# EDGAR Filing Document

**Accession Number:** 0001058623
**File Stem:** 0001058623-26-000017
**Filing Date:** 2026-4
**Character Count:** 24716
**Document Hash:** 651fc89f8bde7c078c3fd59afaa5c536
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058623-26-000017.hdr.sgml**: 20260410

**ACCESSION NUMBER**: 0001058623-26-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260410

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260410

**DATE AS OF CHANGE**: 20260410

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CUMULUS MEDIA INC
- **CENTRAL INDEX KEY:** 0001058623
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 364159663
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38108
- **FILM NUMBER:** 26853214

**BUSINESS ADDRESS:**
- **STREET 1:** 3280 PEACHTREE ROAD N.W.
- **STREET 2:** SUITE 2300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 4049490700

**MAIL ADDRESS:**
- **STREET 1:** 3280 PEACHTREE ROAD N.W.
- **STREET 2:** SUITE 2300
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

?xml version='1.0' encoding='ASCII'? cmls-20260410

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 10, 2026**

**____________________________**

**Cumulus Media Inc.**

**(Exact name of registrant as specified in its charter)**

**____________________________**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Delaware |  | 001-38108 | 001-38108 |  | 82-5134717 |
| (State or other jurisdiction <br>of incorporation) |  | (Commission File Number) | (Commission File Number) |  | (IRS employer <br>Identification No.) |
| 780 Johnson Ferry Road NE, Suite 500 | Atlanta | GA |  | 30342 | 30342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) |  | (Zip Code) | (Zip Code) |
| Registrant's telephone number, including area code | Registrant's telephone number, including area code | (404) | <u>949-0700</u> | <u>949-0700</u> |  |
| n/a | n/a | n/a | n/a | n/a | n/a |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> N/A N/A N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 - Results of Operations and Financial Condition.**

On April 10, 2026, Cumulus Media Inc. (the "Company") issued a press release announcing operating results for the three months and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 of this current report on Form 8-K and in the accompanying Exhibit 99.1 incorporated by reference herein shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. This information, including the Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.

**Item 9.01 - Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| 99.1 | <u>[Press release, dated April 10, 2026](cmls12312025earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | Cumulus Media Inc. | Cumulus Media Inc. |
| | | By: | /s/ Francisco J. Lopez-Balboa |
| | | | Name: Francisco J. Lopez-Balboa |
| | | | Title: Executive Vice President, Chief Financial Officer |
| Date: | April 10, 2026 |  |  |

---

## Exhibit 99.1

![earningsreleaselogoa18.jpg](earningsreleaselogoa18.jpg)

**Cumulus Media Reports Operating Results for 2025**

ATLANTA, GA — April 10, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months and year ended December 31, 2025.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "The Company's recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value."

***<u>Operating Summary (dollars in thousands, except percentages and per share data):</u>***

For the three months ended December 31, 2025, the Company reported net revenue of $188.1 million, a decrease of 14.0% from the three months ended December 31, 2024, net loss of $135.1 million and Adjusted EBITDA of $9.5 million.

For the year ended December 31, 2025, the Company reported net revenue of $741.7 million, a decrease of 10.3% from the year ended December 31, 2024, net loss of $200.7 million and Adjusted EBITDA of $52.0 million.

---

| | | | |
|:---|:---|:---|:---|
| **<u>As Reported</u>** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **% Change** |
| Net revenue | $188074 | $218576 | (14.0)% |
| Net loss | $(135107) | $(231080) | 41.5% |
| Adjusted EBITDA<sup>(1)</sup> | $9476 | $25039 | (62.2)% |
| Basic loss per share | $(7.75) | $(13.60) | 43.0% |
| Diluted loss per share | $(7.75) | $(13.60) | 43.0% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>As Reported</u>** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **% Change** |
| Net revenue | $741695 | $827076 | (10.3)% |
| Net loss | $(200702) | $(283254) | 29.1% |
| Adjusted EBITDA<sup>(1)</sup> | $52006 | $82708 | (37.1)% |
| Basic loss per share | $(11.55) | $(16.79) | 31.2% |
| Diluted loss per share | $(11.55) | $(16.79) | 31.2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). For additional information, see "Non-GAAP Financial Measures."

------

***<u>Revenue Detail Summary (dollars in thousands):</u>***

---

| | | | |
|:---|:---|:---|:---|
| **<u>As Reported</u>** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcast radio revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spot | $82806 | $100054 | (17.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network | 33372 | 49253 | (32.2)% |
| &nbsp;&nbsp;&nbsp;Total broadcast radio revenue | 116178 | 149307 | (22.2)% |
| &nbsp;&nbsp;&nbsp;Digital | 36918 | 40334 | (8.5)% |
| &nbsp;&nbsp;&nbsp;Other | 34978 | 28935 | 20.9% |
| &nbsp;&nbsp; Net revenue | $188074 | $218576 | (14.0)% |

---

---

| | | | |
|:---|:---|:---|:---|
| **<u>As Reported</u>** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **% Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcast radio revenue: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spot | $338643 | $388830 | (12.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Network | 135862 | 175285 | (22.5)% |
| &nbsp;&nbsp;&nbsp;Total broadcast radio revenue | 474505 | 564115 | (15.9)% |
| &nbsp;&nbsp;&nbsp;Digital | 151277 | 154198 | (1.9)% |
| &nbsp;&nbsp;&nbsp;Other | 115913 | 108763 | 6.6% |
| &nbsp;&nbsp; Net revenue | $741695 | $827076 | (10.3)% |

---

***<u>Balance Sheet Summary (dollars in thousands):</u>***

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $81979 | $63836 |
| Term Loan due 2026 <sup>(2)</sup> | $1203 | $1203 |
| Senior Notes due 2026 <sup>(2)</sup> | $22697 | $22697 |
| Term Loan due 2029 <sup>(2) (3)</sup> | $323569 | $326514 |
| Senior Notes due 2029 <sup>(2) (3)</sup> | $318225 | $321181 |
| 2020 Revolving Credit Facility | $55000 | $— |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| Capital expenditures | $20237 | $19464 |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** |
| Capital expenditures | $4775 | $3583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes any debt issuance costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of December 31, 2025, $11.7 million and $11.9 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.

