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 · 2026-04-29 vs the prior 10-Q · 2025-10-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +85 | −54 | ~6 | 10 |
| 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 | 0 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +1 | −1 | 0 | 0 |
| 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 · 2026-04-29
On the Petition Date, the Debtors began filing their Chapter 11 Cases to implement the Plan and effectuate the Restructuring in accordance with the Restructuring Support Agreement and the ABL Commitment Letter. Certain direct and indirect subsidiaries of the Company did not file for Chapter 11 relie…
On March 4, 2026, prior to initiating filing of the Chapter 11 Cases, the Company commenced the Solicitation with a related Disclosure Statement. The Chapter 11 Cases are being jointly administered for administrative purposes only under the caption In re Cumulus Media Inc., et al, Case No. 26-90346 …
On March 4, 2026, prior to launching the Solicitation, the Debtors entered into the Restructuring Support Agreement and the ABL Commitment Letter. As of March 31, 2026, the Consenting 2029 Holders that were party to the Restructuring Support Agreement held, in the aggregate, approximately 83% of the…
On March 5, 2026, the Debtors filed the Plan with the Bankruptcy Court. The following is a summary of the Restructuring Transactions contemplated by the Restructuring Support Agreement and the Plan:
•all existing equity securities of the Company, including the Class A common stock and Class B common stock, shall be cancelled and the holders of such interests will not receive or retain any recovery or distribution;
Text removed vs the prior filing · source: 10-Q · 2025-10-30
(Gain) loss on sale or disposal of assets or stations(2,744)60 (2,804)N/A
Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024
Net revenue for the three months ended September 30, 2025, compared to net revenue for the three months ended September 30, 2024, decreased $23.3 million, or 11.5%. The decrease was primarily driven by a reduction in spot and network revenues of $12.7 million and $11.2 million, respectively, resulti…
Content costs consist of all costs related to the licensing, acquisition and development of our programming. Content costs for the three months ended September 30, 2025, compared to content costs for the three months ended September 30, 2024, decreased $16.1 million, or 21.1%, primarily resulting fr…
Selling, general and administrative expenses consist of expenses related to our sales efforts and distribution of our content across our platform and overhead in our markets. Selling, general and administrative expenses for the three months ended September 30, 2025, compared to selling, general and …
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-04-29
Please refer to Part I, Item 1A, "Risk Factors," in our 2025 Form 10-K for information regarding known material risks that could materially affect our business, financial condition or future results. On April 15, 2026, the Bankruptcy Court entered the Confirmation Order confirming the Plan. While co…
Text removed vs the prior filing · source: 10-Q · 2025-10-30
Please refer to Part I, Item 1A, "Risk Factors," in our 2024 Form 10-K and to Part II, Item 1A, "Risk Factors," in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 for information regarding known material risks that could materially affect our business, financial condi…
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