More than two decades after buying it, Cumulus Media has sold its Nashville headquarters for $10.5 million – more than six times the $1.6 million it paid in 2002. Texas-based Endeavor Real Estate Group purchased the 1.13-acre site at 10 Music Circle East.
Cumulus signed a full-building lease as part of the transaction, ensuring its Nashville presence “for the foreseeable future,” according to a release obtained by the Nashville Post. Lease terms were not disclosed.
For Cumulus, the sale represents the latest reassessment and monetization of its Music City real estate. In 2021, the broadcaster completed a $34 million sale of non-core Nashville properties to a partnership of Centrum Realty and Development and Nashville Capital Group, part of a broader effort to strengthen its balance sheet.
The move reflects an industrywide trend as major radio companies face evolving workspace needs and post-pandemic operational changes. Other broadcasters have made similar moves lately.
Salem Media Group followed a comparable path last year, selling its Camarillo, CA headquarters for approximately $5.5 million while staying in place under a five-year leaseback with annual rent of about $400,000. Audacy reshaped its real estate strategy this year as well, scaling back its Philadelphia corporate footprint and listing part of its 2400 Market Street headquarters for sublease while keeping its station studios intact.
The money from the sale will undoubtedly be welcome revenue. Cumulus reported a $20.5 million net loss in Q3, nearly double last year’s $10.3 million loss, as national advertising softness persisted. The company expects Q4 revenue to decline mid-single digits
