The podcasting company has been valued at between $230 million and $274 million.
HYBE, SM Entertainment, YG Entertainment and JYP Entertainment have collectively added $4.7 billion in market capitalization in 2023.
The Billboard Global Music Index declined 1.9% this week as only 4 of the 21 stocks were in positive territory.
With 15 of its 21 stocks in negative territory, the Billboard Global Music Index dropped 1.9%.
Cumulus Media's share price rose 16% after Q2 earnings and is more than 2.5 times above the 52-week low of $2.57 from May 9.
The Billboard Global Music Index rose 6.8% to 1,447.32, bringing the year-to-date gain to 23.9%.
Also on the Billboard Global Music Index, Spotify's stock stayed hot with a 9.6% gain, bringing its year-to-date increase to 117.9%.
The Billboard Global Music Index rose 2.5% this week and finished the midpoint of 2023 up 13%.
The 48-company ETF includes major labels, music streaming platforms, concert promoters and instrument and tech manufacturers.
The exchange-traded fund contains 50 stocks spanning music and entertainment, including Universal Music, Warner Music, Spotify and Disney.
