Cumulus Media - 1792 Exchange

Rating Overview

Cumulus Media is High Risk.

Cumulus Media is High Risk. The company yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. Cumulus Media embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	High Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

High

Rationale:

Cumulus Media fired all employees unwilling to get the COVID-19 vaccine, denying most employees claims to religious or other exemptions (1). Former Cumulus Media host, Tim Hill, has filed a lawsuit in 2023 for his firing from the company because he refused to take the COVID-19 vaccine for “religious reasons” (2). The company threatened to fire Mark Levin and Dan Bongino, two conservative radio hosts, over claims of election fraud (3).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

Cumulus Media does not appear to discriminate against charitable organizations based on views or beliefs (1)(2).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Cumulus Media does not provide viewpoint protections for its employees (1). The company requires anti-racism, unconscious bias, and allyship training for all employees (2). Cumulus Media appears to prioritize diversity over merit in its leadership composition. From its Charter of the Nominating and Governance Committee: “The Committee will provide counsel and advice to management and the Board by discharging the following authority and responsibilities:… The Committee should review and make periodic recommendations to the Board regarding the skills, qualifications and experience required of directors and candidates to become directors… the extent to which the candidate would be a desirable addition to the Board and any committees of the Board, and any other factors that the Committee deems relevant to the current needs of the Board, including those that promote diversity” (3).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Cumulus Media’s CEO, Mary G. Berner, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace, strategize on DEI programs/initiatives with other signatories, and engage boards of directors when developing and evaluating DEI strategies (1)(2). The company supports ESG within its business practices. From its 2024 Sustainability Report: “The Board takes an active role in our overall strategy, risk management, and issues relating to corporate sustainability. The Nominating and Governance Committee of our Board has formal oversight for ESG matters” (3). Cumulus Media supports DEI within its business practices. From its 2025 Form 10-K: “This cultural framework, along with our commitment to advancing and cultivating an environment where diversity, equity and inclusion combine to create a sense of belonging for all, serves as a critical catalyst to driving higher performance, retaining talent and attracting new talent to the Company” (4). The company published its DEI expansion and its airing of Bad With Money in support of the LGBTQ movement (5).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Cumulus Media has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

Cumulus Media does not operate a PAC or report on its lobbying at this time (1)(2)(3).