Two of the nation’s largest owners of broadcast radio stations will be a bit tardy with their annual 10-K filings with the Securities and Exchange Commission, as each have filed for extensions — for very different reasons.
For Cumulus Media, the completion of its annual report for 2025 is due to the debtor-in-possession status of the company as it navigates through its second voluntary bankruptcy filing in a decade. For Chief Financial Officer Frank López-Balboa and CEO Mary Turner, the wait is tied to the need of the U.S. Bankruptcy Court for the Southern District of Texas to approve the retention of PricewaterhouseCoopers as Cumulus’ independent auditor.
The company filed a motion seeking that approval on March 17, with objections due April 7 and a possible court order expected as early as April 8.
That said, Cumulus has offered a sneak peek at what it anticipates to report, stating that its estimated consolidated net revenue for 2025 will be $741.7 million, down from $827.1 million in the prior year. Concurrently, the company expects to lower its net loss to $200.7 million, from $283.3 million in 2024.
For Saga Communications, Chief Financial Officer Sam Bush said the company needs additional time to work through technical tax matters associated with a sale-leaseback transaction disclosed in October 2025. The company does not expect any material changes to its previously reported results and anticipates filing within the standard 15-day extension window under SEC Rules.
The company’s Q4 2025 results indicated that Saga in FY 2025 logged a net loss of $7.9 million, swinging from net income of $3.5 million in 2024; Bush noted that a $20.4 million non-cash impairment charge drove the headline figure. Stripped of that charge, Saga would have reported net income of $8.2 million. Full-year net revenue came in at $107.1 million, down from $112.9 million, with the decline largely attributable to the drop-off in political revenue following the 2024 election cycle.
