Companies CUMULUS MEDIA INC
CUMULUS MEDIA (CMLS): executive pay, fiscal 2024
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CEO pay, last three years
- $4,523,596FY2023
- $4,655,794FY2024
CEO total pay was $4,655,794 in fiscal 2024, up from $4,523,596 in fiscal 2023.
FY2024: salary $1,450,000 · bonus $0 · stock awards $1,743,751 · option awards $0
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Full detail
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Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Mary Berner | $1,450,000 | $0 | $1,743,751 | $0 | $1,458,593 | $0 | $3,450 | $4,655,794 |
| President and Chief Executive Officer | ||||||||
| Francisco Lopez-Balboa | 800,000 | 0 | 868,000 | 0 | 821,784 | 0 | 3,742 | 2,493,526 |
| Executive Vice President, Treasurer and Chief Financial Officer | ||||||||
| Collin Jones | 650,000 | 0 | 276,285 | 0 | 480,885 | 0 | 5,175 | 1,412,345 |
| Executive Vice President, Corporate Strategy and Development and President of Westwood One | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2024 total | FY2023 total | FY2022 total | Δ FY2023→2024 |
|---|---|---|---|---|
| Mary Berner | $4,655,794 | $4,523,596 | — | ↑ +132,198 |
| Francisco Lopez-Balboa | 2,493,526 | 2,415,933 | — | ↑ +77,593 |
| Collin Jones | 1,412,345 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's executive compensation program emphasizes rewarding exceptional performance and driving value creation for stockholders by aligning executive interests with stockholder interests, motivating superior short- and long-term performance, and attracting and retaining executive talent through a combination of fixed and variable pay elements.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Frederic W. Cook & Co., Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2024
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Collin Jones | PSU | 1,875 | — | $1,256 |
| Collin Jones | RSU | 5,625 | — | 3,769 |
| Francisco Lopez-Balboa | PSU | 7,000 | — | 4,690 |
| Collin Jones | PSU | 7,719 | — | 5,172 |
| Collin Jones | RSU | 9,351 | — | 6,265 |
| Collin Jones | PSU | 9,351 | — | 6,265 |
| Mary Berner | PSU | 12,650 | — | 8,476 |
| Collin Jones | PSU | 13,676 | — | 9,163 |
| Francisco Lopez-Balboa | RSU | 21,050 | — | 14,104 |
| Francisco Lopez-Balboa | RSU | 29,510 | — | 19,772 |
| Francisco Lopez-Balboa | PSU | 29,510 | — | 19,772 |
| Collin Jones | RSU | 32,164 | — | 21,550 |
| Francisco Lopez-Balboa | PSU | 35,610 | — | 23,859 |
| Mary Berner | RSU | 38,150 | — | 25,561 |
| Mary Berner | RSU | 55,270 | — | 37,031 |
| Mary Berner | PSU | 55,270 | — | 37,031 |
| Collin Jones | RSU | 56,985 | — | 38,180 |
| Francisco Lopez-Balboa | PSU | 63,427 | — | 42,496 |
| Mary Berner | PSU | 83,569 | — | 55,991 |
| Francisco Lopez-Balboa | RSU | 89,026 | — | 59,647 |
| Mary Berner | PSU | 148,657 | — | 99,600 |
| Francisco Lopez-Balboa | RSU | 158,568 | — | 106,241 |
| Mary Berner | RSU | 167,139 | — | 111,983 |
| Mary Berner | RSU | 297,315 | — | 199,201 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Andrew W. HobsonIndependent · Board Chair | $165,000 | $180,491 | $0 | — | $0 | $345,491 |
| Brian G. KushnerIndependent · Audit (Chair) | 125,000 | 100,000 | 0 | — | 0 | 225,000 |
| Joan Hogan GillmanIndependent | 115,000 | 100,000 | 0 | — | 0 | 215,000 |
| Matthew C. BlankIndependent · Not standing for re-election | 100,000 | 100,000 | 0 | — | 0 | 200,000 |
| Thomas H. CastroIndependent · Audit | 100,000 | 100,000 | 0 | — | 0 | 200,000 |
| Deborah A. FarringtonIndependent · Audit | 100,000 | 100,000 | 0 | — | 0 | 200,000 |
| Mary G. BernerEmployee director | — | — | — | — | — | 0 |
| Steven M. GalbraithIndependent · Compensation (Chair) · Newly elected | — | — | — | — | — | — |
Board fee structure and ownership guideline
| Annual cash retainer | $100,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 15,000 |
| Stock ownership guideline | $3 |
Total cost of the board
| Component | FY2024 |
|---|---|
