Cumulus Media Inc is a radio broadcasting company. It combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices.
We must continue to respond to the rapid changes in technology, services and standards that characterize our industry in order to remain competitive. Our failure to timely or appropriately respond to any such changes could materially adversely affect our business and results of operations.
We operate in a very competitive business environment and a decrease in our ratings or market share would adversely affect our revenues.
The loss of affiliation agreements by our radio networks could materially adversely affect our financial condition and results of operations.
We have written off, and could in the future be required to write off a significant portion of the fair value of our FCC licenses, which may adversely affect our financial condition and results of operations.
We are exposed to credit risk on our accounts receivable. This risk is heightened during periods of uncertain economic conditions.
We are dependent on key personnel.
The broadcasting industry is subject to extensive and changing federal regulation.
Legislation and regulation of digital media businesses, including privacy and data protection regimes, could create unexpected costs, subject us to enforcement actions for compliance failures, or cause us to change our digital media technology platform or business model.
Legislation could require radio broadcasters to pay additional royalties, including to additional parties such as record labels or recording artists.
We are a holding company with no material independent assets or operations and we depend on our subsidiaries for cash.