For the three months ended December 31, 2016, the Company reported net revenue of $299.5 million, down 3.0% from the three months ended December 31, 2015, net loss of $543.7 million and Adjusted EBITDA of $56.9 million, down 9.8% from the quarter ended December 31, 2015.
For the year ended December 31, 2016, the Company reported net revenue of $1,141.4 million, down 2.3% from the year ended December 31, 2015, net loss of $510.7 million and Adjusted EBITDA of $205.9 million, down 20.6% from the year ended December 31, 2015. During the fourth quarter of 2016, the Company recorded non-cash impairment charges against intangible assets and goodwill of $603.1 million.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “We entered 2016 with a singular objective: to fix the core business problems - poor culture, poor ratings and poor operational execution - which was essential to establishing a foundation on which to build improved financial results. Throughout the year we made significant progress addressing each of these areas, most visibly in ratings growth where we’ve outperformed the industry for 15 straight months. In fact, with two back-to-back quarters of revenue share increases on the station side, a trend which continued through January, we have early evidence that, despite a tough industry environment, our foundational work is beginning to translate into improved financial performance.”
Net Revenue
The Company operates in two reportable segments, the Radio Station Group and Westwood One (WON). The Radio Station Group revenue is derived primarily from the sale of broadcasting time to local, regional and national advertisers. Westwood One revenue is generated primarily through network advertising.
Corporate and Other includes overall executive, administrative and support functions for each of the Company’s reportable segments, including finance and administration, legal, human resources and information technology functions.
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