Photo Credit: Cumulus Media
Prominent radio broadcasting group Cumulus Media is set to be delisted from the NASDAQ Global Market after a notification of noncompliance with the exchange’s listing rules. The company, which reports annual revenues of $827 million, operates with a significant debt burden of $797 million. According to data, it has rapidly been burning through cash. Cumulus opted not to appeal the decision, and the delisting takes effect at the start of business on May 2, 2025.
The notice, which Cumulus Media received on Monday, cited the company’s failure to meet the minimum bid price and market value requirements. Its stock has fallen 90% over the past year, with shares repeatedly dropping below $1, and currently trading at $0.27.
That said, Cumulus Media has already secured a spot on the OTCQB market tier, operated by OTC Markets Group, to ensure seamless trading of its Class A common stock. Shares will trade under the same ticker, CMLS, starting May 2.
Cumulus Media reported a $283.3 million net loss in 2024—more than double its 2023 loss—driven by both headwinds in the industry and challenges unique to the company. As a result, Cumulus has been aggressively cutting costs, including layoffs and contract re-negotiations.
Over-the-air radio revenues have continued to decline, and are expected to maintain a downward trajectory, while digital revenue growth has been unable to fully offset losses. Contributing factors include the removal of AM/FM radios from newer vehicles and increased competition from streaming and podcasts.
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Radio Group Cumulus Media Officially Delisted from NASDAQ After Repeatedly Dipping Below $1 – Digital Music News
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