Cumulus Media posted a 9.2% year-over-year revenue decline in the second quarter. Still, the company says it continued to gain ground in key areas, outperforming its radio peers in both spot and digital revenue. While market headwinds persist, President and CEO Mary Berner pointed to a 38% year-over-year increase in digital marketing services and another $5 million in annualized cost reductions as signs of continued operational discipline.
The company reported Q2 net revenue of $186 million, down from $204.8 million in the same quarter last year. That decline was largely driven by weakness in traditional broadcast radio, where spot revenue dropped 10.5% and network revenue slid 20.5%. Digital revenue 
Berner highlighted that digital marketing services, which now account for about half of all digital revenue, surged 38% in the quarter. “We continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels,” she said in an earnings release. “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… These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints.”
Cumulus narrowed its net loss to $12.8 million from $27.7 million a year ago and reported adjusted EBITDA of $22.4 million, down 11.3% year-over-year.
For the first half of 2025, total revenue fell 7.8% to $373.4 million. The company posted a six-month net loss of $45.2 million, wider than the $41.9 million loss from the same period in 2024. Adjusted EBITDA for the first half was $25.9 million, down from $33.6 million.
Cumulus ended the quarter with $96.7 million in cash, which includes a $55 million draw on its revolving credit facility. Total debt stood at $723.7 million.
Despite continued softness in the ad market, Berner remained optimistic about Cumulus’ long-term trajectory. “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,” she said.
Mary Berner picture: Getty Images
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