Cumulus Media (CMLS) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Information [Line Items]
Entity Registrant Name	CUMULUS MEDIA INC
Trading Symbol	CMLS
Entity Central Index Key	1,058,623
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,225,765
Class C common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		80,609

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 151,153	$ 131,259
Restricted cash	7,816	8,025
Accounts receivable, less allowance for doubtful accounts of $4,133 and $4,691 at March 31, 2017 and December 31, 2016, respectively	213,642	231,585
Trade receivable	5,752	4,985
Assets held for sale	30,150	30,150
Prepaid expenses and other current assets	47,033	33,923
Total current assets	455,546	439,927
Property and equipment, net	156,834	162,063
Broadcast licenses	1,539,793	1,540,183
Other intangible assets, net	107,407	116,499
Goodwill	135,214	135,214
Other assets	18,684	18,805
Total assets	2,413,478	2,412,691
Current liabilities:
Accounts payable and accrued expenses	109,093	96,241
Trade payable	3,730	4,550
Total current liabilities	112,823	100,791
Term loan, net of debt issuance costs/discounts of $27,914 and $29,909 at March 31, 2017 and December 31, 2016, respectively	1,782,352	1,780,357
7.75% senior notes, net of debt issuance costs of $5,591 and $6,200 at March 31, 2017 and December 31, 2016, respectively	604,409	603,800
Other liabilities	30,469	31,431
Deferred income taxes	381,451	388,050
Total liabilities	2,911,504	2,904,429
Commitments and Contingencies (Note 10)
Stockholders’ (deficit) equity:
Treasury stock, at cost, 2,806,187 shares at both March 31, 2017 and December 31, 2016	(229,310)	(229,310)
Additional paid-in-capital	1,625,353	1,624,815
Accumulated deficit	(1,894,390)	(1,887,564)
Total stockholders’ deficit	(498,026)	(491,738)
Total liabilities and stockholders’ deficit	2,413,478	2,412,691
Class A common stock
Stockholders’ (deficit) equity:
Common stock	320	320
Class C common stock
Stockholders’ (deficit) equity:
Common stock	$ 1	$ 1

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	May 13, 2011
Condensed Financial Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 4,133	$ 4,691
Debt issuance costs/ discounts	$ 27,914	$ 29,909
Interest rate	7.75%	7.75%
Treasury stock, shares	2,806,187	2,806,187
Class A common stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	93,750,000	93,750,000
Common stock, shares issued	32,031,952	32,031,952
Common stock, shares outstanding	29,225,765	29,225,765
Class C common stock
Condensed Financial Statements, Captions [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	80,609	80,609
Common stock, shares issued	80,609	80,609
Common stock, shares outstanding	80,609	80,609
7.75% senior notes:
Condensed Financial Statements, Captions [Line Items]
Interest rate	7.75%	7.75%	7.75%
Debt issuance costs	$ 5,591	$ 6,200

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net revenue	$ 264,030	$ 268,530
Operating expenses:
Content costs	101,780	100,045
Selling, general and administrative expenses	114,390	117,227
Depreciation and amortization	16,282	23,097
LMA fees	2,707	5,388
Corporate expenses (including stock-based compensation expense of $538 and $878, respectively)	10,955	12,654
(Gain) loss on sale of assets or stations	(2,606)	5
Total operating expenses	243,508	258,416
Operating income	20,522	10,114
Non-operating expense:
Interest expense	(34,063)	(34,481)
Interest income	37	85
Other income, net	83	720
Total non-operating expense, net	(33,943)	(33,676)
Loss before income taxes	(13,421)	(23,562)
Income tax benefit	6,026	9,133
Net loss	$ (7,395)	$ (14,429)
Basic and diluted loss per common share (see Note 8, “Loss Per Share”):
Basic: Loss per share (USD per share)	$ (0.25)	$ (0.49)
Diluted: Loss per share (USD per share)	$ (0.25)	$ (0.49)
Weighted average basic common shares outstanding (in shares)	29,306,374	29,256,227
Weighted average diluted common shares outstanding (in shares)	29,306,374	29,256,227

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Stock-based compensation expense	$ 538	$ 878

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (7,395)	$ (14,429)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,282	23,097
Amortization of debt issuance costs/discounts	2,510	2,427
Provision for doubtful accounts	709	150
(Gain) loss on sale of assets or stations	(2,606)	5
Deferred income taxes	(6,030)	(9,136)
Stock-based compensation expense	538	878
Changes in assets and liabilities:
Accounts receivable	17,234	37,090
Trade receivable	(767)	235
Prepaid expenses and other current assets	(12,429)	(5,971)
Other assets	309	(5,751)
Accounts payable and accrued expenses	12,852	7,154
Trade payable	(820)	(28)
Other liabilities	(962)	(2,536)
Net cash provided by operating activities	19,425	33,185
Cash flows from investing activities:
Restricted cash	209	(1,810)
Proceeds from sale of assets or stations	6,090	0
Capital expenditures	(5,736)	(4,161)
Net cash provided by (used in) investing activities	563	(5,971)
Cash flows from financing activities:
Deferred financing costs	(94)	0
Proceeds from exercise of warrants	0	3
Net cash (used in) provided by financing activities	(94)	3
Increase in cash and cash equivalents	19,894	27,217
Cash and cash equivalents at beginning of period	131,259	31,657
Cash and cash equivalents at end of period	151,153	58,874
Supplemental disclosures of cash flow information:
Interest paid	19,448	19,539
Income taxes paid	463	983
Supplemental disclosures of non-cash flow information:
Trade revenue	11,309	9,961
Trade expense	$ 9,567	$ 10,027

