Cumulus Media Inc. reported net revenue of $180.3 million for the third quarter of 2025, a decrease of 11.5% compared to $203.6 million for the same period in 2024. Broadcast radio revenue for the quarter declined by 17.2% to $115.0 million, with spot revenue down 13.1% to $83.7 million and network revenue down 26.5% to $31.3 million. Digital revenue decreased by 2.6% to $39.0 million, while other revenue increased by 6.8% to $26.3 million. For the nine months ended September 30, 2025, net revenue was $553.6 million, down 9.0% from $608.5 million for the same period in 2024. Broadcast radio revenue declined 13.6% to $358.3 million, with spot revenue down 11.4% to $255.8 million and network revenue down 18.7% to $102.5 million. Digital revenue grew by 0.4% to $114.4 million, and other revenue increased by 1.4% to $80.9 million. During the quarter, the company reported a diluted loss per share of $3.78, compared to a loss of $3.10 in the prior year period. Cumulus Media highlighted market share gains in total broadcast spot and digital, with its digital marketing services business up 34% in the quarter. The company also reduced annualized fixed costs by $7 million and accelerated the implementation of artificial intelligence initiatives to drive efficiencies and growth. Cash and cash equivalents as of September 30, 2025, were $90.4 million, up from $63.8 million at the end of 2024.