccine mandate. Hill is claiming a violation of Title VII of the Civil Rights Act of 1964, making him the second former Cumulus host to sue the company over this vaccine mandate.<ref>{{cite web | url=https://www.insideradio.com/free/cumulus-media-s-vaccine-mandate-triggers-another-lawsuit-from-a-fired-employee/article_4fbaea86-901d-11ee-ac0b-e72ad9bdf367.html | title=Cumulus Media's Vaccine Mandate Triggers Another Lawsuit from a Fired Employee | date=December 2023 }}</ref>

On April 3, 2024, it was reported by InsiderRadio.com that CEO Mary Berner would likely be on the witness list in a suit against Cumulus Media over their vaccine mandate.<ref>{{cite web | url=https://www.insideradio.com/free/ceo-mary-berner-on-likely-witness-list-in-suit-against-cumulus-over-vaccine-mandate/article_c385531e-f186-11ee-813a-4314dae71911.html | title=CEO Mary Berner on Likely Witness List in Suit Against Cumulus over Vaccine Mandate | date=April 3, 2024 }}</ref> Chief Human Resources Officer Todd McCarty would have also been on the witness list because he is the one who denied Hill’s request for a religious accommodation. McCarty denied all exemptions. In June 2024, McCarty stepped down from his position.<ref>{{cite web | url=https://www.insideradio.com/free/cumulus-settles-final-remaining-covid-era-vaccine-mandate-suit/article_abb4f794-c741-11ef-a209-ab17f0cc815f.html | title=Cumulus Settles Final Remaining COVID-Era Vaccine Mandate Suit | date=December 31, 2024 }}</ref>

===401(k) lawsuit===
On February 15, 2023, Cumulus Media paid "$1 million to settle a lawsuit filed by seven former employees who said the fee practices and investment selections of the company's 401(k) plan violated ERISA."<ref>{{cite web | url=https://www.pionline.com/courts/cumulus-media-pay-1-million-settle-401k-erisa-lawsuit | title=Cumulus Media to pay $1 million to settle 401(k) ERISA lawsuit | date=February 15, 2023 }}</ref>

=== Noncompete lawsuit ===
In August 2023, Cumulus-owned Susquehanna Radio sued two former employees of [[Dallas]], Texas-based radio station [[KTCK (AM)|KTCK]] 1310 The Ticket, [[Dan McDowell]] and Jake Kemp, seeking to impose a [[Injunction|temporary restraining order]] (TRO) on them after they refused to comply with a [[cease and desist]] order, in which the company claimed that production of ''[https://dumbzone.com/ The Dumb Zone]'' podcast by the two former radio hosts violated the [[Non-compete clause|noncompete agreements]] in their contracts barring them from competing with their former employer.<ref name=":1">{{Cite web |last=Dearmore |first=Kelly |date=2023-09-23 |title=The Ticket and The Dumb Zone Settle Lawsuit, Blake Jones to Join Former Hosts |url=https://www.dallasobserver.com/news/the-ticket-vs-the-dumb-zone-battle-draws-national-attention-17553204 |url-status=live |archive-url=https://web.archive.org/web/20240119052520/https://www.dallasobserver.com/news/the-ticket-vs-the-dumb-zone-battle-draws-national-attention-17553204 |archive-date=2024-01-19 |access-date=2024-08-03 |website=[[Dallas Observer]] |language=en}}</ref><ref>{{Cite news |last=Stein |first=Jeff |date=2023-09-25 |title=How a podcast called "The Dumb Zone" could transform U.S. labor law |url=https://www.washingtonpost.com/business/2023/09/25/noncompete-labor-law-dumb-zone-podcast/ |url-status=live |archive-url=https://web.archive.org/web/20231126173230/https://www.washingtonpost.com/business/2023/09/25/noncompete-labor-law-dumb-zone-podcast/ |archive-date=2023-11-26 |access-date=2024-08-03 |newspaper=[[The Washington Post]] |language=en-US |issn=0190-8286}}</ref> In September 2023, the case was resolved after US District Judge [[Karen Gren Scholer]] ruled that Susquehanna had failed to meet the "burden of persuasion" to have a TRO granted and the podcast was allowed to resume production.<ref name=":1" />