Description of Business, Interi

Description of Business, Interim Financial Data and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Interim Financial Data and Basis of Presentation	Description of Business, Interim Financial Data and Basis of Presentation: Description of Business Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “Cumulus,” “Cumulus Media,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2002, and successor by merger to an Illinois corporation with the same name that had been organized in 1997. Nature of Business A leader in the radio broadcasting industry, Cumulus Media combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its 447 owned-and-operated stations broadcasting in 90 US media markets (including eight of the top 10), more than 8,200 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events. Interim Financial Data The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company and the notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited condensed consolidated financial statements include the condensed consolidated accounts of Cumulus and its wholly-owned subsidiaries, with all intercompany balances and transactions eliminated in consolidation. The December 31, 2016 condensed balance sheet data was derived from audited financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary for a fair statement of our results of operations for, and financial condition as of the end of, the interim periods have been made. The results of operations for the three months ended March 31, 2017 , the cash flows for the three months ended March 31, 2017 and the Company’s financial condition as of March 31, 2017 , are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition that can be expected as of the end of, any other interim period or for the fiscal year ending December 31, 2017 . Reverse Stock Split On October 12, 2016, the Company effected a one-for-eight (1: 8 ) reverse stock split (the "Reverse Stock Split"). As a result of the Reverse Stock Split, every eight shares of each class of the Company's outstanding common stock were combined into one share of the same class of common stock and the authorized shares of each class of the Company's common stock were reduced by the same ratio. No fractional shares were issued in connection with the Reverse Stock Split. The number and strike price of the Company's outstanding stock options and warrants were adjusted proportionally, as appropriate. The par value of the Company's common stock was not adjusted as a result of the Reverse Stock Split. All authorized, issued and outstanding stock and per share amounts contained within the accompanying unaudited condensed consolidated financial statements and these footnotes have been adjusted to reflect this Reverse Stock Split for all periods presented retroactively, as appropriate. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates. Assets Held for Sale During the year ended December 31, 2015, the Company entered into an agreement to sell certain land in the Company's Washington, DC market to a third party. The closing of the transaction is subject to various conditions and approvals, which remain pending. The identified asset has been classified as held for sale in the accompanying unaudited condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 . The estimated fair value of the land to be disposed of is in excess of its carrying value. Adoption of New Accounting Standards ASU 2016-09. In March 2016, the FASB issued ASU 2016-09. The amendments in this ASU provide guidance for employee stock-based payment accounting. This update removes the requirement that reporting entities present tax benefits as excess cash flows from financing activities and cash flows from operating activities. As a result of this amendment, cash flows related to excess tax benefits will be classified only in operating activities. The Company adopted this ASU effective December 31, 2016. As a result of adoption, in the first quarter of 2017, the Company recorded an adjustment to retained earnings of approximately $0.6 million to recognize net operating loss carryforwards attributable to excess tax benefits on stock compensation that had not been previously recognized in additional paid in capital. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity. ASU 2017-04. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance eliminates Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Upon effectiveness of this update, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company adopted this ASU effective January 1, 2017. The impact to our financial statements by not performing Step 2 to measure the amount of any potential goodwill impairment will depend on various factors. However, the elimination of Step 2 will reduce the complexity and cost of the Company's measurements of goodwill. Recent Accounting Standards Updates ASU 2014-09 and related updates. In May 2014, the FASB issued ASU 2014-09. The amended guidance under this ASU outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the single comprehensive revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU 2016-08 which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 which provides clarifying guidance in certain narrow areas such as an assessment of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. In December 2016, the FASB issued ASU 2016-20 which provides technical corrections and improvements to Topic 606. In March 2017, the FASB issued ASU 2017-05 which clarifies the scope of Subtopic 610-20 and adds guidance for partial sales of non-financial assets, including partial sales of real estate. The amendments in ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20 and ASU 2017-05 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20 and ASU 2017-05 at the date of initial application. The new standard permits adoption either by using (i) a full retrospective approach for all periods presented in the period of adoption or (ii) a modified retrospective approach with the cumulative effect of initially applying the new standard recognized at the date of initial application and providing certain additional disclosures. The new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. The Company does not plan to early adopt, and accordingly, will adopt the new standard effective January 1, 2018. The Company is currently evaluating the adoption approach. The Company's final determination will depend on a number of factors, such as the significance of the impact of the new standard on our financial results, system readiness, and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements and the Company's ability to maintain two sets of financials under current and new standards if we were to adopt the full retrospective approach. The Company is in the initial stages of our evaluation of the impact of the new standard on our accounting policies, processes, and system requirements. The Company has assigned internal resources to the evaluation to enable timely and accurate reporting under the new standard. The Company continues to assess the potential impacts of the new standard, including in the areas described above, and anticipates this standard could have a material impact on our consolidated financial statements; however, the Company cannot reasonably estimate quantitative information related to the impact of the new standard on our financial statements at this time. ASU 2016-01. In January 2016, the FASB issued ASU 2016-01. The amendments in this ASU enhance the reporting model for financial instruments including aspects of recognition, measurement, presentation and disclosure. The new guidance revises the accounting requirements related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The update also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity - including investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method - and recognize the changes in fair value within net income. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is not permitted, except for certain amendments within the ASU. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. ASU 2016-02. In February 2016, the FASB issued ASU 2016-02. The amendments in this ASU provide guidance for accounting for leases. This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. A modified retrospective transition method is required, with the option to elect a package of practical expedients. Early adoption is permitted. The Company is currently assessing the expected impact that this ASU will have on the consolidated financial statements. ASU 2016-15 . In August 2016, the FASB issued ASU 2016-15. The amendments in the ASU provide guidance for several new and/or revised disclosures pertaining to the classification of certain cash receipts and cash payments on the statement of cash flows, including contingent consideration payments made after a business acquisition. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. ASU 2016-16 . In October 2016, the FASB issued ASU 2016-16. The amendments in the ASU provide guidance for the accounting for the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs between entities in different tax jurisdictions. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. ASU 2016-18 . In November 2016, the FASB issued ASU 2016-18. The amendments in the ASU provide guidance for the accounting for the disclosure of restricted cash on the Statement of Cash Flows. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. As of March 31, 2017 and December 31, 2016, the Company had $8.0 million in restricted cash, in its consolidated balance sheets. Upon adoption of this ASU, restricted cash balances will be included along with cash and cash equivalents as of the end of the period and beginning of the period, respectively, in our consolidated statement of cash flows for all periods presented; separate line items showing changes in restricted cash balances will be eliminated from our consolidated statement of cash flows. ASU 2017-01. In January 2017, the FASB issued final guidance that revises the definition of a business. The definition of a business affects many areas of accounting (e.g., acquisitions, disposals, goodwill impairment, consolidation). According to feedback received by the FASB, application of the current guidance is commonly thought to be too complex and results in too many transactions qualifying as business combinations. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2017
Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash As of March 31, 2017 and December 31, 2016 , the Company’s balance sheet included approximately $7.8 million and $8.0 million , respectively, in restricted cash. At March 31, 2017 and December 31, 2016 , the Company held $6.3 million and $6.5 million , respectively, in restricted cash relating to collateralizing standby letters of credit pertaining to certain leases and insurance policies. In addition, $1.5 million related to securing the maximum exposure generated by automated clearinghouse transactions in the Company's operating banks accounts and as dictated by the Company's banks' internal policies with respect to cash for both periods.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The following tables present goodwill and accumulated impairment losses on a segment and consolidated basis as of January 1, 2017 and March 31, 2017 (dollars in thousands): Radio Station Group Goodwill: Balance as of January 1, 2017: Goodwill $ 1,278,526 Accumulated impairment losses (1,278,526 ) Total $ — Balance as of March 31, 2017: Goodwill 1,278,526 Accumulated impairment losses (1,278,526 ) Total $ — Westwood One Goodwill: Balance as of January 1, 2017: Goodwill $ 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Balance as of March 31, 2017: Goodwill 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Consolidated Goodwill: Balance as of January 1, 2017: Goodwill $ 1,582,806 Accumulated impairment losses (1,447,592 ) Total $ 135,214 Balance as of March 31, 2017: Goodwill 1,582,806 Accumulated impairment losses (1,447,592 ) Total $ 135,214 The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period December 31, 2016 to March 31, 2017 , and balances as of such dates (dollars in thousands): FCC Licenses Definite-Lived Total Intangible Assets: Balance as of December 31, 2016 $ 1,540,183 $ 116,499 $ 1,656,682 Dispositions (390 ) — (390 ) Amortization — (9,092 ) (9,092 ) Balance as of March 31, 2017 $ 1,539,793 $ 107,407 $ 1,647,200 The Company performs its annual impairment testing of FCC licenses and goodwill as of December 31, each year and on an interim basis if events or circumstances indicate that FCC licenses or goodwill may be impaired. The Company reviews the carrying value of its definite-lived intangible assets for recoverability prior to its annual impairment test of goodwill and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. There were no triggering events as of March 31, 2017 to necessitate an interim impairment test as of such date, and the fair value of such assets exceeded their carrying value.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following as of March 31, 2017 and December 31, 2016 (dollars in thousands): March 31, 2017 December 31, 2016 Term loan: Term loan $ 1,810,266 $ 1,810,266 Less: unamortized term loan discount and debt issuance costs (27,914 ) (29,909 ) Total Term loan 1,782,352 1,780,357 7.75% senior notes: 610,000 610,000 Less: unamortized debt issuance costs (5,591 ) (6,200 ) Total 7.75% senior notes 604,409 603,800 Less: Current portion of long-term debt — — Long-term debt, net $ 2,386,761 $ 2,384,157 Amended and Restated Credit Agreement On December 23, 2013, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), among the Company, Cumulus Media Holdings Inc., a direct wholly-owned subsidiary of the Company (“Cumulus Holdings”), as borrower, and certain lenders and agents. The Credit Agreement consists of a $2.025 billion term loan (the “Term Loan”) maturing in December 2020 and a $200.0 million revolving credit facility (the “Revolving Credit Facility”) maturing in December 2018. Under the Revolving Credit Facility, up to $30.0 million of availability may be drawn in the form of letters of credit. Notwithstanding the stated maturity date of the Term Loan, if 91 days prior to the stated maturity date of the Company's 7.75% Senior Notes ("the 7.75% Senior Notes") due 2019 (the "Springing Maturity Date") the aggregate principal amount of 7.75% Senior Notes outstanding exceeds $200.0 million , the Term Loan maturity date shall be accelerated to the Springing Maturity Date. The Company's 7.75% Senior Notes (defined below) mature on May 1, 2019. Term Loan borrowings and borrowings under the Revolving Credit Facility bear interest, at the option of Cumulus Holdings, based on the Base Rate (as defined below) or the London Interbank Offered Rate (“LIBOR”), plus 3.25% on LIBOR-based borrowings and 2.25% on Base Rate-based borrowings. LIBOR-based borrowings are subject to a LIBOR floor of 1.0% under the Term Loan. Base Rate-based borrowings are subject to a Base Rate floor of 2.0% under the Term Loan. Base Rate is defined, for any day, as the rate per annum equal to the highest of (i) the Federal Funds Rate, as published by the Federal Reserve Bank of New York, plus 1/2 of 1.0% , (ii) the prime commercial lending rate of JPMorgan Chase Bank, N.A., as established from time to time, and (iii) 30 day LIBOR plus 1.0% . Amounts outstanding under the Term Loan amortize at a rate of 1.0% per annum of the original principal amount of the Term Loan, payable quarterly, with the balance payable on the maturity date. At March 31, 2017 , the Term Loan bore interest at 4.25% per annum. The representations, covenants and events of default in the Credit Agreement are customary for financing transactions of this nature. Events of default in the Credit Agreement include, among others: (a) the failure to pay when due the obligations owing thereunder; (b) the failure to comply with (and not timely remedy, if applicable) certain covenants; (c) certain defaults and accelerations under other indebtedness; (d) the occurrence of bankruptcy or insolvency events; (e) certain judgments against the Company or any of its restricted subsidiaries; (f) the loss, revocation or suspension of, or any material impairment in the ability to use one or more of, any material FCC licenses; (g) any representation or warranty made, or report, certificate or financial statement delivered to the lenders subsequently proven to have been incorrect in any material respect; and (h) the occurrence of a Change in Control (as defined in the Credit Agreement). Upon the occurrence of an event of default, the lenders may terminate the loan commitments, accelerate all loans and exercise any of their rights under the Credit Agreement and the ancillary loan documents as a secured party. In the event amounts are outstanding under the Revolving Credit Facility or any letters of credit are outstanding that have not been collateralized by cash as of the end of each quarter, the Credit Agreement requires compliance with a consolidated first lien leverage ratio covenant. The required ratio at March 31, 2017 was 4.5 to 1.0, and the first lien net leverage ratio covenant periodically decreases until it reaches 4.0 to 1 on March 31, 2018. At March 31, 2017, the Company's actual leverage ratio was in excess of the required ratio; however, the Company had no borrowings outstanding under the Revolving Credit Facility. Certain mandatory prepayments on the Term Loan are required upon the occurrence of specified events, including upon the incurrence of certain additional indebtedness, upon the sale of certain assets and upon the occurrence of certain condemnation or casualty events, and from excess cash flow. The Company’s, Cumulus Holdings’ and their respective restricted subsidiaries’ obligations under the Credit Agreement are collateralized by a first priority lien on substantially all of the Company’s, Cumulus Holdings’ and their respective restricted subsidiaries’ assets (excluding the Company’s accounts receivable collateralizing the Company's revolving accounts receivable securitization facility (the “Securitization Facility”) with Wells Fargo Capital Finance ("Wells Fargo") as described below) in which a security interest may lawfully be granted, including, without limitation, intellectual property and substantially all of the capital stock of the Company’s direct and indirect domestic wholly-owned subsidiaries and 66% of the capital stock of any future first-tier foreign subsidiaries. In addition, Cumulus Holdings’ obligations under the Credit Agreement are guaranteed by the Company and substantially all of its restricted subsidiaries, other than Cumulus Holdings. At March 31, 2017 , and December 31, 2016 , the Company had $1.810 billion outstanding under the Term Loan and no amounts outstanding under the Revolving Credit Facility. 7.75% Senior Notes On May 13, 2011, the Company issued $610.0 million aggregate principal amount of 7.75% Senior Notes due 2019 (the " 7.75% Senior Notes"). Proceeds from the sale of the 7.75% Senior Notes were used to, among other things, repay the $575.8 million outstanding under the term loan facility under the Company's prior credit agreement. On September 16, 2011, the Company and Cumulus Holdings entered into a supplemental indenture with the trustee under the indenture governing the 7.75% Senior Notes which provided for, among other things, the (i) assumption by Cumulus Holdings of all obligations of the Company; (ii) substitution of Cumulus Holdings for the Company as issuer; (iii) release of the Company from all obligations as original issuer; and (iv) Company’s guarantee of all of Cumulus Holdings’ obligations, in each case under the indenture and the 7.75% Senior Notes. Interest on the 7.75% Senior Notes is payable on each May 1 and November 1 of each year. The 7.75% Senior Notes mature on May 1, 2019 . Cumulus Holdings, as issuer of the 7.75% Senior Notes, may redeem all or part of the 7.75% Senior Notes at any time at a price equal to 100% of the principal amount, plus a “make-whole” premium. If Cumulus Holdings sells certain assets or experiences specific kinds of changes in control, it will be required to make an offer to purchase the 7.75% Senior Notes. The indenture governing the 7.75% Senior Notes contains representations, covenants and events of default customary for financing transactions of this nature. At March 31, 2017 , the Company was in compliance with all required covenants under the indenture governing the 7.75% Senior Notes. In connection with the substitution of Cumulus Holdings as the issuer of the 7.75% Senior Notes, the Company also guaranteed the 7.75% Senior Notes. In addition, each existing and future domestic restricted subsidiary that guarantees the Company’s indebtedness, Cumulus Holdings’ indebtedness or indebtedness of the Company’s subsidiary guarantors (other than the Company’s subsidiaries that hold the licenses for the Company’s radio stations) guarantees, and will guarantee, the 7.75% Senior Notes. The 7.75% Senior Notes are senior unsecured obligations of Cumulus Holdings and rank equally in right of payment to all existing and future senior unsecured debt of Cumulus Holdings and senior in right of payment to all future subordinated debt of Cumulus Holdings. The 7.75% Senior Notes guarantees are the Company’s and the other guarantors’ senior unsecured obligations and rank equally in right of payment to all of the Company’s and the other guarantors’ existing and future senior debt and senior in right of payment to all of the Company’s and the other guarantors’ future subordinated debt. The 7.75% Senior Notes and the guarantees are effectively subordinated to any of Cumulus Holdings’, the Company’s or the guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt. In addition, the 7.75% Senior Notes and the guarantees are structurally subordinated to all liabilities of the Company and its subsidiaries. Accounts Receivable Securitization Facility On December 6, 2013, the Company entered into a 5 -year, $50.0 million Securitization Facility with Wells Fargo (as successor to General Electric Capital Corporation), as a lender, as swingline lender and as administrative agent (together with any other lenders party thereto from time to time, the “Lenders”). In connection with the entry into the Securitization Facility, pursuant to a Receivables Sale and Servicing Agreement, dated as of December 6, 2013 (the “Sale Agreement”), certain subsidiaries of the Company (collectively, the “Originators”) sell and/or contribute their existing and future accounts receivable (representing up to all of the Company’s accounts receivable) to a special purpose entity and wholly owned subsidiary of the Company (the “SPV”). The SPV may thereafter make borrowings from the Lenders, which borrowings are secured by those receivables, pursuant to an Amended and Restated Receivables Funding and Administration Agreement, dated as of March 15, 2017 (the “Funding Agreement”). Cumulus Holdings services the accounts receivable on behalf of the SPV. Advances available under the Funding Agreement at any time are based on advance rates relating to the value of the eligible receivables held by the SPV at that time. The Securitization Facility matures on December 6, 2018, subject to earlier termination at the election of the SPV. Advances bear interest based on either LIBOR plus 2.50% or the Index Rate (as defined in the Funding Agreement) plus 1.00% . The SPV is also required to pay a monthly fee based on any unused portion of the Securitization Facility. The Securitization Facility contains representations and warranties, affirmative and negative covenants, and events of default that are customary for financings of this type. At March 31, 2017 and December 31, 2016 , there were no amounts outstanding under the Securitization Facility. Amortization of Debt Discount and Debt Issuance Costs For the three months ended March 31, 2017 , the Company recorded an aggregate of $2.5 million of amortization of debt discount and debt issuance costs related to its Term Loan and 7.75% Senior Notes. For the three months ended March 31, 2016 , the Company recorded an aggregate of $2.4 million of amortization of debt discount and debt issuance costs related to its Term Loan and 7.75% Senior Notes.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The three levels of the fair value hierarchy to be applied when determining fair value of financial instruments are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands): March 31, 2017 December 31, 2016 Term Loan: Gross value $ 1,810,266 $ 1,810,266 Fair value - Level 2 1,366,751 1,226,455 7.75% Senior Notes: Gross value $ 610,000 $ 610,000 Fair value - Level 2 207,400 249,673 As of March 31, 2017 , the Company used trading prices of 75.5% to calculate the level 2 fair value of the Term Loan and 34.0% to calculate the level 2 fair value of the 7.75% Senior Notes. As of December 31, 2016 , the Company used trading prices of 67.8% to calculate the level 2 fair value of the Term Loan and 40.9% to calculate the level 2 fair value of the 7.75% Senior Notes.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity For information on the Company's October 12, 2016 Reverse Stock Split and the resulting adjustments to authorized, issued and outstanding common stock, warrants and options, see Note 1, "Description of Business, Interim Financial Data and Basis of Presentation: Reverse Stock Split." The Company is authorized to issue an aggregate of 268,830,609 shares of stock, each with a par value of $0.01 per share, divided into four classes consisting of: (i) 93,750,000 shares designated as Class A common stock; (ii) 75,000,000 shares designated as Class B common stock; (iii) 80,609 shares designated as Class C common stock, and (iv) 100,000,000 shares of preferred stock. Common Stock Except with regard to voting and conversion rights, shares of Class A, Class B and Class C common stock are identical in all respects. The preferences, qualifications, limitations, restrictions, and the special or relative rights in respect of the common stock and the various classes of common stock are as follows: • Voting Rights. The holders of shares of Class A common stock are entitled to one vote per share on any matter submitted to a vote of the stockholders of the Company, and the holders of shares of Class C common stock are entitled to ten votes for each share of Class C common stock held. Generally, the holders of shares of Class B common stock are not entitled to vote on any matter. However, holders of Class B common stock and Class C common stock are entitled to a separate class vote on any amendment or modification of any specific rights or obligations of the holders of Class B common stock or Class C common stock, respectively, that does not similarly affect the rights or obligations of the holders of Class A common stock. The holders of Class A common stock and of Class C common stock vote together, as a single class, on all matters submitted to a vote to the stockholders of the Company. • Conversion. Each holder of Class B common stock and Class C common stock is entitled to convert at any time all or any part of such holder’s shares into an equal number of shares of Class A common stock; provided, however, that to the extent that such conversion would result in the holder holding more than 4.99% of the Class A common stock following such conversion, the holder will first be required to deliver to the Company an ownership certification to enable the Company to (a) determine that such holder does not have an attributable interest in another entity that would cause the Company to violate applicable FCC rules and regulations and (b) obtain any necessary approvals from the FCC or the Department of Justice. There were no shares of Class B common stock issued or outstanding as of March 31, 2017 or December 31, 2016. The holders of all classes of common stock are entitled to share ratably in any dividends that may be declared by the board of directors of the Company. 2009 Warrants In June 2009, in connection with the execution of an amendment to the Company's then-existing credit agreement, the Company issued warrants to the lenders thereunder that allow them to acquire up to 156,250 shares of Class A common stock at an exercise price of $1.17 per share (the “2009 Warrants”). The 2009 Warrants expire on June 29, 2019. The number of shares of Class A common stock issuable upon exercise of the 2009 Warrants is subject to adjustment in certain circumstances, including upon the payment of a dividend in shares of Class A common stock. None of such warrants were converted during the three months ended March 31, 2017 and, as of such date, 40,057 2009 Warrants remained outstanding. Company Warrants As a component of the Company's September 16, 2011 acquisition of Citadel Broadcasting Corporation (the "Citadel Merger") and the related financing transactions, the Company issued warrants to purchase an aggregate of 9.0 million shares of Class A common stock (the "Company Warrants") under a warrant agreement dated September 16, 2011 (the "Warrant Agreement"). The Company Warrants are exercisable at any time prior to June 3, 2030 at an exercise price of $0.01 per share with each Company Warrant providing the right to purchase one share. The number of shares for which the Company Warrants are exercisable is not subject to any anti-dilution protection, other than standard adjustments in the case of stock splits, dividends and certain other similar events. Pursuant to the terms and conditions of the Warrant Agreement, upon the request of a holder, the Company has the discretion to issue, upon exercise of the Company Warrants, shares of Class B common stock in lieu of an equal number of shares of Class A common stock and, upon request of a holder and at the Company’s discretion, the Company has the right to exchange such warrants to purchase an equivalent number of shares of Class B common stock for outstanding warrants to purchase shares of Class A common stock. Exercise of the Company Warrants is subject to compliance with applicable FCC regulations, and the Company Warrants are exercisable provided that ownership of the Company’s securities by the holder does not cause the Company to violate applicable FCC rules and regulations relating to foreign ownership of broadcasting licenses Holders of Company Warrants are entitled to participate ratably in any distributions on the Company’s common stock on an as-exercised basis. No distribution will be made to holders of Company Warrants or common stock if (i) an FCC ruling, regulation or policy prohibits such distribution to holders of Company Warrants or (ii) the Company’s FCC counsel opines that such distribution is reasonably likely to cause (a) the Company to violate any applicable FCC rules or regulations or (b) any holder of Company Warrants to be deemed to hold an attributable interest in the Company. No Company Warrants were exercised during the three months ended March 31, 2017 . Company Warrants to purchase 43,192 shares of Class A common stock were exercised during the three months ended March 31, 2016 . At March 31, 2017 , 31,955 Company Warrants remained outstanding. Crestview Warrants Also on September 16, 2011, but pursuant to a separate warrant agreement, the Company issued warrants to purchase 1.0 million shares of Class A common stock with an exercise price, as adjusted to date, of $34.56 per share (the "Crestview Warrants"). The Crestview Warrants are exercisable until September 16, 2021, and the per share exercise price is subject to standard weighted average adjustments in the event that the Company issues additional shares of common stock or common stock derivatives for less than the fair market value per share, as defined in the Crestview Warrants, as of the date of such issuance. In addition, the number of shares of Class A common stock issuable upon exercise of the Crestview Warrants, and the exercise price of the Crestview Warrants, are subject to adjustment in the case of stock splits, dividends and certain other imilar events. As of March 31, 2017 , all 1.0 million Crestview Warrants remained outstanding.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense The Company uses the Black-Scholes option pricing model to estimate the fair value on the date of grant of stock options issued. The determination of the fair value of stock options is affected by the Company’s stock price, historical stock price volatility over the expected term of the awards, risk-free interest rates and expected dividends. With respect to restricted stock awards, the Company recognizes compensation expense over the vesting period equal to the grant date fair value of the shares awarded. To the extent non-vested restricted stock awards include performance or market vesting conditions, management uses the requisite service period to recognize the cost associated with the award. During the three months ended March 31, 2017 , the Company granted 75,000 stock options with a grant date aggregate fair value of $0.1 million . During the three months ended March 31, 2016 , the Company granted 50,000 stock options with a grant date aggregate fair value of $0.1 million . The options granted in both periods range in exercise price from $0.97 to $24.00 per share, and provide for vesting on each of the first four anniversaries of the date of grant, with 30% of the award vesting on each of the first two anniversaries thereof, and 20% of the award vesting on each of the next two anniversaries thereof. For the three months ended March 31, 2017 and 2016, respectively, the Company recognized approximately $0.5 million and $0.9 million in stock-based compensation expense related to equity awards. As of March 31, 2017 , unrecognized stock-based compensation expense of approximately $2.3 million related to equity awards is expected to be recognized over a weighted average remaining life of 2.12 years. Unrecognized stock-based compensation expense for equity awards will be adjusted for future changes in estimated forfeitures. There were no stock options exercised during the three months ended March 31, 2017 or March 31, 2016 .

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share For all periods presented, the Company has disclosed basic and diluted (loss) earnings per common share utilizing the two-class method. In accordance with, ASC Topic 260, "Earnings per Share," the presentation of basic and diluted EPS is required only for common stock and not for participating securities. Non-vested restricted shares of Class A common stock are considered participating securities for purposes of calculating basic weighted average common shares outstanding in all periods. In addition, Company Warrants are accounted for as participating securities, as holders of such Warrants, in accordance with and subject to the terms and conditions of the Warrant Agreement, are entitled to receive ratable distributions of the Company's earnings concurrently with such distributions made to the holders of Class A common stock. Basic (loss) earnings per common share is calculated by dividing net (loss) income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. In accordance with the terms of the Company's certificate of incorporation, the Company allocates undistributed net (loss) income, after any allocation for preferred stock dividends, between each class of common stock on an equal basis per share. In accordance with the two-class method, earnings applicable to the non-vested restricted shares of Class A common stock and Company Warrants are excluded from the computation of basic EPS. Diluted (loss) earnings per share is computed in the same manner as basic (loss) earnings per share after assuming issuance of common stock for all potentially dilutive equivalent shares, which includes stock options and certain warrants to purchase common stock. Antidilutive instruments are not considered in this calculation. Under the two-class method, net income is allocated to common stock to the extent that each security may share in earnings, as if all of the (loss) earnings for the period had been distributed. (Loss) earnings are allocated to each class of common stock equally per share. The following table sets forth the computation of basic and diluted (loss) earnings per common share for the three months ended March 31, 2017 and 2016 (amounts in thousands, except per share data): Three Months Ended March 31, 2017 2016 Basic Loss Per Share Numerator: Undistributed net loss from continuing operations $ (7,395 ) $ (14,429 ) Less: Participation rights of the Company Warrants in undistributed earnings — — Participation rights of unvested restricted stock in undistributed earnings — — Basic undistributed net loss attributable to common shares $ (7,395 ) $ (14,429 ) Denominator: Basic weighted average shares outstanding 29,306 29,256 Basic undistributed net loss per share attributable to common shares $ (0.25 ) $ (0.49 ) Diluted Loss Per Share: Numerator: Undistributed net loss from continuing operations $ (7,395 ) $ (14,429 ) Less: Participation rights of the Company Warrants in undistributed net earnings — — Participation rights of unvested restricted stock in undistributed earnings — — Basic undistributed net loss attributable to common shares $ (7,395 ) $ (14,429 ) Denominator: Basic weighted average shares outstanding 29,306 29,256 Effect of dilutive stock options, warrants and restricted stock — — Diluted weighted average shares outstanding 29,306 29,256 Diluted undistributed net loss per share attributable to common shares $ (0.25 ) $ (0.49 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2017 , the Company recorded an income tax benefit of $6.0 million on a pre-tax loss of $13.4 million , resulting in an effective tax rate for the three months ended March 31, 2017 of approximately 44.9% . For the three months ended March 31, 2016 , the Company recorded an income tax benefit of $9.1 million on a pre-tax loss of $23.6 million , resulting in an effective tax rate for the three months ended March 31, 2016 of approximately 38.8% . The difference between the effective tax rate and the federal statutory rate of 35.0% for both the three months ended March 31, 2017 and 2016 primarily relates to state and local income taxes and the tax effect of certain statutory non-deductible items. The Company continually reviews the adequacy of the valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be recognized in accordance with ASC Topic 740, Income Taxes ("ASC 740"). As of March 31, 2017 , the Company continues to maintain a partial valuation allowance on certain state net operating loss carryforwards which the Company does not believe will be able to meet the more likely than not recognition standard for recovery. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in the Company's financial statements or tax returns as well as future profitability.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Future Commitments The radio broadcast industry’s principal ratings service is Nielsen Audio ("Nielsen"), which publishes surveys for domestic radio markets. Certain of the Company’s subsidiaries have agreements with Nielsen under which they receive programming ratings information. The remaining aggregate obligation under the agreements with Nielsen is approximately $35.5 million and is expected to be paid in accordance with the agreements through December 2017. The Company engages Katz Media Group, Inc. ("Katz") as its national advertising sales agent. The national advertising agency contract with Katz contains termination provisions that, if exercised by the Company during the term of the contract, would obligate the Company to pay a termination fee to Katz, calculated based upon a formula set forth in the contract. The Company is committed under various contractual agreements to pay for broadcast rights that include sports and news services and to pay for talent, executives, research, weather information and other services. The Company from time to time enters into radio network contractual obligations to guarantee a minimum amount of revenue share to contractual counterparties on certain programming in future years. Generally, these guarantees are subject to decreases dependent on clearance targets achieved. As of March 31, 2017 , the Company believes that it will meet all such material minimum obligations. On January 2, 2014 (the "Commencement Date”), Merlin Media, LLC (“Merlin”) and the Company entered into a local marketing agreement ("LMA"). Under this LMA, the Company is responsible for operating two FM radio stations in Chicago, Illinois, for monthly fees payable to Merlin of approximately $0.3 million , $0.4 million , $0.5 million and $0.6 million in the first, second, third and fourth years following the Commencement Date, respectively, in exchange for the Company retaining the operating profits from these radio stations. In connection therewith, the Company and Merlin also entered into an agreement pursuant to which the Company has the right to purchase these two FM radio stations until October 4, 2017 for an amount in cash equal to the greater of (i) $70.0 million minus the aggregate amount of monthly fees paid by the Company on or prior to the earlier of the closing date or the date that is four years after the Commencement Date; or (ii) $50.0 million , and Merlin has the right to require the Company to purchase these two FM radio stations at any time during a ten -day period commencing October 4, 2017 for $71.0 million , minus the aggregate amount of monthly fees paid by the Company on or prior to the earlier of the closing date and January 2, 2018. The Company determined through its review of the requirements of ASC Topic 810, Consolidation ("ASC 810") that the Company is not the primary beneficiary of the LMA with Merlin, and, therefore, consolidation is not required. On April 1, 2014, the Company initiated an exit plan for an office lease as part of a restructuring in connection with the acquisition of Westwood One (the "Exit Plan"), which included charges related to terminated contract costs. As of March 31, 2017 , liabilities related to the Exit Plan of $0.2 million were included in the accounts payable and accrued expenses and are expected to be paid within one year, and $1.1 million of non-current liabilities are included in other liabilities in the unaudited condensed consolidated balance sheet. We anticipate no additional future charges for the Exit Plan other than true-ups to closed facilities lease charges and accretion expense. Legal Proceedings In March 2011, the Company and certain of our subsidiaries were named as defendants along with other radio companies, including Beasley Broadcast Group, Inc., CBS Radio, Inc., Entercom Communications, Greater Media, Inc. and Townsquare Media, LLC in a patent infringement suit. The case, Mission Abstract Data L.L.C., d/b/a Digimedia v. Beasley Broadcast Group, Inc., et. al., Civil Action Case No: 1:99-mc-09999, U.S. District Court for the District of Delaware (filed March 1, 2011), alleges that the defendants have infringed on plaintiff’s patents entitled “Selection and Retrieval of Music from a Digital Database.” Plaintiff is seeking unspecified damages. This case has been stayed, and is awaiting further action by the court. In August 2015, we were named as a defendant in two separate putative class action lawsuits relating to our use and public performance of certain sound recordings fixed prior to February 15, 1972 (the "Pre-1972 Recordings"). The first suit, ABS Entertainment, Inc., et. al. v, Cumulus Media Inc., was filed in the United States District Court for the Central District of California and alleged, among other things, copyright infringement under California state law, common law conversion, misappropriation and unfair business practices. On December 11, 2015, this suit was dismissed without prejudice. The second suit, ABS Entertainment, Inc., v. Cumulus Media Inc., was filed in the United States District Court for the Southern District of New York and claimed, among other things, common law copyright infringement and unfair competition. The New York lawsuit was stayed pending an appeal before the Second Circuit involving unrelated third parties over whether the owner of a Pre-1972 Recording holds an exclusive right to publicly perform that recording under New York common law. On December 20, 2016, the New York Court of Appeals held that New York common law does not recognize a right of public performance for owners of pre-1972 Recordings. As a result of that case (to which Cumulus Media, Inc., was not a party) the New York case against Cumulus Media, Inc., was voluntarily dismissed by the plaintiffs on April 3, 2017. The pending suit seeks unspecified damages. The Company is evaluating the suit, and intends to defend itself vigorously. The Company is not yet able to determine what effect the lawsuit will have, if any, on its financial position, results of operations or cash flows. The Company currently is, and expects that from time to time in the future it will be, party to, or a defendant in, various other claims or lawsuits that are generally incidental to its business. The Company expects that it will vigorously contest any such claims or lawsuits and believes that the ultimate resolution of any such known claim or lawsuit will not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

