Cumulus Releases Preliminary Operating Results

For the three months ended September 30, 2017, Cumulus Media expects to report net revenue in a range of $286.0 million to $288.0 million, net (loss) income in a range of $(0.3) million to $1.7 million, and Adjusted EBITDA in a range of $60.0 million to $62.0 million.

When adjusting for the impact of $14.4 million of one-time expenses in the three months ended September 30, 2016 related to the resolution of disputed syndicated programming and inventory expenses with CBS Radio Inc., Adjusted EBITDA performance for the three months ended September 30, 2017 is expected to show growth in a range of 3% to 6% year-over-year.

The Company will issue third quarter 2017 operating results Thursday, November 9th.

Mary Berner

Mary Berner, President and Chief Executive Officer of Cumulus Media Inc., said, “The strong preliminary results for the third quarter provide further evidence that our turnaround plan is taking hold. We are encouraged by our continuing operating and financial momentum in the face of negative industry trends. This quarter, we delivered our seventh straight quarter of ratings share growth at the station group along with revenue share gains for our fifth straight quarter at the station group and third straight quarter at Westwood One. Most importantly, it was the second straight quarter of year-over-year growth in revenue and Adjusted EBITDA.”

“In addition to successfully executing on our foundational operating initiatives, we continue to develop innovative products and service offerings, such as the Westwood One ROI Guarantee, the first industry-wide ROI guarantee in the audio space; C-Endorsement Videos, the first video endorsement product at scale in the radio industry; and our initial Voice First initiative, the launch of Amazon Alexa skills for nearly 300 stations and over 100 Westwood One brands.”

Ms. Berner continued, “While the Company has ample cash to operate our business, Cumulus continues to be constrained by an excessive debt load. With the assistance of outside advisors, we are proactively exploring a range of alternatives with our lenders and noteholders to restructure the balance sheet and reduce debt. Our objective is to be able to redirect more of our time and resources to where they can have the greatest impact on our future – investing in our employees, in key technologies and in initiatives that drive growth.”