If you’ve taken a look at your portfolio lately and noticed a ticker hovering around ten cents, you might be looking at Cumulus Media Inc stock. It’s a wild ride. For anyone who grew up with local radio being the center of the universe, seeing one of the biggest names in the game—the folks behind Westwood One and hundreds of local stations—trading at such a low level is a bit of a gut punch. Honestly, it’s a story of a legacy giant trying to sprint while wearing lead boots.
In early 2025, the stock faced a major reckoning when it was delisted from the Nasdaq and moved to the OTC (over-the-counter) market. As of mid-January 2026, the price is sitting around $0.10 to $0.12. That is a far cry from where it used to be. You’ve got to wonder: is this a "buy the dip" moment or a slow-motion car crash?
The Reality of the Numbers: What’s Actually Happening?
Let’s be real. The financial reports coming out of Atlanta aren't exactly bedtime reading for the faint of heart. In the third quarter of 2025, Cumulus reported a net loss of $20.4 million. Compare that to a $10.3 million loss in the same period the year before, and you can see why investors are sweating. Revenue also slipped about 11.5% year-over-year, landing at **$180.3 million**.
Why is this happening? National advertising. It’s a ghost town. Legacy media is getting hammered as brands move their budgets to social platforms and search engines.
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The Debt Elephant in the Room
Cumulus is carrying a massive weight. We’re talking about $722.2 million in total debt as of late 2025.
- $23.9 million is due in 2026.
- The bulk of the debt, including major term loans and senior notes, is slated for 2029.
- They have about $90.4 million in cash on hand.
That cash-to-debt ratio is what keeps analysts like those at S&P Global Ratings cautious; they’ve maintained a 'CCC+' rating on the company’s debt. In plain English? That’s "junk" status, signaling a very high risk of default unless something big changes.
The "Secret" Bright Spot: Digital Marketing Services
It’s not all doom and gloom, though. If you look past the traditional radio towers, there’s a part of the business that’s actually on fire. Their Digital Marketing Services (DMS) business grew by 34% in Q3 2025. This isn't just a small side hustle anymore; it now accounts for roughly 50% of their total digital revenue.
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CEO Mary Berner has been vocal about hitting a $100 million run rate for DMS by early 2026. They are basically trying to build a new, modern company inside the shell of an old one. They’ve also been aggressive with cost-cutting, slashing over $182 million in fixed costs since 2019. They even started outsourcing their traffic functions and leaning heavily into AI to try and find some breathing room.
The Podcast and Content Shift
Losing big names like The Daily Wire and Dan Bongino definitely hurt the top line. When you strip those losses away, the digital side actually looks much healthier. In fact, excluding those departures, digital revenue would have been up over 8%. They are betting big on live sports too, recently launching the Westwood One Sports 24/7 Network. People still love the NFL and NCAA, and that's one area where traditional broadcast still has some teeth.
Is the Stock a Value Play or a Trap?
Some folks look at a ten-cent stock and see a lottery ticket. Others see a company that already went through Chapter 11 once (back in 2017-2018) and fear a sequel.
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The bull case is simple: If they can successfully pivot to a digital-first model while keeping their $90 million cash pile stable enough to service the 2026 debt, they might survive to see the 2029 maturity dates. If the national ad market recovers even slightly, the "operating leverage" could kick in, and the stock could theoretically pop.
The bear case? It’s a mountain of debt in a dying industry. Every year, more cars come with interfaces that prioritize Spotify and YouTube over FM radio. It's a tough hill to climb.
Actionable Steps for Investors
If you are currently holding or looking at Cumulus Media Inc stock, here is how to navigate the next few months:
- Watch the February 2026 Earnings: The Q4 2025 and full-year report (estimated for Feb 26, 2026) will be the make-or-break moment. Look specifically at whether the DMS business hit that $100 million run rate target.
- Monitor the 2026 Debt Payments: Keep a close eye on the $23.9 million due this year. If they can pay this out of cash flow without dipping further into their revolving credit facility, it’s a sign of stability.
- Check the Board Changes: They just added Carol Flaton to the board in January 2026. She has a background in restructuring and "special situations." That usually means the company is preparing for some serious financial maneuvering or a potential sale of assets.
- Position Sizing: Treat this like a speculative play. Given the OTC status and the low share price, volatility will be extreme. Never put in more than you are willing to lose entirely.
The radio business isn't dead, but it is changing faster than many of these companies can keep up with. Cumulus is in the fight of its life, and the next twelve months will decide if it remains a player or becomes a footnote in media history.