Supplemental Condensed Consolid

Supplemental Condensed Consolidated Financial Information	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Supplemental Condensed Consolidated Financial Information	Supplemental Condensed Consolidated Financial Information At March 31, 2017 , Cumulus (the "Parent Guarantor") and certain of its 100% owned subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) provided guarantees of the obligations of Cumulus Holdings (the "Subsidiary Issuer") under the 7.75% Senior Notes. These guarantees are full and unconditional (subject to customary release provisions) as well as joint and several. Certain of the Subsidiary Guarantors may be subject to restrictions on their respective ability to distribute earnings to Cumulus Holdings or the Parent Guarantor. Not all of the subsidiaries of Cumulus and Cumulus Holdings guarantee the 7.75% Senior Notes (such non-guaranteeing subsidiaries, collectively, the “Subsidiary Non-guarantors”). The following tables present (i) unaudited condensed consolidated statements of operations for the three months ended March 31, 2017 and 2016 , (ii) unaudited condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 , and (iii) unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 , of each of the Parent Guarantor, Cumulus Holdings, the Subsidiary Guarantors, and the Subsidiary Non-guarantors. Investments in consolidated subsidiaries are held primarily by the Parent Guarantor in the net assets of its subsidiaries and have been presented using the equity method of accounting. The “Eliminations” entries in the following tables primarily eliminate investments in subsidiaries and intercompany balances and transactions. The columnar presentations in the following tables are not consistent with the Company’s business groups; accordingly, this basis of presentation is not intended to present the Company’s financial condition, results of operations or cash flows on a consolidated basis. Revision to Prior Period Financial Statements During the first quarter of 2017, the Company determined that it did not properly classify the investment in consolidated subsidiaries balance residing at the Parent Guarantor as a liability at December 31, 2016. The Company should have presented the investment in consolidated subsidiary balance as a liability as the balance was negative at December 31, 2016. In the following disclosure, a separate line item entitled “Accumulated losses in consolidated subsidiaries” is presented in the Condensed Consolidated Balance Sheet. This presentation misclassification was not material to the previously issued financial statements. In accordance with accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 99, Materiality ), the Company assessed the materiality of the errors and concluded that the errors were not material to any of the Company’s previously issued financial statements. As permitted by the accounting guidance found in ASC 250-10 (SEC Staff Accounting Bulletin No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ), the Company has presented revised financial information for the three months ended March 31, 2017, and the year ended December 31, 2016. CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ — $ 264,030 $ — $ — $ 264,030 Operating expenses: Content costs — — 101,780 — — 101,780 Selling, general and administrative expenses — — 113,795 595 — 114,390 Depreciation and amortization — 303 15,979 — — 16,282 LMA fees — — 2,707 — — 2,707 Corporate expenses (including stock-based compensation expense of $538) — 10,955 — — — 10,955 Gain on sale of assets or stations — — (2,606 ) — — (2,606 ) Total operating expenses — 11,258 231,655 595 — 243,508 Operating (loss) income — (11,258 ) 32,375 (595 ) — 20,522 Non-operating (expense) income: Interest (expense) income, net (2,184 ) (32,196 ) 37 317 — (34,026 ) Other income, net — — 83 — — 83 Total non-operating (expense) income, net (2,184 ) (32,196 ) 120 317 — (33,943 ) (Loss) income before income taxes (2,184 ) (43,454 ) 32,495 (278 ) — (13,421 ) Income tax benefit (expense) 998 19,753 (14,852 ) 127 — 6,026 (Loss) earnings from consolidated subsidiaries (6,209 ) 17,492 (151 ) — (11,132 ) — Net (loss) income $ (7,395 ) $ (6,209 ) $ 17,492 $ (151 ) $ (11,132 ) $ (7,395 ) CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ — $ 268,530 $ — $ — $ 268,530 Operating expenses: Content costs — — 100,045 — — 100,045 Selling, general and administrative expenses — — 116,689 538 — 117,227 Depreciation and amortization — 404 22,693 — — 23,097 LMA fees — — 5,388 — — 5,388 Corporate expenses (including stock-based compensation expense of $878) — 12,654 — — — 12,654 Loss on sale of assets or stations — — 5 — — 5 Total operating expenses — 13,058 244,820 538 — 258,416 Operating (loss) income — (13,058 ) 23,710 (538 ) — 10,114 Non-operating (expense) income: Interest (expense) income, net (2,178 ) (32,256 ) 85 (47 ) — (34,396 ) Other income, net — — 720 — — 720 Total non-operating (expense) income, net (2,178 ) (32,256 ) 805 (47 ) — (33,676 ) (Loss) income before income taxes (2,178 ) (45,314 ) 24,515 (585 ) — (23,562 ) Income tax benefit (expense) 845 18,198 (10,137 ) 227 — 9,133 (Loss) earnings from consolidated subsidiaries (13,096 ) 14,020 (358 ) — (566 ) — Net (loss) income $ (14,429 ) $ (13,096 ) $ 14,020 $ (358 ) $ (566 ) $ (14,429 ) CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2017 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 151,153 $ — $ — $ — $ 151,153 Restricted cash — 7,816 — — — 7,816 Accounts receivable, less allowance for doubtful accounts of $4,133 — — — 213,642 — 213,642 Trade receivable — — 5,752 — — 5,752 Asset held for sale — — 30,150 — — 30,150 Prepaid expenses and other current assets — 23,377 23,656 — — 47,033 Total current assets — 182,346 59,558 213,642 — 455,546 Property and equipment, net — 6,569 150,265 — — 156,834 Broadcast licenses — — — 1,539,793 — 1,539,793 Other intangible assets, net — — 107,407 — — 107,407 Goodwill — — 135,214 — — 135,214 Investment in consolidated subsidiaries — 3,374,977 1,002,830 — (4,377,807 ) — Intercompany receivables — 105,730 1,874,661 — (1,980,391 ) — Other assets — 20,128 153,751 317 (155,512 ) 18,684 Total assets $ — $ 3,689,750 $ 3,483,686 $ 1,753,752 $ (6,513,710 ) $ 2,413,478 Liabilities and Stockholders’ (Deficit) Equity Current liabilities: Accounts payable and accrued expenses $ — $ 31,651 $ 77,442 $ — $ — $ 109,093 Trade payable — — 3,730 — — 3,730 Total current liabilities — 31,651 81,172 — — 112,823 Long-term debt, excluding 7.75% Senior Notes, net of debt issuance cost/discounts of $27,914 — 1,782,352 — — — 1,782,352 7.75% Senior Notes, net of debt issuance costs of $5.591 — 604,409 — — — 604,409 Other liabilities — 2,932 27,537 — — 30,469 Intercompany payables 105,413 1,661,019 — 213,959 (1,980,391 ) — Accumulated losses in consolidated subsidiaries 392,613 — — — (392,613 ) — Deferred income taxes — — — 536,963 (155,512 ) 381,451 Total liabilities 498,026 4,082,363 108,709 750,922 (2,528,516 ) 2,911,504 Stockholders’ (deficit) equity: Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding 320 — — — — 320 Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding 1 — — — — 1 Treasury stock, at cost, 2,806,187 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,625,353 277,212 4,199,550 1,981,043 (6,457,805 ) 1,625,353 Accumulated (deficit) equity (1,894,390 ) (669,825 ) (824,573 ) (978,213 ) 2,472,611 (1,894,390 ) Total stockholders’ (deficit) equity (498,026 ) (392,613 ) 3,374,977 1,002,830 (3,985,194 ) (498,026 ) Total liabilities and stockholders’ (deficit) equity $ — $ 3,689,750 $ 3,483,686 $ 1,753,752 $ (6,513,710 ) $ 2,413,478 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 131,259 $ — $ — $ — $ 131,259 Restricted cash — 8,025 — — — 8,025 Accounts receivable, less allowance for doubtful accounts of $4,691 — — — 231,585 — 231,585 Trade receivable — — 4,985 — — 4,985 Asset held for sale — — 30,150 — — 30,150 Prepaid expenses and other current assets — 17,321 16,602 — — 33,923 Total current assets — 156,605 51,737 231,585 — 439,927 Property and equipment, net — 4,431 157,632 — — 162,063 Broadcast licenses — — — 1,540,183 — 1,540,183 Other intangible assets, net — — 116,499 — — 116,499 Goodwill — — 135,214 — — 135,214 Investment in consolidated subsidiaries — 3,348,992 1,012,947 — (4,361,939 ) — Intercompany receivables — 103,593 1,848,263 — (1,951,856 ) — Other assets — 21,631 135,996 364 (139,186 ) 18,805 Total assets $ — $ 3,635,252 $ 3,458,288 $ 1,772,132 $ (6,452,981 ) $ 2,412,691 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 19,994 $ 76,247 $ — $ — $ 96,241 Trade payable — — 4,550 — — 4,550 Total current liabilities — 19,994 80,797 — — 100,791 Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909 — 1,780,357 — — — 1,780,357 7.75% Senior Notes, net of debt issuance costs of $6,200 — 603,800 — — — 603,800 Other liabilities — 2,932 28,499 — — 31,431 Intercompany payables 103,229 1,616,678 — 231,949 (1,951,856 ) — Accumulated losses in consolidated subsidiaries 388,509 — — — (388,509 ) — Deferred income taxes — — — 527,236 (139,186 ) 388,050 Total liabilities 491,738 4,023,761 109,296 759,185 (2,479,551 ) 2,904,429 Stockholders’ (deficit) equity: Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding 320 — — — — 320 Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding 1 — — — — 1 Treasury stock, at cost, 2,806,187 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,624,815 275,107 4,191,057 1,991,009 (6,457,173 ) 1,624,815 Accumulated (deficit) equity (1,887,564 ) (663,616 ) (842,065 ) (978,062 ) 2,483,743 (1,887,564 ) Total stockholders’ (deficit) equity (491,738 ) (388,509 ) 3,348,992 1,012,947 (3,973,430 ) (491,738 ) Total liabilities and stockholders’ (deficit) equity $ — $ 3,635,252 $ 3,458,288 $ 1,772,132 $ (6,452,981 ) $ 2,412,691 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (7,395 ) $ (6,209 ) $ 17,492 $ (151 ) $ (11,132 ) $ (7,395 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 303 15,979 — — 16,282 Amortization of debt issuance costs/discounts — 2,463 — 47 — 2,510 Provision for doubtful accounts — — 709 — — 709 Gain on sale of assets or stations — — (2,606 ) — — (2,606 ) Deferred income taxes (998 ) (19,753 ) 14,848 (127 ) — (6,030 ) Stock-based compensation expense — 538 — — — 538 Loss (earnings) from consolidated subsidiaries 6,209 (17,492 ) 151 — 11,132 — Changes in assets and liabilities — 108,895 (93,709 ) 231 — 15,417 Net cash (used in) provided by operating activities (2,184 ) 68,745 (47,136 ) — — 19,425 Cash flows from investing activities Proceeds from sale of assets or stations — — 6,090 — — 6,090 Restricted cash — 209 — — — 209 Capital expenditures — (2,441 ) (3,295 ) — — (5,736 ) Net cash (used in) provided by investing activities — (2,232 ) 2,795 — — 563 Cash flows from financing activities: Intercompany transactions, net 2,184 (46,525 ) 44,341 — — — Deferred financing costs — (94 ) — — — (94 ) Net cash provided by (used in) financing activities 2,184 (46,619 ) 44,341 — — (94 ) Increase in cash and cash equivalents — 19,894 — — — 19,894 Cash and cash equivalents at beginning of period — 131,259 — — — 131,259 Cash and cash equivalents at end of period $ — $ 151,153 $ — $ — $ — $ 151,153 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (14,429 ) $ (13,096 ) $ 14,020 $ (358 ) $ (566 ) $ (14,429 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 404 22,693 — — 23,097 Amortization of debt issuance costs/discount — 2,427 — — — 2,427 Provision for doubtful accounts — — 150 — — 150 Deferred income taxes (845 ) (18,198 ) 10,134 (227 ) — (9,136 ) Stock-based compensation expense — 878 — — — 878 Earnings (loss) from consolidated subsidiaries 13,096 (14,020 ) 358 — 566 — Changes in assets and liabilities — 120,503 (90,890 ) 585 — 30,198 Net cash (used in) provided by operating activities (2,178 ) 78,898 (43,535 ) — — 33,185 Cash flows from investing activities: Restricted cash — (1,810 ) — — — (1,810 ) Capital expenditures — (179 ) (3,982 ) — — (4,161 ) Net cash used in investing activities — (1,989 ) (3,982 ) — — (5,971 ) Cash flows from financing activities: Intercompany transactions, net 2,175 (49,692 ) 47,517 — — — Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 2,178 (49,692 ) 47,517 — — 3 Increase in cash and cash equivalents — 27,217 — — — 27,217 Cash and cash equivalents at beginning of period — 31,657 — — — 31,657 Cash and cash equivalents at end of period $ — $ 58,874 $ — $ — $ — $ 58,874

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Data	Segment Data The Company operates in two reportable segments for which there is discrete financial information available and whose operating results are reviewed by the chief operating decision maker, the Radio Station Group and Westwood One. The Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising. Corporate includes overall executive, administrative and support functions for each of our reportable segments, including programming, finance, legal, human resources, information technology and administrative functions. The Company presents segment adjusted EBITDA ("Adjusted EBITDA") as the financial metric utilized by management and the chief operating decision maker to allocate resources of the Company and to analyze the performance of the Company’s reportable segments. This measure isolates the amount of income generated by our core operations before the incurrence of corporate expenses. 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 our non-operating expenses including debt service and acquisitions. In deriving this measure, the Company excludes depreciation, amortization, and stock-based compensation expense, as these do not represent cash payments for activities directly related to our core operations. The Company also excludes any gain or loss on the exchange or sale of any assets or stations and any gain or loss on derivative instruments, early extinguishment of debt, and LMA Fees as they are not associated with core operations. Expenses relating to acquisitions and restructuring costs are also excluded from the calculation of Adjusted EBITDA as they are not directly related to our core operations. The Company excludes any costs associated with impairment of assets as they do not require a cash outlay. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), 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, Adjusted EBITDA may be defined or calculated differently by other companies, and comparability may be limited. The Company’s financial data by segment is presented in the tables below: Three Months Ended March 31, 2017 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 173,603 $ 89,855 $ 572 $ 264,030 Three Months Ended March 31, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 176,476 $ 91,565 $ 489 $ 268,530 Three Months Ended 2017 2016 Adjusted EBITDA by segment Radio Station Group $ 39,038 $ 43,719 Westwood One 8,969 7,758 Segment Adjusted EBITDA 48,007 51,477 Adjustments Corporate and other (9,274 ) (9,544 ) Income tax benefit 6,026 9,133 Non operating expense, including net interest expense (33,943 ) (33,676 ) LMA fees (2,707 ) (5,388 ) Depreciation and amortization (16,282 ) (23,097 ) Stock-based compensation expense (538 ) (878 ) Gain (loss) on sale of assets or stations 2,606 (5 ) Acquisition-related and restructuring costs (1,150 ) (2,266 ) Franchise and state taxes (140 ) (185 ) Consolidated net loss $ (7,395 ) $ (14,429 )