==FCC actions==
On December 30, 2008, Cumulus Media was issued a $14,000 Notice of Apparent Liability by the [[Federal Communications Commission]] related to the stations in the [[Macon, Georgia]], cluster. According to the FCC, Cumulus failed to comply with record-keeping requirements and its [[Equal Opportunity Employment|Equal Employment Opportunity]] rules regarding information on recruitment sources. Cumulus, along with two other companies, had 30 days to pay or file a statement asking for reduction or cancellation of the [[Asset forfeiture|forfeitures]].<ref>{{cite web |url=http://www.radioink.com/HeadlineEntry.asp?hid=144472&pt=todaysnews |title=FCC Issues EEO Notices |archive-url=https://web.archive.org/web/20081231121914/http://www.radioink.com/HeadlineEntry.asp?hid=144472&pt=todaysnews |archive-date=December 31, 2008 |date=December 30, 2008 |website=[[Radio Ink]] }}</ref>

In January 2016, the Federal Communications Commission's Enforcement Bureau reached a "record-setting" $540,000 settlement with Cumulus over sponsorship identification in radio ads promoting a proposed energy project, reported to be the largest payment in FCC history for a single-station violation of the Commission's sponsorship ID laws.<ref>{{Cite web|url=http://www.insideradio.com/free/cumulus-slapped-with-record-setting-sponsor-id-settlement/article_0a7854de-b5ee-11e5-8622-17f40fc1ef07.html|title=Cumulus Slapped With Record-Setting Sponsor ID Settlement.|website=Insideradio.com|date=January 8, 2016 |access-date=August 7, 2019}}</ref> In August 2019, the FCC proposed Cumulus Media pay another $233,000 fine for additional violations of its sponsorship identification rules and not reporting them to the FCC after agreeing to do so under its 2016 consent decree.<ref>{{Cite web|url=http://www.insideradio.com/free/inside-the-fcc-s-proposed-fine-against-cumulus/article_6533b466-b8da-11e9-96d1-9bdf09b050ba.html|title=Inside The FCC's $223,000 Proposed Fine Against Cumulus.|website=Insideradio.com|date=August 7, 2019 |access-date=August 7, 2019}}</ref>

==Restatements==
On March 17, 2000, the company was forced to restate revenue and broadcast cash flow for three-quarters of 1999 after discovering that some of its sales force had prematurely booked revenue to meet sales goals.<ref>{{cite web |url=http://www.dowjones.com/ |title=Milwaukee-Based Radio-Station Owner Restates Revenue, Cash Flow |url-status=dead |archive-url=https://web.archive.org/web/20160215065320/http://www.dowjones.com/ |archive-date=February 15, 2016 }}</ref>

On November 8, 2005, the company decided to amend and restate its results for the second quarter of 2005.<ref>{{cite web |url=http://www.thefreelibrary.com/Cumulus+Reports+Third+Quarter+2005+Results.-a0138438490 |title=Cumulus Reports Third Quarter 2005 Results |access-date=September 5, 2013 |archive-date=May 25, 2013 |archive-url=https://web.archive.org/web/20130525005507/http://www.thefreelibrary.com/Cumulus+Reports+Third+Quarter+2005+Results.-a0138438490 |url-status=dead }}</ref>

==See also==
*[[List of radio stations owned by Cumulus Media]]

==References==
{{reflist}}

==External links==
*{{official website |http://www.cumulusmedia.com}}
{{Finance links
| name = Cumulus Media, Inc.
| symbol = CMLS
| reuters = CMLS.O
| bloomberg = CMLS:US
| sec_cik = CMLS
| yahoo = CMLS
| google = CMLS
}}

{{Cumulus Media}}

[[Category:Radio broadcasting companies of the United States]]
[[Category:Companies based in Atlanta]]
[[Category:Mass media companies established in 1997]]
[[Category:Oaktree Capital Management]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Cumulus Media radio stations]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2017]]