CUMULUS MEDIA INC
COM CL A · CUSIP 231082801
74
institutional holders
-9 vs Q4 2022
10.5m
shares reported held*
$38.6mreported value*
8 new
31 added
17 reduced
17 sold out
net sold ≈ $4.2m (-1.1m shares)
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $3.69. Options: 3 managers hold calls ($14.1k notional), 3 hold puts ($1.5k).
Trends to Q1 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 76 |
| Q4 2022 | 83 |
| Q1 2023 | 74 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 41 | 29 |
| Q1 2023 | 39 | 34 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $0 | $0 | — |
| Q4 2022 | $621 | $2.5k | 4.00 |
| Q1 2023 | $14.1k | $1.5k | 0.10 |
Biggest buyers
| STRS OHIO | Added | +110.2k |
| ZAZOVE ASSOCIATES LLC | Added | +104.4k |
| XTX Topco Ltd | New | +57.9k |
| UBS Group AG | Added | +44.5k |
| GOLDMAN SACHS GROUP INC | Added | +40.6k |
| D. E. Shaw & Co., Inc. | Added | +39.3k |
| Squarepoint Ops LLC | Added | +34.2k |
| OCCUDO QUANTITATIVE STRATEGIES LP | New | +33.4k |
| AMERICAN CENTURY COMPANIES INC | Added | +27.6k |
| Trexquant Investment LP | Added | +26.9k |
Biggest sellers
| Beach Point Capital Management LP | Sold out | -596.8k |
| CARRONADE CAPITAL MANAGEMENT, LP | Sold out | -404.4k |
| MORGAN STANLEY | Reduced | -339.5k |
| AQR CAPITAL MANAGEMENT LLC | Sold out | -138.6k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | Reduced | -97.5k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -88.5k |
| CORNERCAP INVESTMENT COUNSEL INC | Sold out | -65.5k |
| BlackRock Inc. | Reduced | -63.7k |
| CITADEL ADVISORS LLC | Reduced | -35.0k |
| VOYA INVESTMENT MANAGEMENT LLC | Reduced | -30.5k |
Biggest calls
| SIMPLEX TRADING, LLC | New | $13.0k3.6k shares |
| CITADEL ADVISORS LLC | Added | $1.1k300 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CITADEL ADVISORS LLC | Unchanged | $1.5k400 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
| SIMPLEX TRADING, LLC | New | $0100 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| ZAZOVE ASSOCIATES LLC 13G · institution -4.3 pts · filed 2026-08-14 | 7.9% |
| BARCLAYS PLC 13G · institution new · filed 2025-11-12 | 5.2% |
Holders, Q1 2023
| Manager | Shares | Change |
|---|---|---|
| MORGAN STANLEY 0.00% of their portfolio | 1.6m $6.1m | Reduced -339.5k |
| ZAZOVE ASSOCIATES LLC 0.44% of their portfolio | 1.3m $4.9m | Added +104.4k |
| BlackRock Inc. 0.00% of their portfolio | 960.2k $3.5m | Reduced -63.7k |
| Capital World Investors 0.00% of their portfolio | 779.4k $2.9m | Unchanged |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 778.6k $2.9m | Added +21.6k |
| VANGUARD GROUP INC 0.00% of their portfolio | 749.8k $2.8m | Added +20.6k |
| OAK HILL ADVISORS LP 0.14% of their portfolio | 531.8k $2.0m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 328.0k $1.2m | Added +19.2k |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 317.3k $1.2m | Reduced -97.5k |
| STATE STREET CORP 0.00% of their portfolio | 207.9k $767.0k | Added +161 |
| VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 204.7k $755.2k | Reduced -30.5k |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 177.4k $654.6k | Reduced -11.5k |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 173.8k $640.0k | Unchanged |
| STRS OHIO 0.00% of their portfolio | 165.3k $609.0k | Added +110.2k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 158.8k $579.6k | Added +27.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 155.4k $573.4k | Reduced -29 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 133.1k $491.1k | Reduced -6.6k |
| PANAGORA ASSET MANAGEMENT INC 0.00% of their portfolio | 106.9k $394.3k | Added +12.3k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 96.2k $355.0k | Reduced -35.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 95.6k $352.9k | Added +40.6k |
| MARSHALL WACE, LLP 0.00% of their portfolio | 75.3k $278.0k | Added +22.0k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 68.9k $254.2k | Added +39.3k |
| EJF Capital LP 0.09% of their portfolio | 67.5k $249.1k | Unchanged |