Description of Business, Inte19

Description of Business, Interim Financial Data and Basis of Presentation: (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Cumulus Media Inc. (and its consolidated subsidiaries, except as the context may otherwise require, “Cumulus,” “Cumulus Media,” “we,” “us,” “our,” or the “Company”) is a Delaware corporation, organized in 2002, and successor by merger to an Illinois corporation with the same name that had been organized in 1997.
Interim Financial Data	Interim Financial Data The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company and the notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The accompanying unaudited condensed consolidated financial statements include the condensed consolidated accounts of Cumulus and its wholly-owned subsidiaries, with all intercompany balances and transactions eliminated in consolidation. The December 31, 2016 condensed balance sheet data was derived from audited financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary for a fair statement of our results of operations for, and financial condition as of the end of, the interim periods have been made. The results of operations for the three months ended March 31, 2017 , the cash flows for the three months ended March 31, 2017 and the Company’s financial condition as of March 31, 2017 , are not necessarily indicative of the results of operations or cash flows that can be expected for, or the Company’s financial condition that can be expected as of the end of, any other interim period or for the fiscal year ending December 31, 2017 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including significant estimates related to revenue recognition, bad debts, intangible assets, income taxes, stock-based compensation, contingencies, litigation, and, if applicable, purchase price allocation. The Company bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts and results may differ materially from these estimates.
Assets Held for Sale	Assets Held for Sale During the year ended December 31, 2015, the Company entered into an agreement to sell certain land in the Company's Washington, DC market to a third party. The closing of the transaction is subject to various conditions and approvals, which remain pending. The identified asset has been classified as held for sale in the accompanying unaudited condensed consolidated balance sheets at March 31, 2017 and December 31, 2016 . The estimated fair value of the land to be disposed of is in excess of its carrying value.
Adoption of New Accounting Standards and Recent Accounting Standards Updates	Adoption of New Accounting Standards ASU 2016-09. In March 2016, the FASB issued ASU 2016-09. The amendments in this ASU provide guidance for employee stock-based payment accounting. This update removes the requirement that reporting entities present tax benefits as excess cash flows from financing activities and cash flows from operating activities. As a result of this amendment, cash flows related to excess tax benefits will be classified only in operating activities. The Company adopted this ASU effective December 31, 2016. As a result of adoption, in the first quarter of 2017, the Company recorded an adjustment to retained earnings of approximately $0.6 million to recognize net operating loss carryforwards attributable to excess tax benefits on stock compensation that had not been previously recognized in additional paid in capital. The Company is continuing its practice of estimating forfeitures and recording cash paid for withholding taxes as a financing activity. ASU 2017-04. In January 2017, the FASB issued guidance to simplify the accounting for goodwill impairment. The guidance eliminates Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Upon effectiveness of this update, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Company adopted this ASU effective January 1, 2017. The impact to our financial statements by not performing Step 2 to measure the amount of any potential goodwill impairment will depend on various factors. However, the elimination of Step 2 will reduce the complexity and cost of the Company's measurements of goodwill. Recent Accounting Standards Updates ASU 2014-09 and related updates. In May 2014, the FASB issued ASU 2014-09. The amended guidance under this ASU outlines a single comprehensive revenue model for entities to use in accounting for revenue arising from contracts with customers. The guidance supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the single comprehensive revenue model is that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In August 2015, the FASB issued ASU 2015-14, which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. In March 2016, the FASB issued ASU 2016-08 which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10 which amends the revenue recognition guidance on accounting for licenses of intellectual property and identifying performance obligations as well as clarifies when a promised good or service is separately identifiable. In May 2016, the FASB issued ASU 2016-12 which provides clarifying guidance in certain narrow areas such as an assessment of collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition as well as adds some practical expedients. In December 2016, the FASB issued ASU 2016-20 which provides technical corrections and improvements to Topic 606. In March 2017, the FASB issued ASU 2017-05 which clarifies the scope of Subtopic 610-20 and adds guidance for partial sales of non-financial assets, including partial sales of real estate. The amendments in ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20 and ASU 2017-05 may be applied either retrospectively to each prior period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09, ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20 and ASU 2017-05 at the date of initial application. The new standard permits adoption either by using (i) a full retrospective approach for all periods presented in the period of adoption or (ii) a modified retrospective approach with the cumulative effect of initially applying the new standard recognized at the date of initial application and providing certain additional disclosures. The new standard is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning after December 15, 2016. The Company does not plan to early adopt, and accordingly, will adopt the new standard effective January 1, 2018. The Company is currently evaluating the adoption approach. The Company's final determination will depend on a number of factors, such as the significance of the impact of the new standard on our financial results, system readiness, and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements and the Company's ability to maintain two sets of financials under current and new standards if we were to adopt the full retrospective approach. The Company is in the initial stages of our evaluation of the impact of the new standard on our accounting policies, processes, and system requirements. The Company has assigned internal resources to the evaluation to enable timely and accurate reporting under the new standard. The Company continues to assess the potential impacts of the new standard, including in the areas described above, and anticipates this standard could have a material impact on our consolidated financial statements; however, the Company cannot reasonably estimate quantitative information related to the impact of the new standard on our financial statements at this time. ASU 2016-01. In January 2016, the FASB issued ASU 2016-01. The amendments in this ASU enhance the reporting model for financial instruments including aspects of recognition, measurement, presentation and disclosure. The new guidance revises the accounting requirements related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. The update also changes certain disclosure requirements associated with the fair value of financial instruments. These changes will require an entity to measure, at fair value, investments in equity securities and other ownership interests in an entity - including investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method - and recognize the changes in fair value within net income. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is not permitted, except for certain amendments within the ASU. The Company is currently assessing the expected impact, if any, that this ASU will have on the consolidated financial statements. ASU 2016-02. In February 2016, the FASB issued ASU 2016-02. The amendments in this ASU provide guidance for accounting for leases. This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This ASU will be effective for fiscal years beginning after December 15, 2018, and interim periods thereafter. A modified retrospective transition method is required, with the option to elect a package of practical expedients. Early adoption is permitted. The Company is currently assessing the expected impact that this ASU will have on the consolidated financial statements. ASU 2016-15 . In August 2016, the FASB issued ASU 2016-15. The amendments in the ASU provide guidance for several new and/or revised disclosures pertaining to the classification of certain cash receipts and cash payments on the statement of cash flows, including contingent consideration payments made after a business acquisition. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. ASU 2016-16 . In October 2016, the FASB issued ASU 2016-16. The amendments in the ASU provide guidance for the accounting for the income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs between entities in different tax jurisdictions. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. ASU 2016-18 . In November 2016, the FASB issued ASU 2016-18. The amendments in the ASU provide guidance for the accounting for the disclosure of restricted cash on the Statement of Cash Flows. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods thereafter. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures. As of March 31, 2017 and December 31, 2016, the Company had $8.0 million in restricted cash, in its consolidated balance sheets. Upon adoption of this ASU, restricted cash balances will be included along with cash and cash equivalents as of the end of the period and beginning of the period, respectively, in our consolidated statement of cash flows for all periods presented; separate line items showing changes in restricted cash balances will be eliminated from our consolidated statement of cash flows. ASU 2017-01. In January 2017, the FASB issued final guidance that revises the definition of a business. The definition of a business affects many areas of accounting (e.g., acquisitions, disposals, goodwill impairment, consolidation). According to feedback received by the FASB, application of the current guidance is commonly thought to be too complex and results in too many transactions qualifying as business combinations. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial condition, results of operation or disclosures.
Fair Value Measurement	The three levels of the fair value hierarchy to be applied when determining fair value of financial instruments are described below: Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill and accumulated impairment losses	The following tables present goodwill and accumulated impairment losses on a segment and consolidated basis as of January 1, 2017 and March 31, 2017 (dollars in thousands): Radio Station Group Goodwill: Balance as of January 1, 2017: Goodwill $ 1,278,526 Accumulated impairment losses (1,278,526 ) Total $ — Balance as of March 31, 2017: Goodwill 1,278,526 Accumulated impairment losses (1,278,526 ) Total $ — Westwood One Goodwill: Balance as of January 1, 2017: Goodwill $ 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Balance as of March 31, 2017: Goodwill 304,280 Accumulated impairment losses (169,066 ) Total $ 135,214 Consolidated Goodwill: Balance as of January 1, 2017: Goodwill $ 1,582,806 Accumulated impairment losses (1,447,592 ) Total $ 135,214 Balance as of March 31, 2017: Goodwill 1,582,806 Accumulated impairment losses (1,447,592 ) Total $ 135,214
Schedule of Indefinite-Lived Intangible Assets	The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period December 31, 2016 to March 31, 2017 , and balances as of such dates (dollars in thousands): FCC Licenses Definite-Lived Total Intangible Assets: Balance as of December 31, 2016 $ 1,540,183 $ 116,499 $ 1,656,682 Dispositions (390 ) — (390 ) Amortization — (9,092 ) (9,092 ) Balance as of March 31, 2017 $ 1,539,793 $ 107,407 $ 1,647,200
Schedule of Finite-Lived Intangible Assets	The following table presents the changes in intangible assets, other than goodwill, on a consolidated basis during the period December 31, 2016 to March 31, 2017 , and balances as of such dates (dollars in thousands): FCC Licenses Definite-Lived Total Intangible Assets: Balance as of December 31, 2016 $ 1,540,183 $ 116,499 $ 1,656,682 Dispositions (390 ) — (390 ) Amortization — (9,092 ) (9,092 ) Balance as of March 31, 2017 $ 1,539,793 $ 107,407 $ 1,647,200

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Components of Long-term Debt	The Company’s long-term debt consisted of the following as of March 31, 2017 and December 31, 2016 (dollars in thousands): March 31, 2017 December 31, 2016 Term loan: Term loan $ 1,810,266 $ 1,810,266 Less: unamortized term loan discount and debt issuance costs (27,914 ) (29,909 ) Total Term loan 1,782,352 1,780,357 7.75% senior notes: 610,000 610,000 Less: unamortized debt issuance costs (5,591 ) (6,200 ) Total 7.75% senior notes 604,409 603,800 Less: Current portion of long-term debt — — Long-term debt, net $ 2,386,761 $ 2,384,157

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Gross Amounts and Fair Value	The following table shows the gross amount and fair value of the Company’s Term Loan and 7.75% Senior Notes (dollars in thousands): March 31, 2017 December 31, 2016 Term Loan: Gross value $ 1,810,266 $ 1,810,266 Fair value - Level 2 1,366,751 1,226,455 7.75% Senior Notes: Gross value $ 610,000 $ 610,000 Fair value - Level 2 207,400 249,673

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings per Common Share	The following table sets forth the computation of basic and diluted (loss) earnings per common share for the three months ended March 31, 2017 and 2016 (amounts in thousands, except per share data): Three Months Ended March 31, 2017 2016 Basic Loss Per Share Numerator: Undistributed net loss from continuing operations $ (7,395 ) $ (14,429 ) Less: Participation rights of the Company Warrants in undistributed earnings — — Participation rights of unvested restricted stock in undistributed earnings — — Basic undistributed net loss attributable to common shares $ (7,395 ) $ (14,429 ) Denominator: Basic weighted average shares outstanding 29,306 29,256 Basic undistributed net loss per share attributable to common shares $ (0.25 ) $ (0.49 ) Diluted Loss Per Share: Numerator: Undistributed net loss from continuing operations $ (7,395 ) $ (14,429 ) Less: Participation rights of the Company Warrants in undistributed net earnings — — Participation rights of unvested restricted stock in undistributed earnings — — Basic undistributed net loss attributable to common shares $ (7,395 ) $ (14,429 ) Denominator: Basic weighted average shares outstanding 29,306 29,256 Effect of dilutive stock options, warrants and restricted stock — — Diluted weighted average shares outstanding 29,306 29,256 Diluted undistributed net loss per share attributable to common shares $ (0.25 ) $ (0.49 )

