Cumulus Media, Inc. engages in the business of radio broadcasting. It operates through the following segments: Radio Station Group, Westwood One, and Corporate and Other. The Radio Station Group segment includes the sale of broadcasting time to local, regional, and national advertisers. The Westwood One segment covers the revenues generated primarily through network advertising. The Corporate and Other segment consists of the overall executive, administrative, and support functions for each of the company's reportable segments, including finance and administration, legal, human resources, and information technology functions. The company is headquartered in Atlanta, GA.
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.