Cumulus Media Inc. Wednesday announced operating results for the three months and year ended December 31, 2017.
For the three months ended December 31, 2017, the Company reported net revenue of $293.9 million, down 1.9% from the three months ended December 31, 2016, net loss of $206.1 million and Adjusted EBITDA of $49.9 million, down 12.3% from the quarter ended December 31, 2016.
For the year ended December 31, 2017, the Company reported net revenue of $1,135.7 million, a decrease of 0.5% from the year ended December 31, 2016, net loss of $206.6 million and Adjusted EBITDA of $217.8 million, up 5.8% from the year ended December 31, 2016.
During the fourth quarter of 2017, the Company recorded a noncash impairment charge against FCC licenses of $335.9 million. During the fourth quarter of 2016, the Company recorded noncash impairment charges against FCC licenses and goodwill of $603.1 million.
On November 29, 2017, the Company and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York (the “Chapter 11 Filings”). The Chapter 11 Filings are being jointly administered under the caption In re Cumulus Media Inc., et al, Case No. 17-13381.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “Our 2017 financial performance is a true testament to our employees’ hard work and commitment to our turnaround plan. Having also made the decision to definitively address our over-leveraged balance sheet, we look forward to completing our financial restructuring and continuing our progress in the months ahead.”
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