Supplemental Condensed Consol24

Supplemental Condensed Consolidated Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Consolidated Statements of Operations	CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ — $ 264,030 $ — $ — $ 264,030 Operating expenses: Content costs — — 101,780 — — 101,780 Selling, general and administrative expenses — — 113,795 595 — 114,390 Depreciation and amortization — 303 15,979 — — 16,282 LMA fees — — 2,707 — — 2,707 Corporate expenses (including stock-based compensation expense of $538) — 10,955 — — — 10,955 Gain on sale of assets or stations — — (2,606 ) — — (2,606 ) Total operating expenses — 11,258 231,655 595 — 243,508 Operating (loss) income — (11,258 ) 32,375 (595 ) — 20,522 Non-operating (expense) income: Interest (expense) income, net (2,184 ) (32,196 ) 37 317 — (34,026 ) Other income, net — — 83 — — 83 Total non-operating (expense) income, net (2,184 ) (32,196 ) 120 317 — (33,943 ) (Loss) income before income taxes (2,184 ) (43,454 ) 32,495 (278 ) — (13,421 ) Income tax benefit (expense) 998 19,753 (14,852 ) 127 — 6,026 (Loss) earnings from consolidated subsidiaries (6,209 ) 17,492 (151 ) — (11,132 ) — Net (loss) income $ (7,395 ) $ (6,209 ) $ 17,492 $ (151 ) $ (11,132 ) $ (7,395 ) CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Net revenue $ — $ — $ 268,530 $ — $ — $ 268,530 Operating expenses: Content costs — — 100,045 — — 100,045 Selling, general and administrative expenses — — 116,689 538 — 117,227 Depreciation and amortization — 404 22,693 — — 23,097 LMA fees — — 5,388 — — 5,388 Corporate expenses (including stock-based compensation expense of $878) — 12,654 — — — 12,654 Loss on sale of assets or stations — — 5 — — 5 Total operating expenses — 13,058 244,820 538 — 258,416 Operating (loss) income — (13,058 ) 23,710 (538 ) — 10,114 Non-operating (expense) income: Interest (expense) income, net (2,178 ) (32,256 ) 85 (47 ) — (34,396 ) Other income, net — — 720 — — 720 Total non-operating (expense) income, net (2,178 ) (32,256 ) 805 (47 ) — (33,676 ) (Loss) income before income taxes (2,178 ) (45,314 ) 24,515 (585 ) — (23,562 ) Income tax benefit (expense) 845 18,198 (10,137 ) 227 — 9,133 (Loss) earnings from consolidated subsidiaries (13,096 ) 14,020 (358 ) — (566 ) — Net (loss) income $ (14,429 ) $ (13,096 ) $ 14,020 $ (358 ) $ (566 ) $ (14,429 )
Condensed Consolidated Balance Sheets	CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2017 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 151,153 $ — $ — $ — $ 151,153 Restricted cash — 7,816 — — — 7,816 Accounts receivable, less allowance for doubtful accounts of $4,133 — — — 213,642 — 213,642 Trade receivable — — 5,752 — — 5,752 Asset held for sale — — 30,150 — — 30,150 Prepaid expenses and other current assets — 23,377 23,656 — — 47,033 Total current assets — 182,346 59,558 213,642 — 455,546 Property and equipment, net — 6,569 150,265 — — 156,834 Broadcast licenses — — — 1,539,793 — 1,539,793 Other intangible assets, net — — 107,407 — — 107,407 Goodwill — — 135,214 — — 135,214 Investment in consolidated subsidiaries — 3,374,977 1,002,830 — (4,377,807 ) — Intercompany receivables — 105,730 1,874,661 — (1,980,391 ) — Other assets — 20,128 153,751 317 (155,512 ) 18,684 Total assets $ — $ 3,689,750 $ 3,483,686 $ 1,753,752 $ (6,513,710 ) $ 2,413,478 Liabilities and Stockholders’ (Deficit) Equity Current liabilities: Accounts payable and accrued expenses $ — $ 31,651 $ 77,442 $ — $ — $ 109,093 Trade payable — — 3,730 — — 3,730 Total current liabilities — 31,651 81,172 — — 112,823 Long-term debt, excluding 7.75% Senior Notes, net of debt issuance cost/discounts of $27,914 — 1,782,352 — — — 1,782,352 7.75% Senior Notes, net of debt issuance costs of $5.591 — 604,409 — — — 604,409 Other liabilities — 2,932 27,537 — — 30,469 Intercompany payables 105,413 1,661,019 — 213,959 (1,980,391 ) — Accumulated losses in consolidated subsidiaries 392,613 — — — (392,613 ) — Deferred income taxes — — — 536,963 (155,512 ) 381,451 Total liabilities 498,026 4,082,363 108,709 750,922 (2,528,516 ) 2,911,504 Stockholders’ (deficit) equity: Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding 320 — — — — 320 Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding 1 — — — — 1 Treasury stock, at cost, 2,806,187 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,625,353 277,212 4,199,550 1,981,043 (6,457,805 ) 1,625,353 Accumulated (deficit) equity (1,894,390 ) (669,825 ) (824,573 ) (978,213 ) 2,472,611 (1,894,390 ) Total stockholders’ (deficit) equity (498,026 ) (392,613 ) 3,374,977 1,002,830 (3,985,194 ) (498,026 ) Total liabilities and stockholders’ (deficit) equity $ — $ 3,689,750 $ 3,483,686 $ 1,753,752 $ (6,513,710 ) $ 2,413,478 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, 2016 (Dollars in thousands, except for share and per share data) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Assets Current assets: Cash and cash equivalents $ — $ 131,259 $ — $ — $ — $ 131,259 Restricted cash — 8,025 — — — 8,025 Accounts receivable, less allowance for doubtful accounts of $4,691 — — — 231,585 — 231,585 Trade receivable — — 4,985 — — 4,985 Asset held for sale — — 30,150 — — 30,150 Prepaid expenses and other current assets — 17,321 16,602 — — 33,923 Total current assets — 156,605 51,737 231,585 — 439,927 Property and equipment, net — 4,431 157,632 — — 162,063 Broadcast licenses — — — 1,540,183 — 1,540,183 Other intangible assets, net — — 116,499 — — 116,499 Goodwill — — 135,214 — — 135,214 Investment in consolidated subsidiaries — 3,348,992 1,012,947 — (4,361,939 ) — Intercompany receivables — 103,593 1,848,263 — (1,951,856 ) — Other assets — 21,631 135,996 364 (139,186 ) 18,805 Total assets $ — $ 3,635,252 $ 3,458,288 $ 1,772,132 $ (6,452,981 ) $ 2,412,691 Liabilities and Stockholders’ Equity (Deficit) Current liabilities: Accounts payable and accrued expenses $ — $ 19,994 $ 76,247 $ — $ — $ 96,241 Trade payable — — 4,550 — — 4,550 Total current liabilities — 19,994 80,797 — — 100,791 Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909 — 1,780,357 — — — 1,780,357 7.75% Senior Notes, net of debt issuance costs of $6,200 — 603,800 — — — 603,800 Other liabilities — 2,932 28,499 — — 31,431 Intercompany payables 103,229 1,616,678 — 231,949 (1,951,856 ) — Accumulated losses in consolidated subsidiaries 388,509 — — — (388,509 ) — Deferred income taxes — — — 527,236 (139,186 ) 388,050 Total liabilities 491,738 4,023,761 109,296 759,185 (2,479,551 ) 2,904,429 Stockholders’ (deficit) equity: Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding 320 — — — — 320 Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding 1 — — — — 1 Treasury stock, at cost, 2,806,187 shares (229,310 ) — — — — (229,310 ) Additional paid-in-capital 1,624,815 275,107 4,191,057 1,991,009 (6,457,173 ) 1,624,815 Accumulated (deficit) equity (1,887,564 ) (663,616 ) (842,065 ) (978,062 ) 2,483,743 (1,887,564 ) Total stockholders’ (deficit) equity (491,738 ) (388,509 ) 3,348,992 1,012,947 (3,973,430 ) (491,738 ) Total liabilities and stockholders’ (deficit) equity $ — $ 3,635,252 $ 3,458,288 $ 1,772,132 $ (6,452,981 ) $ 2,412,691
Condensed Consolidated Statements of Cash Flows	CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (7,395 ) $ (6,209 ) $ 17,492 $ (151 ) $ (11,132 ) $ (7,395 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 303 15,979 — — 16,282 Amortization of debt issuance costs/discounts — 2,463 — 47 — 2,510 Provision for doubtful accounts — — 709 — — 709 Gain on sale of assets or stations — — (2,606 ) — — (2,606 ) Deferred income taxes (998 ) (19,753 ) 14,848 (127 ) — (6,030 ) Stock-based compensation expense — 538 — — — 538 Loss (earnings) from consolidated subsidiaries 6,209 (17,492 ) 151 — 11,132 — Changes in assets and liabilities — 108,895 (93,709 ) 231 — 15,417 Net cash (used in) provided by operating activities (2,184 ) 68,745 (47,136 ) — — 19,425 Cash flows from investing activities Proceeds from sale of assets or stations — — 6,090 — — 6,090 Restricted cash — 209 — — — 209 Capital expenditures — (2,441 ) (3,295 ) — — (5,736 ) Net cash (used in) provided by investing activities — (2,232 ) 2,795 — — 563 Cash flows from financing activities: Intercompany transactions, net 2,184 (46,525 ) 44,341 — — — Deferred financing costs — (94 ) — — — (94 ) Net cash provided by (used in) financing activities 2,184 (46,619 ) 44,341 — — (94 ) Increase in cash and cash equivalents — 19,894 — — — 19,894 Cash and cash equivalents at beginning of period — 131,259 — — — 131,259 Cash and cash equivalents at end of period $ — $ 151,153 $ — $ — $ — $ 151,153 CUMULUS MEDIA INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (Dollars in thousands) (Unaudited) Cumulus Media Inc. (Parent Guarantor) Cumulus Media Holdings Inc. (Subsidiary Issuer) Subsidiary Guarantors Subsidiary Non-guarantors Eliminations Total Consolidated Cash flows from operating activities: Net (loss) income $ (14,429 ) $ (13,096 ) $ 14,020 $ (358 ) $ (566 ) $ (14,429 ) Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation and amortization — 404 22,693 — — 23,097 Amortization of debt issuance costs/discount — 2,427 — — — 2,427 Provision for doubtful accounts — — 150 — — 150 Deferred income taxes (845 ) (18,198 ) 10,134 (227 ) — (9,136 ) Stock-based compensation expense — 878 — — — 878 Earnings (loss) from consolidated subsidiaries 13,096 (14,020 ) 358 — 566 — Changes in assets and liabilities — 120,503 (90,890 ) 585 — 30,198 Net cash (used in) provided by operating activities (2,178 ) 78,898 (43,535 ) — — 33,185 Cash flows from investing activities: Restricted cash — (1,810 ) — — — (1,810 ) Capital expenditures — (179 ) (3,982 ) — — (4,161 ) Net cash used in investing activities — (1,989 ) (3,982 ) — — (5,971 ) Cash flows from financing activities: Intercompany transactions, net 2,175 (49,692 ) 47,517 — — — Proceeds from exercise of warrants 3 — — — — 3 Net cash provided by (used in) financing activities 2,178 (49,692 ) 47,517 — — 3 Increase in cash and cash equivalents — 27,217 — — — 27,217 Cash and cash equivalents at beginning of period — 31,657 — — — 31,657 Cash and cash equivalents at end of period $ — $ 58,874 $ — $ — $ — $ 58,874

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The Company’s financial data by segment is presented in the tables below: Three Months Ended March 31, 2017 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 173,603 $ 89,855 $ 572 $ 264,030 Three Months Ended March 31, 2016 Radio Station Group Westwood One Corporate and Other Consolidated Net revenue $ 176,476 $ 91,565 $ 489 $ 268,530 Three Months Ended 2017 2016 Adjusted EBITDA by segment Radio Station Group $ 39,038 $ 43,719 Westwood One 8,969 7,758 Segment Adjusted EBITDA 48,007 51,477 Adjustments Corporate and other (9,274 ) (9,544 ) Income tax benefit 6,026 9,133 Non operating expense, including net interest expense (33,943 ) (33,676 ) LMA fees (2,707 ) (5,388 ) Depreciation and amortization (16,282 ) (23,097 ) Stock-based compensation expense (538 ) (878 ) Gain (loss) on sale of assets or stations 2,606 (5 ) Acquisition-related and restructuring costs (1,150 ) (2,266 ) Franchise and state taxes (140 ) (185 ) Consolidated net loss $ (7,395 ) $ (14,429 )

Description of Business, Inte26

Description of Business, Interim Financial Data and Basis of Presentation (Narrative) (Details) people in Millions	Oct. 12, 2016	Mar. 31, 2017peoplemarketstationaffiliate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Conversion ratio (1 to 8)	0.125
US
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of people reached each week through radio stations | people		245
Number of owned and operated radio stations | station		447
Number of markets		90
Number of top ten US media markets		8
Number of radio stations (more than) | affiliate		8,200

Description of Business, Inte27

Description of Business, Interim Financial Data and Basis of Presentation (Narrative 2) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 7,816	$ 8,025
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred income tax liabilities, net	600
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption	$ 600

Restricted Cash (Detail)

Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 7,816	$ 8,025
Cash reserve from acquisition	6,300	6,500
Restricted cash amount related to securing maximum exposure generated by automated clearinghouse transactions	$ 1,500	$ 1,500

Intangible Assets and Goodwil29

Intangible Assets and Goodwill (Changes in Goodwill) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,582,806	$ 1,582,806
Accumulated impairment losses	(1,447,592)	(1,447,592)
Total	135,214	135,214
Radio Station Group
Goodwill [Line Items]
Goodwill	1,278,526	1,278,526
Accumulated impairment losses	(1,278,526)	(1,278,526)
Total	0	0
Westwood One
Goodwill [Line Items]
Goodwill	304,280	304,280
Accumulated impairment losses	(169,066)	(169,066)
Total	$ 135,214	$ 135,214

Intangible Assets and Goodwil30

Intangible Assets and Goodwill (Changes in Intangible Assets Other Than Goodwill) (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
FCC Licenses
Indefinite-Lived Intangible Assets, Beginning Balance	$ 1,540,183
Dispositions	(390)
Indefinite-Lived Intangible Assets, Ending Balance	1,539,793
Definite-Lived
Definite-Lived Intangible Assets, Beginning Balance	116,499
Dispositions	0
Amortization	(9,092)
Definite-Lived Intangible Assets, Ending Balance	107,407
Total
Intangible Assets Total, Beginning Balance	1,656,682
Dispositions	(390)
Amortization	(9,092)
Intangible Assets Total, Ending Balance	$ 1,647,200

Long-Term Debt (Detail)

Long-Term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Less: unamortized term loan discount and debt issuance costs	$ (27,914)	$ (29,909)
Long-term debt, net	2,386,761	2,384,157
Less: Current portion of long-term debt	0	0
Term loan | Term loan
Debt Instrument [Line Items]
Long term debt, gross	1,810,266	1,810,266
Less: unamortized term loan discount and debt issuance costs	(27,914)	(29,909)
Long-term debt, net	1,782,352	1,780,357
7.75% senior notes:
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	(5,591)	(6,200)
7.75% senior notes: | 7.75% senior notes:
Debt Instrument [Line Items]
Long term debt, gross	610,000	610,000
Less: unamortized debt issuance costs	(5,591)	(6,200)
Long-term debt, net	$ 604,409	$ 603,800

Long-Term Debt (Additional Info

Long-Term Debt (Additional Information) (Detail)	Dec. 23, 2013USD ($)	Dec. 06, 2013USD ($)	May 13, 2011USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Line of Credit Facility [Line Items]
Interest rate				7.75%		7.75%
Senior Notes issued			$ 610,000,000
Amount repaid under outstanding term loan facility			$ 575,800,000
Agreement maturity date				May 1, 2019
Percentage of Senior Notes to be redeemed			100.00%
Amortization of debt issuance costs and discounts				$ 2,500,000	$ 2,400,000
7.75% senior notes:
Line of Credit Facility [Line Items]
Interest rate			7.75%	7.75%		7.75%
Amended and Restated Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Term loan	$ 2,025,000,000
Days prior to maturity, springing maturity	91 days
Interest rate	2.00%
Basis spread on LIBOR/base rate	1.00%
Amortization rate per annum	1.00%
Interest rate per annum				4.25%
Percentage ownership of capital stock of any future first-tier foreign subsidiaries	66.00%
Amount outstanding				$ 1,810,000,000		$ 1,810,000,000
Amended and Restated Credit Agreement | Line of Credit | Maximum
Line of Credit Facility [Line Items]
Consolidated net leverage ratio				4.5
Amended and Restated Credit Agreement | Line of Credit | Minimum
Line of Credit Facility [Line Items]
Consolidated net leverage ratio				4
Amended and Restated Credit Agreement | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on LIBOR/base rate	3.25%
Amended and Restated Credit Agreement | Line of Credit | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate	1.00%
Amended and Restated Credit Agreement | Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Basis spread on LIBOR/base rate	2.25%
Amended and Restated Credit Agreement | Line of Credit | Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on LIBOR/base rate	0.50%
Amended and Restated Credit Agreement | Securitization facility
Line of Credit Facility [Line Items]
Term loan	$ 200,000,000
Amount outstanding				$ 0		0
Amended and Restated Credit Agreement | Letter of Credit
Line of Credit Facility [Line Items]
Term loan	$ 30,000,000
Securitization Facility | Accounts Receivable Securitization Facility
Line of Credit Facility [Line Items]
Term loan		$ 50,000,000
Amount outstanding				$ 0		$ 0
Term of revolving accounts receivable securitization facility		5 years
Securitization Facility | Accounts Receivable Securitization Facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on LIBOR/base rate		2.50%
Securitization Facility | Accounts Receivable Securitization Facility | Index Rate
Line of Credit Facility [Line Items]
Basis spread on LIBOR/base rate		1.00%

Fair Value Measurements (Detail

Fair Value Measurements (Detail)	Mar. 31, 2017	Dec. 31, 2016	May 13, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	7.75%	7.75%
Term loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading prices rate to calculate the fair value	75.50%	67.80%
7.75% senior notes:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading prices rate to calculate the fair value	34.00%	40.90%
7.75% senior notes:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	7.75%	7.75%	7.75%

