With FCC sign-off pending on its Chapter 11 reorganization plan, Cumulus Media released what could be among the last earnings reports the public will see from the broadcaster before it goes private, reporting a 47.9% improvement in its year-over-year net loss.
Net loss narrowed to $16.9 million from $32.4 million in the year-ago quarter; however, net revenue for Q1 2026 came in at $164.4 million, a 12.2% year-over-year decline.
Network revenue, distributed through Westwood One across more than 7,800 affiliated stations, fell 24.9% to $33 million. Total broadcast radio revenue fell 19.3% to $100.7 million from $124.9 million in Q1 2025. Spot revenue dropped 16.3% to $67.7 million. Digital revenue declined 8.3% to $33.5 million. Other revenue was the lone bright spot, climbing 16.5% to $30.2 million from $25.9 million a year earlier.
Excluding political revenue, net revenue for the quarter was $163.1 million compared to $186.5 million in the prior-year period. Political revenue contributed $1.3 million to the quarter against $832,000 in Q1 2025.
Restructuring costs were a drag on first-quarter operating results, rising to $14.9 million from $2.5 million in the year-ago period. Reorganization items added another $22 million in non-operating expense with no comparable figure in the prior year. Content costs fell to $65.9 million from $79.3 million, and selling, general, and administrative expenses dropped to $84.4 million from $93.4 million. Total operating expenses came in at $190.9 million against $202.1 million a year ago.
Those figures follow a difficult 2025: Cumulus reported a $200.7 million net loss for the year on revenue of $741.7 million, a 10.3% drop from 2024, with broadcast radio revenue down 15.9% over that stretch.
Cumulus filed voluntary prepackaged Chapter 11 petitions in early March in the US Bankruptcy Court for the Southern District of Texas. On April 13, the company filed a Modified Joint Prepackaged Plan of Reorganization, which the court confirmed two days later. The plan’s effective date remains contingent on FCC approval and the satisfaction or waiver of all other conditions precedent. Once the plan takes effect and Cumulus exits bankruptcy as a private company, it will no longer carry public reporting obligations.
Cumulus Media President and CEO Mary Berner said, “The Court’s recent approval of our reorganization plan marks a pivotal milestone in strengthening our financial foundation and positioning the Company to compete in the evolving media landscape. While we await FCC approval of the plan, we remain focused on leveraging our core strengths to drive long-term value creation.”
The company mentioned no formal earnings call.
