For the three months ended September 30, 2016, the Company reported net revenue of $286.1 million, down 1.1% from the three months ended September 30, 2015, net income of $46.3 million and Adjusted EBITDA of $43.9 million, down 37.9% from the quarter ended September 30, 2015.
For the nine months ended September 30, 2016, the Company reported net revenue of $841.9 million, down 2.1% from the nine months ended September 30, 2015, net income of $33.0 million and Adjusted EBITDA of $149.0 million, down 24.0% from the nine months ended September 30, 2015.
Excluding the impact of $14.4 million of expenses incurred during the quarter ended September 30, 2016, to resolve previously disputed syndicated programming and network inventory expenses with CBS Radio Inc., Adjusted EBITDA declined 17.5% from the quarter ended September 30, 2015 and 16.7% from the nine months ended September 30, 2015.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “A year into our turnaround effort, we have made considerable progress against our operational priorities while leading the industry in ratings growth. Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years. As we seek to maintain the momentum of our initial strategies, we have now also launched a focused effort to improve sales execution as the next logical step in our turnaround plan.”
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