CMLS — what changed in the latest 10-Q
A section-by-section comparison of CMLS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-14 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +35 | −21 | ~21 | 59 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | Text added/removed | +5 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-14
(Gain) loss on sale or disposal of assets or stations(458)122 (580)N/A
Three Months Ended June 30, 2026 compared to the Three Months Ended June 30, 2025
Net revenue for the three months ended June 30, 2026, compared to net revenue for the three months ended June 30, 2025, decreased $18.1 million, or 9.7%. The decrease is primarily driven by reductions in spot and network revenues of $9.7 million and $5.9 million, respectively, as a result of current…
Content costs consist of all costs related to the licensing, acquisition and development of our programming. Content costs for the three months ended June 30, 2026, compared to content costs for the three months ended June 30, 2025, decreased $3.8 million, or 6.4%, primarily from lower third-party s…
Selling, general and administrative expenses consist of expenses related to our sales efforts, distribution of our content across our platform, overhead in our markets, and include non-cash trade and barter expenses. Selling, general and administrative expenses for the three months ended June 30, 20…
Text removed vs the prior filing · source: 10-Q · 2026-04-29
full exercise of the Special Warrants) will constitute, in the aggregate, 5% of the New Common Stock issued on the Plan Effective Date, subject to dilution on account of the MIP Equity;
Three Months Ended March 31, 2026 compared to the Three Months Ended March 31, 2025
Net revenue for the three months ended March 31, 2026, compared to net revenue for the three months ended March 31, 2025, decreased $22.9 million, or 12.2%. The decrease is primarily driven by reductions in spot and network revenues of $13.2 million and $10.9 million, respectively, as a result of cu…
Content costs consist of all costs related to the licensing, acquisition and development of our programming. Content costs for the three months ended March 31, 2026, compared to content costs for the three months ended March 31, 2025, decreased $13.4 million, or 16.9%, primarily from lower revenue s…
Selling, general and administrative expenses consist of expenses related to our sales efforts, distribution of our content across our platform, overhead in our markets, and include non-cash trade and barter expenses. Selling, general and administrative expenses for the three months ended March 31, 2…
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-14
On October 16, 2025, Cumulus Media New Holdings Inc. filed a complaint against The Nielsen Company (US) LLC (“Nielsen”) in the United States District Court for the Southern District of New York (the “District Court”) (Civil Action No. 1:25-cv-08581) asserting claims for illegal monopolization under …
On December 30, 2025, the District Court granted the Company’s motion for preliminary injunction and enjoined Nielsen from, among other things, enforcing its Tying Policy during the pendency of the case (the “Preliminary Injunction Ruling”). Nielsen appealed the District Court’s Preliminary Injuncti…
On February 2, 2026, Nielsen answered the Complaint and asserted three counterclaims against the Company, alleging, among other things, that (i) the Company breached its services agreement with Nielsen (the “Services Agreement”) by providing Nielsen’s ratings to an unauthorized third party, (ii) the…
On March 11, 2026, in light of the filing of the Chapter 11 Cases, the District Court stayed the Company's claims against Nielsen until further order of the District Court, and stayed Nielsen’s Counterclaims until the earlier of (i) the termination of the automatic stay in bankruptcy, or (ii) entry …
On July 13, 2026, the Second Circuit (Appeal No. 26-88) affirmed the District Court’s Preliminary Injunction Ruling. The case has been remanded to the District Court for further proceedings.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice