Cumulus Media Revenue Beats Expectations

Cumulus Media Inc. today announced operating results for the three and nine months ended September 30, 2017. 

For the three months ended September 30, 2017, the Company reported net revenue of $287.2 million, up 0.4% from the three months ended September 30, 2016, net income of $1.3 million and Adjusted EBITDA of $61.8 million which was up 40.7% from the three months ended September 30, 2016.

For the nine months ended September 30, 2017, the Company reported net revenue of $841.8 million, net loss of $0.4 million and Adjusted EBITDA of $167.9 million which was up 12.7% from the nine months ended September 30, 2016.  Adjusted EBITDA for the three and nine months ended September 30, 2016 included the impact of $14.4 million of expenses incurred to resolve previously disputed syndicated programming and network inventory expenses with CBS Radio Inc.

Mary Berner

Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “As we noted when we announced our preliminary results in October, our strong third quarter performance plainly demonstrates that our operational turnaround plan is working. The entire Cumulus team has shown great commitment to maintaining our momentum. By executing our foundational operating initiatives and continuing to develop growth opportunities, we are confident that we can build on our success despite the challenging industry environment.”

Ms. Berner continued, “We are also focused on addressing our excessive debt load on a parallel track to our operational turnaround plan. As previously disclosed, we are working with our advisors to proactively explore a range of alternatives to restructure our balance sheet, and we are continuing productive discussions with our creditors. Regardless of the path forward, we have ample cash to operate our business. Our goal remains to reduce our debt so we can focus our time and resources on investments in our people, key technologies and initiatives that will ultimately drive sustainable, long-term growth.”