Cumulus Media, Saga Communications, and Beasley Media Group are all running late on their annual SEC financial reports, filing for extensions for different reasons, ranging from bankruptcy to going concern warnings to what appears to be a routine tax question.
Cumulus, which filed for Chapter 11 bankruptcy protection in March, cannot complete its annual report for the 2025 fiscal year until the US Bankruptcy Court for the Southern District of Texas approves the retention of PricewaterhouseCoopers as its independent auditor. The company filed a motion seeking that approval on March 17, with objections due April 7 and a possible court order expected as early as April 8.
Cumulus expects to report consolidated net revenue of $741.7 million for 2025, down from $827.1 million in the prior year, and a net loss of $200.7 million, an improvement over the $283.3 million net loss posted in 2024.
Saga’s situation is far less dramatic. CFO Sam Bush says the company needs additional time to work through technical tax matters tied to a sale-leaseback transaction disclosed last October, and does not expect any material changes to its previously reported results. Saga anticipates filing within the standard 15-day extension window under SEC Rules.
Q4 results, revealed last month, showed a net loss of $7.9 million for the full year, swinging from net income of $3.5 million in 2024, but Bush noted that a $20.4 million non-cash impairment charge drove the headline figure. Stripped of that charge, Saga would have reported net income of $8.2 million. Full-year net revenue came in at $107.1 million, down from $112.9 million, with the decline largely attributable to the drop-off in political revenue following the 2024 election cycle.
However, Beasley’s situation, revealed in a filing late Wednesday, is more precarious. The company needs additional time to complete accounting analyses related to a going concern evaluation, as an assessment of whether conditions exist that raise substantial doubt about its ability to continue operating within the next twelve months is completed.
Beasley plans to report net revenue of $205.9 million for 2025, down from $240.3 million in 2024, and a net loss of approximately $196.5 million compared to $5.9 million the prior year. The 2025 figure includes $224.8 million in impairment losses on FCC licenses. The company has said a debt restructuring transaction, including an Exchange Offer and Tender Offer disclosed in a March SEC filing, could sizeably reduce its debt burden if it closes as anticipated, at which point it will reassess the going concern question.