| Cash retainers and fees | $705,000 |
| Equity awards (grant-date value) | $680,491 |
| All other compensation | $0 |
| Total cost of the board | $1,385,491 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names CUMULUS MEDIA as a peer
Companies that benchmark against CMLS
4 companies name CMLS as a compensation peer
- ENTRAVISION COMMUNICATIONS CORPEVCFY2025
- FuboTV Inc.FUBOFY2025
- National CineMedia, Inc.NCMIFY2025
- Sinclair, Inc.SBGIFY2025
Each company listed discloses CMLS in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CMLS in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2024
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
Of the companies CUMULUS MEDIA INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including CUMULUS MEDIA INC.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | fuboTV Inc. | 2025 | David Gandler | $1,180,300 | $7,901,641 | $0 | $1,643,309 | $10,886,885 |
| 2 | The E.W. Scripps Co. | 2025 | Adam Symson | 1,350,000 | 3,945,077 | 0 | 1,792,125 | 7,239,619 |
| 3 | QuinStreet, Inc. | 2026 | Douglas Valenti | 604,750 | 6,156,000 | 0 | 0 | 6,760,750 |
| 4 | Thryv Holdings, Inc. | 2025 | Joseph Walsh | 1,060,900 | 3,000,000 | 0 | 1,157,442 | 5,259,837 |
| 5 | The Marcus Corporation | 2025 | Gregory Marcus | 970,096 | 2,047,408 | 0 | 1,058,032 | 4,840,339 |
| 6 | CUMULUS MEDIA INC | 2024 | Mary Berner | 1,450,000 | 1,743,751 | 0 | 1,458,593 | 4,655,794 |
| 7 | Entravision Communications Corporation | 2025 | Michael Christenson | 500,000 | 3,591,263 | 0 | 0 | 4,098,934 |
| 8 | WideOpenWest, Inc. | 2024 | Teresa Elder | 894,348 | 223,588 | 0 | 1,519,273 | 2,637,209 |
| 9 | comScore, Inc. | 2025 | Jon Carpenter | 600,000 | 0 | 0 | 248,460 | 1,324,956 |
| 10 | Lee Enterprises Incorporated | 2025 | Kevin Mowbray | 830,753 | 274,832 | 29,168 | 0 | 1,151,667 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| CUMULUS MEDIA INC | not disclosed | RSU 50 · CPU 30 · PRSU 20 | not disclosed | Frederic W. Cook & Co., Inc. |
| comScore, Inc. | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Entravision Communications Corporation | not disclosed | not disclosed | not disclosed | Frederic W. Cook & Co., Inc. |
| fuboTV Inc. | 116% | not disclosed | No | Pay Governance |
| Lee Enterprises Incorporated | not disclosed | RSU 100 | not disclosed | Korn Ferry |
| QuinStreet, Inc. | not disclosed | RSU 50 · PSU 50 | No | Compensia |
| The E.W. Scripps Co. | 88.5% | PSU 60 · RSU 40 | No | Korn Ferry |
| The Marcus Corporation | not disclosed | LTIP Units 40 · Restricted Stock 40 · PSU 20 | No | Willis Towers Watson (WTW) |
| Thryv Holdings, Inc. | 100.0% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (rTSR) | Lyons Benenson |
| WideOpenWest, Inc. | not disclosed | PRSU 75 · RSU 25 | not disclosed | Aon plc |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2025 | 2025-05-30 | 8,751,021 | 1,115,170 | 580,810 | 88.7% | Passed |
| 2024 | 2024-05-02 | 3,635,051 | 6,742,340 | 16,645 | 35.03% | Failed |
| 2023 | 2023-04-26 | 6,710,589 | 6,135,879 | 19,042 | 52.24% | Passed |
| 2022 | 2022-05-03 | 10,077,530 | 821,100 | 1,673,125 | 92.47% | Passed |
| 2021 | 2021-05-04 | 10,246,088 | 845,549 | 4,723 | 92.38% | Passed |
| 2020 | 2020-04-30 | 10,557,154 | 2,897,459 | 307,888 | 78.46% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2025 | 2025-05-30 | 88.7%a |
| 2024 | 2024-05-02 | 35.03%b |
| 2023 | 2023-04-26 | 52.24%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (34 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Mary Berner. DEF 14A, filed 2025-04-25. Section “Executive Compensation”. As printed: 4,655,794. View filing ↗
- Section 01, Francisco Lopez-Balboa. DEF 14A, filed 2025-04-25. Section “Executive Compensation”. As printed: 2,493,526. View filing ↗
- Section 01, Collin Jones. DEF 14A, filed 2025-04-25. Section “Executive Compensation”. As printed: 1,412,345. View filing ↗
- Section 08, Andrew W. Hobson. DEF 14A. Section “Director Compensation”. As printed: 345,491.