------

**Pending Chapter 11 Reorganization**

As previously announced, on March 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the "Chapter 11 Cases"). The Chapter 11 Cases are being jointly administered under the caption *In re Cumulus Media, et al*., Case No. 26-90346. Additional information regarding the restructuring is available at www.cumulus.com/restructuring.

**Forward-Looking Statements**

Certain statements in this release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.

**About Cumulus Media**

Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 393 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.

**Non-GAAP Financial Measures** 

From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreements.

In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, expenses relating to acquisitions and

------

divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.

Management believes that Adjusted EBITDA, with and excluding impact of political advertising, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA, with and excluding impact of political advertising, is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider these metrics to be extremely useful.

The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company's revenue growth comparable from period to period.

We refer to Adjusted EBITDA, with and excluding the impact of political advertising and net revenue, excluding the impact of political revenue, as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.

**For further information, please contact:**

**Cumulus Media Inc.**

Investor Relations Department

IR@cumulus.com

404-260-6600

------

***<u>Supplemental Financial Data and Reconciliations</u>***

**Cumulus Media Inc.**

**Unaudited Condensed Consolidated Statements of Operations**

**(Dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| Net revenue | $188074 | $218576 | $741695 | $827076 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Content costs | 72333 | 89189 | 271341 | 324245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general & administrative expenses | 97655 | 93827 | 378058 | 376836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12820 | 14853 | 54336 | 59123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate expenses | 13006 | 10538 | 53871 | 45720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 504 | 1252 | 2504 | 4709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 4531 | 9414 | 11089 | 13889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt exchange costs |  |  |  | 16369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on sale of assets or stations | 128 | 1308 | (2616) | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale |  |  | 1420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets | 109829 | 224481 | 109829 | 224481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 310806 | 444862 | 879832 | 1066740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (122732) | (226286) | (138137) | (239664) |
| Non-operating expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (16287) | (16746) | (65228) | (68775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 330 | 5 | 995 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on early extinguishment of debt |  |  |  | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (46) | (55) | (108) | 14719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating expense, net | (16003) | (16796) | (64341) | (53355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (138735) | (243082) | (202478) | (293019) |
| Income tax benefit | 3628 | 12002 | 1776 | 9765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(135107) | $(231080) | $(200702) | $(283254) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<u>As Reported</u>** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** |
| GAAP net loss | $(135107) | $(231080) |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (3628) | (12002) |
| &nbsp;&nbsp;&nbsp;Non-operating expense, including net interest expense | 16003 | 16796 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 12820 | 14853 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 504 | 1252 |
| &nbsp;&nbsp;&nbsp;Loss on sale or disposal of assets or stations | 128 | 1308 |
| &nbsp;&nbsp;&nbsp;Impairment of intangible assets | 109829 | 224481 |
| &nbsp;&nbsp;&nbsp;Restructuring costs | 4531 | 9414 |
| &nbsp;&nbsp;&nbsp;Non-routine legal expenses | 4488 | 3 |
| &nbsp;&nbsp;&nbsp;Franchise taxes | (92) | 14 |
| Adjusted EBITDA | $9476 | $25039 |

---

---

| | | |
|:---|:---|:---|
| **<u>As Reported</u>** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| GAAP net loss | $(200702) | $(283254) |
| &nbsp;&nbsp;&nbsp;Income tax benefit | (1776) | (9765) |
| &nbsp;&nbsp;&nbsp;Non-operating expense, including net interest expense | 64341 | 53525 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 54336 | 59123 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2504 | 4709 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of assets or stations | (2616) | 1368 |
| &nbsp;&nbsp;&nbsp;Impairment of intangible assets | 109829 | 224481 |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 1420 |  |
| &nbsp;&nbsp;&nbsp;Restructuring costs | 11089 | 13889 |
| &nbsp;&nbsp;&nbsp;Non-routine legal expenses | 13153 | 1851 |
| &nbsp;&nbsp;&nbsp;Debt exchange costs |  | 16369 |
| &nbsp;&nbsp;&nbsp;Gain on early extinguishment of debt |  | (170) |
| &nbsp;&nbsp;&nbsp;Franchise taxes | 428 | 582 |
| Adjusted EBITDA | $52006 | $82708 |

---

------

The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** |
| As reported net revenue | $188074 | $218576 |
| &nbsp;&nbsp;Political revenue | (1297) | (10118) |
| As reported net revenue, excluding impact of political revenue | $186777 | $208458 |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** |
| As reported Adjusted EBITDA | $9476 | $25039 |
| &nbsp;&nbsp;Political EBITDA | (1167) | (9107) |
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $8309 | $15932 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| As reported net revenue | $741695 | $827076 |
| &nbsp;&nbsp;Political revenue | (3932) | (18605) |
| As reported net revenue, excluding impact of political revenue | $737763 | $808471 |

---

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** |
| As reported Adjusted EBITDA | $52006 | $82708 |
| &nbsp;&nbsp;Political EBITDA | (3539) | (16745) |
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $48467 | $65963 |

---

<br>