Fair Value Measurements (Gross

Fair Value Measurements (Gross Amounts and Fair Value of Debt) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Term loan
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items]
Gross value	$ 1,810,266	$ 1,810,266
Term loan | Significant Other Observable Inputs (Level 2)
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items]
Fair value - Level 2	1,366,751	1,226,455
7.75% senior notes:
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items]
Gross value	610,000	610,000
7.75% senior notes: | Significant Other Observable Inputs (Level 2)
Fair Value, Estimate Not Practicable, Financial Statement Captions [Line Items]
Fair value - Level 2	$ 207,400	$ 249,673

Stockholders' Equity (Detail)

Stockholders' Equity (Detail)	1 Months Ended	3 Months Ended
	Jun. 30, 2009$ / sharesshares	Mar. 31, 2017voteclass$ / sharesshares	Dec. 31, 2016shares	Sep. 16, 2011$ / sharesshares
Class of Stock [Line Items]
Total stock dividend authorized to issue (in shares)		268,830,609
Par value of preferred stock shares (USD per share) | $ / shares				$ 0.01
Number of classes of stock | class		4
2009 warrants
Class of Stock [Line Items]
Warrants issued (in shares)	156,250
Exercisable price of warrants to purchase common stock (USD per share) | $ / shares	$ 1.17
Warrants converted (in shares)		0
Warrants outstanding (in shares)		40,057
Company Warrants
Class of Stock [Line Items]
Warrants outstanding (in shares)		31,955
Company warrants were converted into shares of Class A common stock since issuance (in shares)		0
Equity Investment
Class of Stock [Line Items]
Warrants outstanding (in shares)		1,000,000		1,000,000
Crestview Warrants
Class of Stock [Line Items]
Exercisable price of warrants to purchase common stock (USD per share) | $ / shares				$ 34.56
Series A Redeemable Preferred Stock
Class of Stock [Line Items]
Par value of preferred stock shares (USD per share) | $ / shares		$ 0.01
Preferred stock, shares authorized		100,000,000
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized		93,750,000	93,750,000
Number of votes per share | vote		1
Common stock, shares issued		32,031,952	32,031,952
Common stock, shares outstanding		29,225,765	29,225,765
Class A common stock | Company Warrants
Class of Stock [Line Items]
Company warrants were converted into shares of Class A common stock since issuance (in shares)		43,192
Class A common stock | Citadel Acquisition
Class of Stock [Line Items]
Common stock, shares issued				9,000,000
Class A common stock | Minimum
Class of Stock [Line Items]
Class A common stock following conversion		4.99%
Class B
Class of Stock [Line Items]
Common stock, shares authorized		75,000,000
Common stock, shares issued		0	0
Common stock, shares outstanding		0	0
Class C common stock
Class of Stock [Line Items]
Common stock, shares authorized		80,609	80,609
Number of votes per share | vote		10
Common stock, shares issued		80,609	80,609
Common stock, shares outstanding		80,609	80,609

Stock-Based Compensation Expe36

Stock-Based Compensation Expense (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)installment$ / sharesshares	Mar. 31, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares) | shares	75,000	50,000
Aggregate grant date fair value | $	$ 100	$ 100
Number of vesting period anniversaries | installment	4
Vesting stock based compensation related to awards | $	$ 538	$ 878
Unrecognized stock-based compensation expense | $	$ 2,300
Weighted average remaining life for recognition of unrecognized compensation expense	2 years 1 month 15 days
Stock options exercised during period (in shares) | shares	0	0
Share-based Compensation Award, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting period anniversaries | installment	2
Award vesting percentage	30.00%
Share-based Compensation Award, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting period anniversaries | installment	2
Award vesting percentage	20.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (USD per share) | $ / shares	$ 0.97
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (USD per share) | $ / shares	$ 24

Loss Per Share (Computation of

Loss Per Share (Computation of Basic and Diluted Earnings per Common Share) (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Denominator:
Basic weighted average shares outstanding (in shares)	29,306,374	29,256,227
Basic undistributed net income (loss) per share attributable to common shares (USD per share)	$ (0.25)	$ (0.49)
Diluted weighted average shares outstanding (in shares)	29,306,374	29,256,227
Diluted undistributed net (loss) income per share attributable to common shares (USD per share)	$ (0.25)	$ (0.49)
Basic Share
Numerator:
Undistributed net loss from continuing operations	$ (7,395)	$ (14,429)
Less:
Basic undistributed net loss attributable to common shares	$ (7,395)	$ (14,429)
Denominator:
Basic weighted average shares outstanding (in shares)	29,306,000	29,256,000
Basic undistributed net income (loss) per share attributable to common shares (USD per share)	$ (0.25)	$ (0.49)
Diluted Share
Numerator:
Undistributed net loss from continuing operations	$ (7,395)	$ (14,429)
Less:
Basic undistributed net loss attributable to common shares	$ (7,395)	$ (14,429)
Denominator:
Basic weighted average shares outstanding (in shares)	29,306,000	29,256,000
Effect of dilutive stock options, warrants and restricted stock (in shares)	0	0
Diluted weighted average shares outstanding (in shares)	29,306,000	29,256,000
Diluted undistributed net (loss) income per share attributable to common shares (USD per share)	$ (0.25)	$ (0.49)
Warrants | Basic Share
Less:
Participation rights of the Company Warrants in undistributed earnings	$ 0	$ 0
Warrants | Diluted Share
Less:
Participation rights of the Company Warrants in undistributed earnings	0	0
Restricted Stock | Basic Share
Less:
Participation rights of unvested restricted stock in undistributed earnings, Basic	0	0
Restricted Stock | Diluted Share
Less:
Participation rights of unvested restricted stock in undistributed earnings, Diluted	$ 0	$ 0

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (6,026)	$ (9,133)
Pre-tax income (loss)	$ (13,421)	$ (23,562)
Effective income tax rate	44.90%	38.80%
Federal statutory income tax rate	35.00%	35.00%

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	Jan. 02, 2014USD ($)station	Aug. 31, 2015lawsuit	Mar. 31, 2017USD ($)
ABS Entertainment, Inc, et al v Cumulus Media Inc and ABS Entertainment, Inc v Cumulus Media Inc | Pending Litigation
Supply Commitment [Line Items]
Number of punitive class action lawsuits | lawsuit		2
Exit Plan | Contract Termination | Accounts Payable and Accrued Expenses
Supply Commitment [Line Items]
Current restructuring liabilities			$ 0.2
Exit Plan | Contract Termination | Non-current liabilities
Supply Commitment [Line Items]
Noncurrent restructuring liabilities			1.1
Merlin Media LLC
Supply Commitment [Line Items]
Monthly management fees, third year	$ 0.5
Monthly management fees, fourth year	$ 0.6
Merlin Media LLC | Put Option
Supply Commitment [Line Items]
Number of radio stations | station	2
Amount under option agreement to settle management fees	$ 71
Period after commencement date to settle management fees	4 years
Period to exercise option	10 days
Merlin Media LLC | Call Option | Maximum
Supply Commitment [Line Items]
Amount under option agreement to settle management fees	$ 70
Merlin Media LLC | Call Option | Minimum
Supply Commitment [Line Items]
Amount under option agreement to settle management fees	$ 50
Nielson Audio
Supply Commitment [Line Items]
Remaining aggregate obligation under the agreements with Nielsen Audio			$ 35.5

Supplemental Condensed Consol40

Supplemental Condensed Consolidated Financial Information (Narrative) (Details)	Mar. 31, 2017	Dec. 31, 2016	May 13, 2011
Condensed Financial Statements, Captions [Line Items]
Ownership percentage in subsidiaries	100.00%
Interest rate	7.75%	7.75%
7.75% senior notes:
Condensed Financial Statements, Captions [Line Items]
Interest rate	7.75%	7.75%	7.75%

Supplemental Condensed Consol41

Supplemental Condensed Consolidated Financial Information (Condensed Consolidated Statements of Operations) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Income Statements, Captions [Line Items]
Net revenue	$ 264,030	$ 268,530
Operating expenses:
Content costs	101,780	100,045
Selling, general and administrative expenses	114,390	117,227
Depreciation and amortization	16,282	23,097
LMA fees	2,707	5,388
Corporate expenses (including stock-based compensation expense)	10,955	12,654
Gain on sale of assets or stations	(2,606)	5
Total operating expenses	243,508	258,416
Operating income	20,522	10,114
Non-operating expense:
Interest (expense) income, net	(34,026)	(34,396)
Other income, net	83	720
Total non-operating expense, net	(33,943)	(33,676)
Loss before income taxes	(13,421)	(23,562)
Income tax benefit	6,026	9,133
(Loss) earnings from consolidated subsidiaries	0	0
Net loss	(7,395)	(14,429)
Eliminations
Condensed Income Statements, Captions [Line Items]
Net revenue	0	0
Operating expenses:
Content costs	0	0
Selling, general and administrative expenses	0	0
Depreciation and amortization	0	0
LMA fees	0	0
Corporate expenses (including stock-based compensation expense)	0	0
Gain on sale of assets or stations	0	0
Total operating expenses	0	0
Operating income	0	0
Non-operating expense:
Interest (expense) income, net	0	0
Other income, net	0	0
Total non-operating expense, net	0	0
Loss before income taxes	0	0
Income tax benefit	0	0
(Loss) earnings from consolidated subsidiaries	(11,132)	(566)
Net loss	(11,132)	(566)
Cumulus Media Inc. (Parent Guarantor)
Condensed Income Statements, Captions [Line Items]
Net revenue	0	0
Operating expenses:
Content costs	0	0
Selling, general and administrative expenses	0	0
Depreciation and amortization	0	0
LMA fees	0	0
Corporate expenses (including stock-based compensation expense)	0	0
Gain on sale of assets or stations	0	0
Total operating expenses	0	0
Operating income	0	0
Non-operating expense:
Interest (expense) income, net	(2,184)	(2,178)
Other income, net	0	0
Total non-operating expense, net	(2,184)	(2,178)
Loss before income taxes	(2,184)	(2,178)
Income tax benefit	998	845
(Loss) earnings from consolidated subsidiaries	(6,209)	(13,096)
Net loss	(7,395)	(14,429)
Cumulus Media Holdings Inc. (Subsidiary Issuer)
Condensed Income Statements, Captions [Line Items]
Net revenue	0	0
Operating expenses:
Content costs	0	0
Selling, general and administrative expenses	0	0
Depreciation and amortization	303	404
LMA fees	0	0
Corporate expenses (including stock-based compensation expense)	10,955	12,654
Gain on sale of assets or stations	0	0
Total operating expenses	11,258	13,058
Operating income	(11,258)	(13,058)
Non-operating expense:
Interest (expense) income, net	(32,196)	(32,256)
Other income, net	0	0
Total non-operating expense, net	(32,196)	(32,256)
Loss before income taxes	(43,454)	(45,314)
Income tax benefit	19,753	18,198
(Loss) earnings from consolidated subsidiaries	17,492	14,020
Net loss	(6,209)	(13,096)
Subsidiary Guarantors
Condensed Income Statements, Captions [Line Items]
Net revenue	264,030	268,530
Operating expenses:
Content costs	101,780	100,045
Selling, general and administrative expenses	113,795	116,689
Depreciation and amortization	15,979	22,693
LMA fees	2,707	5,388
Corporate expenses (including stock-based compensation expense)	0	0
Gain on sale of assets or stations	(2,606)	5
Total operating expenses	231,655	244,820
Operating income	32,375	23,710
Non-operating expense:
Interest (expense) income, net	37	85
Other income, net	83	720
Total non-operating expense, net	120	805
Loss before income taxes	32,495	24,515
Income tax benefit	(14,852)	(10,137)
(Loss) earnings from consolidated subsidiaries	(151)	(358)
Net loss	17,492	14,020
Subsidiary Non-guarantors
Condensed Income Statements, Captions [Line Items]
Net revenue	0	0
Operating expenses:
Content costs	0	0
Selling, general and administrative expenses	595	538
Depreciation and amortization	0	0
LMA fees	0	0
Corporate expenses (including stock-based compensation expense)	0	0
Gain on sale of assets or stations	0	0
Total operating expenses	595	538
Operating income	(595)	(538)
Non-operating expense:
Interest (expense) income, net	317	(47)
Other income, net	0	0
Total non-operating expense, net	317	(47)
Loss before income taxes	(278)	(585)
Income tax benefit	127	227
(Loss) earnings from consolidated subsidiaries	0	0
Net loss	$ (151)	$ (358)

Supplemental Condensed Consol42

Supplemental Condensed Consolidated Financial Information (Condensed Consolidating Statements of Operations Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Stock-based compensation expense	$ 538	$ 878

