Cumulus 'Delisted', What Does That Mean, What Happens Now?

Cumulus Media, which owns over 400 radio stations and operates the Westwood One network, has been removed from the NASDAQ stock exchange as of May 2, 2025. 

This happened because their stock price kept falling below $1 per share for too long, and they didn’t meet other NASDAQ requirements, like having enough shareholder equity (a measure of the company’s financial health). 

Their stock price dropped 90% over the past year, hitting just $0.27 recently, and they’ve been struggling with a huge debt of $797 million while burning through cash quickly.

Instead of fighting the decision, Cumulus chose not to appeal and will now have its stock traded on the OTCQB market, a less prestigious platform for smaller or struggling companies. 

This move won’t directly affect their radio stations or daily operations, but it’s a sign of financial trouble.

The company is trying to grow its digital side, like podcasts and online marketing, but the traditional radio business is facing tough times with declining ad revenue. Think of it like a big store chain being kicked out of a fancy mall for not making enough money—they can still sell stuff, just in a less prominent spot.

The radio industry in 2025 continues to navigate a complex landscape shaped by technological advancements, shifting consumer behaviors, and economic pressures.

Radio is moving online to keep up with how people listen today. Traditional AM/FM stations are losing ground to streaming services like Spotify, podcasts, and internet radio because listeners want music or talk shows on their phones or smart speakers whenever they want. For example, Nielsen reports that audio (including radio, podcasts, and streaming) accounts for nearly 20% of Americans’ daily media time, with 67% of ad-supported audio time going to radio, but younger listeners (18-34) spend 32% of their audio time on podcasts.

Radio makes money mostly from ads, but companies are spending less on traditional radio ads because they’re putting more money into digital ads on platforms like Google or social media. In 2023, U.S. radio ad revenue was about $12 billion, but it’s expected to drop to $11.28 billion by 2029. Local radio ads are holding up better than national ones, but overall, the industry is struggling.

However, People still love radio for local news, sports, and familiar DJs. A 2025 TechSurvey found that 61% of listeners tune in for radio personalities, more than for music (56%).