| Janney Montgomery Scott LLC 0.00% of their portfolio | 67.0k $247.0k | Added +17.9k |
| Invesco Ltd. 0.00% of their portfolio | 66.8k $246.4k | Added +25.7k |
| Trexquant Investment LP 0.01% of their portfolio | 64.8k $239.3k | Added +26.9k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 60.0k $222.0k | Added +2.5k |
| XTX Topco Ltd 0.04% of their portfolio | 57.9k $213.7k | New |
| Squarepoint Ops LLC 0.00% of their portfolio | 56.4k $208.1k | Added +34.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 53.0k $196.0k | Added +16.1k |
| UBS Group AG 0.00% of their portfolio | 51.3k $189.2k | Added +44.5k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 49.1k $181.0k | Reduced -88.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 46.5k $171.5k | Unchanged |
| Dalton Investments, Inc. 0.13% of their portfolio | 39.9k $147.2k | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 38.0k $140.4k | Added +18.1k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 34.4k $127.0k | Added +251 |
| OCCUDO QUANTITATIVE STRATEGIES LP 0.01% of their portfolio | 33.4k $123.3k | New |
| OAKTREE CAPITAL MANAGEMENT LP 0.00% of their portfolio | 28.9k $106.8k | Unchanged |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 28.8k $104.9k | Added +12.3k |
| Calamos Advisors LLC 0.00% of their portfolio | 27.9k $102.9k | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 27.3k $100.8k | Added +11.3k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 27.3k $100.0k | Added +1.2k |
| Sigma Planning Corp 0.00% of their portfolio | 26.6k $98.2k | Added +3.4k |
| CSS LLC/IL 0.01% of their portfolio | 22.5k $83.0k | Unchanged |
| Allspring Global Investments Holdings, LLC 0.00% of their portfolio | 21.9k $80.9k | New |
| Benefit Street Partners LLC 0.21% of their portfolio | 20.6k $76.1k | Unchanged |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.00% of their portfolio | 17.9k $66.1k | Reduced -1.4k |
| Zebra Capital Management LLC 0.31% of their portfolio | 16.7k $62.0k | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 15.3k $57.0k | Reduced -1.8k |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 14.6k $54.0k | Added +6.7k |
| ALGERT GLOBAL LLC 0.00% of their portfolio | 14.3k $52.7k | Reduced -2.8k |
| WOLVERINE TRADING, LLC 0.00% of their portfolio | 13.8k $50.0k | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 12.9k $47.5k | Unchanged |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 12.9k $47.4k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 12.3k $45.5k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 12.3k $45.3k | Added +6.6k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 12.1k $44.6k | Unchanged |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 12.0k $44.1k | Unchanged |
| Engineers Gate Manager LP 0.00% of their portfolio | 10.8k $39.8k | Reduced -1.5k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 10.6k $39.1k | Added +3.0k |
| AMERICAN INTERNATIONAL GROUP, INC. 0.00% of their portfolio | 8.4k $31.0k | Added +167 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 8.1k $29.9k | Added +3.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 6.5k $23.9k | Reduced -478 |
| FMR LLC 0.00% of their portfolio | 3.4k $12.7k | Added +2.3k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 2.7k $10.0k | Added +2.3k |
| AMALGAMATED BANK 0.00% of their portfolio | 1.9k $7.0k | Reduced -489 |
| Legal & General Group Plc 0.00% of their portfolio | 1.6k $5.8k | Unchanged |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 1.4k $5.1k | Unchanged |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 740 $2.7k | New |
| New Millennium Group LLC 0.00% of their portfolio | 170 $627 | Unchanged |
| MACQUARIE GROUP LTD 0.00% of their portfolio | 115 $0 | Reduced -5 |
| CITIGROUP INC 0.00% of their portfolio | 106 $391 | Reduced -12 |
| US BANCORP \DE\ 0.00% of their portfolio | 100 $369 | Unchanged |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio | 0 $0 | Unchanged |