Supplemental Condensed Consol43

Supplemental Condensed Consolidated Financial Information (Condensed Consolidated Balance Sheet) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 151,153	$ 131,259	$ 58,874	$ 31,657
Restricted cash	7,816	8,025
Accounts receivable, less allowance for doubtful accounts	213,642	231,585
Trade receivable	5,752	4,985
Assets held for sale	30,150	30,150
Prepaid expenses and other current assets	47,033	33,923
Total current assets	455,546	439,927
Property and equipment, net	156,834	162,063
Broadcast licenses	1,539,793	1,540,183
Other intangible assets, net	107,407	116,499
Goodwill	135,214	135,214
Investment in consolidated subsidiaries	0	0
Intercompany receivables	0	0
Other assets	18,684	18,805
Total assets	2,413,478	2,412,691
Accounts payable and accrued expenses	109,093	96,241
Trade payable	3,730	4,550
Total current liabilities	112,823	100,791
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	1,782,352	1,780,357
7.75% Senior Notes, net of debt issuance costs of $6,200	604,409	603,800
Other liabilities	30,469	31,431
Intercompany payables	0	0
Accumulated losses in consolidated subsidiaries	0	0
Deferred income taxes	381,451	388,050
Total liabilities	2,911,504	2,904,429
Treasury stock, at cost	(229,310)	(229,310)
Additional paid-in-capital	1,625,353	1,624,815
Accumulated deficit	(1,894,390)	(1,887,564)
Total stockholders’ deficit	(498,026)	(491,738)
Total liabilities and stockholders’ deficit	2,413,478	2,412,691
Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Restricted cash	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Trade receivable	0	0
Assets held for sale	0	0
Prepaid expenses and other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Broadcast licenses	0	0
Other intangible assets, net	0	0
Goodwill	0	0
Investment in consolidated subsidiaries	(4,377,807)	(4,361,939)
Intercompany receivables	(1,980,391)	(1,951,856)
Other assets	(155,512)	(139,186)
Total assets	(6,513,710)	(6,452,981)
Accounts payable and accrued expenses	0	0
Trade payable	0	0
Total current liabilities	0	0
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	0	0
7.75% Senior Notes, net of debt issuance costs of $6,200	0	0
Other liabilities	0	0
Intercompany payables	(1,980,391)	(1,951,856)
Accumulated losses in consolidated subsidiaries	(392,613)	(388,509)
Deferred income taxes	(155,512)	(139,186)
Total liabilities	(2,528,516)	(2,479,551)
Treasury stock, at cost	0	0
Additional paid-in-capital	(6,457,805)	(6,457,173)
Accumulated deficit	2,472,611	2,483,743
Total stockholders’ deficit	(3,985,194)	(3,973,430)
Total liabilities and stockholders’ deficit	(6,513,710)	(6,452,981)
Cumulus Media Inc. (Parent Guarantor)
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Restricted cash	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Trade receivable	0	0
Assets held for sale	0	0
Prepaid expenses and other current assets	0	0
Total current assets	0	0
Property and equipment, net	0	0
Broadcast licenses	0	0
Other intangible assets, net	0	0
Goodwill	0	0
Investment in consolidated subsidiaries	0	0
Intercompany receivables	0	0
Other assets	0	0
Total assets	0	0
Accounts payable and accrued expenses	0	0
Trade payable	0	0
Total current liabilities	0	0
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	0	0
7.75% Senior Notes, net of debt issuance costs of $6,200	0	0
Other liabilities	0	0
Intercompany payables	105,413	103,229
Accumulated losses in consolidated subsidiaries	392,613	388,509
Deferred income taxes	0	0
Total liabilities	498,026	491,738
Treasury stock, at cost	(229,310)	(229,310)
Additional paid-in-capital	1,625,353	1,624,815
Accumulated deficit	(1,894,390)	(1,887,564)
Total stockholders’ deficit	(498,026)	(491,738)
Total liabilities and stockholders’ deficit	0	0
Cumulus Media Holdings Inc. (Subsidiary Issuer)
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	151,153	131,259	58,874	31,657
Restricted cash	7,816	8,025
Accounts receivable, less allowance for doubtful accounts	0	0
Trade receivable	0	0
Assets held for sale	0	0
Prepaid expenses and other current assets	23,377	17,321
Total current assets	182,346	156,605
Property and equipment, net	6,569	4,431
Broadcast licenses	0	0
Other intangible assets, net	0	0
Goodwill	0	0
Investment in consolidated subsidiaries	3,374,977	3,348,992
Intercompany receivables	105,730	103,593
Other assets	20,128	21,631
Total assets	3,689,750	3,635,252
Accounts payable and accrued expenses	31,651	19,994
Trade payable	0	0
Total current liabilities	31,651	19,994
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	1,782,352	1,780,357
7.75% Senior Notes, net of debt issuance costs of $6,200	604,409	603,800
Other liabilities	2,932	2,932
Intercompany payables	1,661,019	1,616,678
Accumulated losses in consolidated subsidiaries	0	0
Deferred income taxes	0	0
Total liabilities	4,082,363	4,023,761
Treasury stock, at cost	0	0
Additional paid-in-capital	277,212	275,107
Accumulated deficit	(669,825)	(663,616)
Total stockholders’ deficit	(392,613)	(388,509)
Total liabilities and stockholders’ deficit	3,689,750	3,635,252
Subsidiary Guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Restricted cash	0	0
Accounts receivable, less allowance for doubtful accounts	0	0
Trade receivable	5,752	4,985
Assets held for sale	30,150	30,150
Prepaid expenses and other current assets	23,656	16,602
Total current assets	59,558	51,737
Property and equipment, net	150,265	157,632
Broadcast licenses	0	0
Other intangible assets, net	107,407	116,499
Goodwill	135,214	135,214
Investment in consolidated subsidiaries	1,002,830	1,012,947
Intercompany receivables	1,874,661	1,848,263
Other assets	153,751	135,996
Total assets	3,483,686	3,458,288
Accounts payable and accrued expenses	77,442	76,247
Trade payable	3,730	4,550
Total current liabilities	81,172	80,797
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	0	0
7.75% Senior Notes, net of debt issuance costs of $6,200	0	0
Other liabilities	27,537	28,499
Intercompany payables	0	0
Accumulated losses in consolidated subsidiaries	0	0
Deferred income taxes	0	0
Total liabilities	108,709	109,296
Treasury stock, at cost	0	0
Additional paid-in-capital	4,199,550	4,191,057
Accumulated deficit	(824,573)	(842,065)
Total stockholders’ deficit	3,374,977	3,348,992
Total liabilities and stockholders’ deficit	3,483,686	3,458,288
Subsidiary Non-guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	0	$ 0	$ 0
Restricted cash	0	0
Accounts receivable, less allowance for doubtful accounts	213,642	231,585
Trade receivable	0	0
Assets held for sale	0	0
Prepaid expenses and other current assets	0	0
Total current assets	213,642	231,585
Property and equipment, net	0	0
Broadcast licenses	1,539,793	1,540,183
Other intangible assets, net	0	0
Goodwill	0	0
Investment in consolidated subsidiaries	0	0
Intercompany receivables	0	0
Other assets	317	364
Total assets	1,753,752	1,772,132
Accounts payable and accrued expenses	0	0
Trade payable	0	0
Total current liabilities	0	0
Long-term debt, excluding 7.75% Senior Notes, net of debt issuance costs/discounts of $29,909	0	0
7.75% Senior Notes, net of debt issuance costs of $6,200	0	0
Other liabilities	0	0
Intercompany payables	213,959	231,949
Accumulated losses in consolidated subsidiaries	0	0
Deferred income taxes	536,963	527,236
Total liabilities	750,922	759,185
Treasury stock, at cost	0	0
Additional paid-in-capital	1,981,043	1,991,009
Accumulated deficit	(978,213)	(978,062)
Total stockholders’ deficit	1,002,830	1,012,947
Total liabilities and stockholders’ deficit	1,753,752	1,772,132
Class A common stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	320	320
Class A common stock | Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class A common stock | Cumulus Media Inc. (Parent Guarantor)
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	320	320
Class A common stock | Cumulus Media Holdings Inc. (Subsidiary Issuer)
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class A common stock | Subsidiary Guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class A common stock | Subsidiary Non-guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class C common stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	1	1
Class C common stock | Eliminations
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class C common stock | Cumulus Media Inc. (Parent Guarantor)
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	1	1
Class C common stock | Cumulus Media Holdings Inc. (Subsidiary Issuer)
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class C common stock | Subsidiary Guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	0	0
Class C common stock | Subsidiary Non-guarantors
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock	$ 0	$ 0

Supplemental Condensed Consol44

Supplemental Condensed Consolidated Financial Information (Condensed Consolidated Balance Sheet Additional Information) (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Condensed Balance Sheet Statements, Captions [Line Items]
Allowance for doubtful accounts	$ 4,133	$ 4,691
Interest rate	7.75%	7.75%
Debt issuance costs/ discounts	$ 27,914	$ 29,909
Treasury stock, shares	2,806,187	2,806,187
Class A common stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	93,750,000	93,750,000
Common stock, shares issued	32,031,952	32,031,952
Common stock, shares outstanding	29,225,765	29,225,765
Class C common stock
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	80,609	80,609
Common stock, shares issued	80,609	80,609
Common stock, shares outstanding	80,609	80,609

Supplemental Condensed Consol45

Supplemental Condensed Consolidated Financial Information (Condensed Consolidated Statements of Cash Flows) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (7,395)	$ (14,429)
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	16,282	23,097
Amortization of debt issuance costs/discounts	2,510	2,427
Provision for doubtful accounts	709	150
(Gain) loss on sale of assets or stations	(2,606)	5
Deferred income taxes	(6,030)	(9,136)
Stock-based compensation expense	538	878
Loss (earnings) from consolidated subsidiaries	0	0
Changes in assets and liabilities	15,417	30,198
Net cash provided by operating activities	19,425	33,185
Cash flows from investing activities:
Proceeds from sale of assets or stations	6,090	0
Restricted cash	209	(1,810)
Capital expenditures	(5,736)	(4,161)
Net cash provided by (used in) investing activities	563	(5,971)
Cash flows from financing activities:
Intercompany transactions, net	0	0
Deferred financing costs	(94)	0
Proceeds from exercise of warrants	0	3
Net cash (used in) provided by financing activities	(94)	3
Increase in cash and cash equivalents	19,894	27,217
Cash and cash equivalents at beginning of period	131,259	31,657
Cash and cash equivalents at end of period	151,153	58,874
Eliminations
Cash flows from operating activities:
Net loss	(11,132)	(566)
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs/discounts	0	0
Provision for doubtful accounts	0	0
(Gain) loss on sale of assets or stations	0
Deferred income taxes	0	0
Stock-based compensation expense	0	0
Loss (earnings) from consolidated subsidiaries	11,132	566
Changes in assets and liabilities	0	0
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Proceeds from sale of assets or stations	0
Restricted cash	0	0
Capital expenditures	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Intercompany transactions, net	0	0
Deferred financing costs	0
Proceeds from exercise of warrants		0
Net cash (used in) provided by financing activities	0	0
Increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Cumulus Media Inc. (Parent Guarantor)
Cash flows from operating activities:
Net loss	(7,395)	(14,429)
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs/discounts	0	0
Provision for doubtful accounts	0	0
(Gain) loss on sale of assets or stations	0
Deferred income taxes	(998)	(845)
Stock-based compensation expense	0	0
Loss (earnings) from consolidated subsidiaries	6,209	13,096
Changes in assets and liabilities	0	0
Net cash provided by operating activities	(2,184)	(2,178)
Cash flows from investing activities:
Proceeds from sale of assets or stations	0
Restricted cash	0	0
Capital expenditures	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Intercompany transactions, net	2,184	2,175
Deferred financing costs	0
Proceeds from exercise of warrants		3
Net cash (used in) provided by financing activities	2,184	2,178
Increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Cumulus Media Holdings Inc. (Subsidiary Issuer)
Cash flows from operating activities:
Net loss	(6,209)	(13,096)
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	303	404
Amortization of debt issuance costs/discounts	2,463	2,427
Provision for doubtful accounts	0	0
(Gain) loss on sale of assets or stations	0
Deferred income taxes	(19,753)	(18,198)
Stock-based compensation expense	538	878
Loss (earnings) from consolidated subsidiaries	(17,492)	(14,020)
Changes in assets and liabilities	108,895	120,503
Net cash provided by operating activities	68,745	78,898
Cash flows from investing activities:
Proceeds from sale of assets or stations	0
Restricted cash	209	(1,810)
Capital expenditures	(2,441)	(179)
Net cash provided by (used in) investing activities	(2,232)	(1,989)
Cash flows from financing activities:
Intercompany transactions, net	(46,525)	(49,692)
Deferred financing costs	(94)
Proceeds from exercise of warrants		0
Net cash (used in) provided by financing activities	(46,619)	(49,692)
Increase in cash and cash equivalents	19,894	27,217
Cash and cash equivalents at beginning of period	131,259	31,657
Cash and cash equivalents at end of period	151,153	58,874
Subsidiary Guarantors
Cash flows from operating activities:
Net loss	17,492	14,020
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	15,979	22,693
Amortization of debt issuance costs/discounts	0	0
Provision for doubtful accounts	709	150
(Gain) loss on sale of assets or stations	(2,606)
Deferred income taxes	14,848	10,134
Stock-based compensation expense	0	0
Loss (earnings) from consolidated subsidiaries	151	358
Changes in assets and liabilities	(93,709)	(90,890)
Net cash provided by operating activities	(47,136)	(43,535)
Cash flows from investing activities:
Proceeds from sale of assets or stations	6,090
Restricted cash	0	0
Capital expenditures	(3,295)	(3,982)
Net cash provided by (used in) investing activities	2,795	(3,982)
Cash flows from financing activities:
Intercompany transactions, net	44,341	47,517
Deferred financing costs	0
Proceeds from exercise of warrants		0
Net cash (used in) provided by financing activities	44,341	47,517
Increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Subsidiary Non-guarantors
Cash flows from operating activities:
Net loss	(151)	(358)
Adjustments to reconcile net(loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs/discounts	47	0
Provision for doubtful accounts	0	0
(Gain) loss on sale of assets or stations	0
Deferred income taxes	(127)	(227)
Stock-based compensation expense	0	0
Loss (earnings) from consolidated subsidiaries	0	0
Changes in assets and liabilities	231	585
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Proceeds from sale of assets or stations	0
Restricted cash	0	0
Capital expenditures	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Intercompany transactions, net	0	0
Deferred financing costs	0
Proceeds from exercise of warrants		0
Net cash (used in) provided by financing activities	0	0
Increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Segment Data (Details)

Segment Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Net revenue	$ 264,030	$ 268,530
Income tax expense (benefit)	6,026	9,133
Non-operating (income) expense, including net interest expense	33,943	33,676
LMA fees	(2,707)	(5,388)
Depreciation and amortization	(16,282)	(23,097)
Stock-based compensation expense	(538)	(878)
Gain on sale of assets or stations	(2,606)	5
Net loss	(7,395)	(14,429)
Operating Segments
Segment Reporting Information [Line Items]
Net revenue		268,530
Segment adjusted EBITDA	48,007	51,477
Operating Segments | Radio Station Group
Segment Reporting Information [Line Items]
Net revenue	173,603	176,476
Segment adjusted EBITDA	39,038	43,719
Operating Segments | Westwood One
Segment Reporting Information [Line Items]
Net revenue	89,855	91,565
Segment adjusted EBITDA	8,969	7,758
Corporate and Other | Corporate and Other
Segment Reporting Information [Line Items]
Net revenue	572	489
Corporate and other	(9,274)	(9,544)
Adjustments
Segment Reporting Information [Line Items]
Income tax expense (benefit)	6,026	9,133
Non-operating (income) expense, including net interest expense	(33,943)	(33,676)
LMA fees	(2,707)	(5,388)
Depreciation and amortization	(16,282)	(23,097)
Stock-based compensation expense	(538)	(878)
Gain on sale of assets or stations	2,606	(5)
Acquisition-related and restructuring costs	(1,150)	(2,266)
Franchise and state taxes	$ (140)	$ (185)