- Section 08, Brian G. Kushner. DEF 14A, filed 2025-04-25. Section “Director Compensation”. As printed: 225,000. View filing ↗
- Section 08, Joan Hogan Gillman. DEF 14A. Section “Director Compensation”. As printed: 215,000.
- Section 08, Matthew C. Blank. DEF 14A, filed 2025-04-25. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, Thomas H. Castro. DEF 14A. Section “Director Compensation”. As printed: 200,000.
- Section 08, Deborah A. Farrington. DEF 14A. Section “Director Compensation”. As printed: 200,000.
- Section 08, Mary G. Berner. DEF 14A, filed 2025-04-25. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Steven M. Galbraith. DEF 14A. Section “Director Compensation”. As printed: —.
- Section 06, 2025 vote. Form 8-K, filed 2025-05-30. Item 5.07 · say-on-pay result. As reported: 88.7% (votes for as printed: 8,751,021). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-02. Item 5.07 · say-on-pay result. As reported: 35.03% (votes for as printed: 3,635,051). View filing ↗
- Section 06, 2023 vote. Form 8-K, filed 2023-04-27. Item 5.07 · say-on-pay result. As reported: 52.24% (votes for as printed: 6,710,589). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 705,000 + equity 680,491 + all other 0 = 1,385,491, summed across the director compensation table rows.
- fuboTV Inc., Section 10b CEO total. DEF 14A, filed 2026-06-16. CEO total compensation as printed in fuboTV Inc.'s own proxy. As printed: 10,886,885. View filing ↗
- The E.W. Scripps Co., Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in The E.W. Scripps Co.'s own proxy. As printed: 7,239,619. View filing ↗
- QuinStreet, Inc., Section 10b CEO total. DEF 14A, filed 2026-09-16. CEO total compensation as printed in QuinStreet, Inc.'s own proxy. As printed: 6,760,750. View filing ↗
- Thryv Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Thryv Holdings, Inc.'s own proxy. As printed: 5,259,837. View filing ↗
- The Marcus Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in The Marcus Corporation's own proxy. As printed: 4,840,339. View filing ↗
- CUMULUS MEDIA INC (subject), Section 10b CEO total. DEF 14A, filed 2025-04-25. CEO total compensation as printed in CUMULUS MEDIA INC's own proxy. As printed: 4,655,794. View filing ↗
- Entravision Communications Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-20. CEO total compensation as printed in Entravision Communications Corporation's own proxy. As printed: 4,098,934. View filing ↗
- WideOpenWest, Inc., Section 10b CEO total. DEF 14A, filed 2025-03-27. CEO total compensation as printed in WideOpenWest, Inc.'s own proxy. As printed: 2,637,209. View filing ↗
- comScore, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in comScore, Inc.'s own proxy. As printed: 1,324,956. View filing ↗
- Lee Enterprises Incorporated, Section 10b CEO total. DEF 14A, filed 2026-03-05. CEO total compensation as printed in Lee Enterprises Incorporated's own proxy. As printed: 1,151,667. View filing ↗
- Section 10a, Lee Enterprises Incorporated reciprocity. DEF 14A. Lee Enterprises Incorporated's most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, The E.W. Scripps Co. reciprocity. DEF 14A. The E.W. Scripps Co.'s most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, Entravision Communications Corporation reciprocity. DEF 14A. Entravision Communications Corporation names CUMULUS MEDIA INC in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, QuinStreet, Inc. reciprocity. DEF 14A. QuinStreet, Inc.'s most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, The Marcus Corporation reciprocity. DEF 14A. The Marcus Corporation's most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, Thryv Holdings, Inc. reciprocity. DEF 14A. Thryv Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, comScore, Inc. reciprocity. DEF 14A. comScore, Inc.'s most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗
- Section 10a, WideOpenWest, Inc. reciprocity. DEF 14A. WideOpenWest, Inc.'s most recent proxy was read; its disclosed peer group does not include CUMULUS MEDIA INC. View filing ↗