Radio Market Watch: Network Revenue Falls 21.5% as Cumulus Works Through Chapter 11

Radio’s second quarter numbers landed this month and they are not good for the people selling it. For advertisers that is a different story entirely: network radio inventory is the softest it has been in years, and the negotiating position has moved decisively to the buyer.

The trade press writes for broadcasters. This column reads the same news from the buyer’s side.

Network radio revenue fell 21.5%, and that is your number

Buried in the Cumulus Media second quarter results is the figure that matters most to a national advertiser: network revenue down 21.5% year on year. Spot advertising fell 10.6% over the same period. Network radio is the product most national advertisers are actually buying, and a fifth of its revenue disappearing in twelve months means a great deal of unsold inventory looking for a home.

This is what a buyer’s market looks like in practice. It does not mean a seller will volunteer a better rate; it means the room exists if you ask, and that the first number quoted is further from the last number available than it would have been two years ago. See national radio advertising. Cumulus Media Q2 2026 results.

Cumulus is in Chapter 11. Check your terms before you prepay

Cumulus reported second quarter net revenue of $167.9 million, down 9.7%, with a net loss of $9.2 million and adjusted EBITDA down 28.3%. The company filed for Chapter 11 protection in early March, had its plan of reorganization confirmed by the court on 15 April, and is now waiting on FCC approval before it can emerge.

None of that means you should avoid buying Cumulus stations, and a group working its way out of restructuring has every reason to want your business and some flexibility about how it gets it. It does mean ordinary commercial prudence applies. Be careful about paying substantially in advance of the schedule running. Get makegood and preemption policy in writing rather than accepting it as understood. Know which entity the contract is with. This is standard practice with any counterparty in restructuring and it is not an insult to ask. Radio Ink on the restructuring.

Saga confirms the softness reaches the mid-sized markets

Saga Communications reported second quarter net revenue of $26.4 million, down 6.5%, with station operating income down 50.6% to $3.0 million as operating expenses rose 5.4%. Saga operates largely outside the top markets, which makes this the more useful of the two numbers. It says the weakness is not confined to the large groups in the large cities.

Falling revenue against rising costs is the combination that produces flexibility on rate, because the alternative for the seller is an empty log. An advertiser buying mid-sized markets this autumn should be asking for considerably more than the first proposal offers. See local radio advertising. Saga Q2 2026 results.

Digital held flat while broadcast fell, which tells you where the pressure is not

Cumulus digital revenue came in at $38.7 million, essentially unchanged at minus 0.3%, against broadcast declines of 10.6% and 21.5%. Digital audio is not booming, but it is holding while everything around it gives way.

For an advertiser the practical reading is that the softness is concentrated in broadcast inventory, so that is where the negotiating room is. It also means a seller will be keener to move you toward digital, where their position is stronger and yours is weaker. A blended proposal that quietly shifts your budget toward streaming is worth reading closely, and the question to ask is what proportion of the money is going to each. Radio World on the quarter.

Cost cutting continues, and endorsement deals ride on individuals

The workforce reductions accompanying the Cumulus restructuring have continued to reach on-air talent, with veteran personalities departing in several markets over recent weeks, including a twenty-five year run ending in Norfolk.

This matters more than an ordinary personnel story if any part of your schedule depends on a named host. A live endorsement is worth what it is worth because of the particular person reading it, and that person’s continued employment is not something the contract usually guarantees. If you are buying host reads, ask what happens to the schedule if the host leaves mid-flight, and get the answer in writing before you sign. See host reads compared with produced ads.

The short version

Network revenue down more than a fifth, spot down a tenth, one major group in Chapter 11 and a mid-market operator watching station operating income halve. Every one of those is a difficulty for a broadcaster and an opening for an advertiser with a budget and a reasonable proposition.

Buyers’ markets do not last indefinitely, and they end faster than they arrive. If you have been waiting for a better moment to commit to radio, the numbers say this is closer to it than any quarter in recent memory.

If you are considering radio or SiriusXM, ask for a competitive report and we will show you which stations your competitors are buying, at no charge. Berk Marketing represents advertisers, not stations.