Reve-News: Cumulus reported Q3 2025 net revenue of $180.3 million, down 11.5% year-over-year, and the lowest quarterly revenue since Q2 2020. Adjusted EBITDA was $16.7m, off from the prior year's $24.1m. The company reported a net loss of $20.4m, compared to a net loss of $10.3m in Q3 2024. Broadcast radio revenue was down 13.1% for spot and 26.5% for network, while digital was down 2.6%. "While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the company for long-term success," says CEO Mary Berner. Full release here.

SiriusXM reported revenue of $2.16 billion for Q3 2025, off 1% from $2.17b year-to-year. The company had net income of $297 million, compared to a loss of $2.96b last year. Self-pay subscribers decreased by 40,000; total subscribers were 32.7m, compared to 33.2m last year. Pandora and off-platform revenue was $548m, an increase of 1% from 2024's $544m. "This was a quarter of meaningful progress for SiriusXM," says CEO Jennifer Witz. "We’re enhancing the subscriber experience through new content, deeper personalization, and continued innovation across every stage of the customer journey." Full release here.