Reve-News: Cumulus reported Q2 2025 net revenue of $186 million, down 9.2% year-over-year, and the lowest quarterly revenue since Q2 2020. Adjusted EBITDA was $22.4m, off from the prior year's $25.2m. The company reported a net loss of $12.8m, compared to a net loss of $27.7m in Q1 2024. Broadcast radio revenue was down 10.5% for spot and 20.5% for network, while digital was down 1.4%. "While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels," says CEO Mary Berner. Full release here.

Saga Communications reported Q2 net revenue of $28.2 million, down 5.0% from $29.7m in the same period last year. Station operating expense was $22.2m, a 4.6% decrease year-over-year. The company had an operating income of $1.4m compared to $2.1m in the same period last year. Full release here.

Warner Music Group's recorded music revenue of $1.689 billion for the quarter ending June 30 is up 9% from the previous year's $1.554b. Digital revenue was up 5.3%, while streaming revenue was up 4%. "As we continue to evolve our company, we're focusing on the artists, songwriters, and markets with the greatest potential, while expanding our iconic catalog, and building the dynamic teams and tools that will help our talent have the biggest global impact," says CEO Robert Kyncl. Full report here.