Cumulus Q4 Net Revenue Declines 3%, Loss Widens

RADIO ONLINE | Thursday, March 16, 2017

Cumulus Media reported fourth quarter net revenue declined 3% to $299.5 million from $308.8 million in 2105. Adjusted EBITDA fell 9.8% to $56.9 million from $63 million. Net revenue for its radio station group totaled $209.7 million, while Westwood One net revenues totaled $89.1 million. The company posted a net loss of $543.7 million ($18.57 per diluted share), down 3% from a net loss of $4.59 million (16 cents) in the year-ago period.

President/CEO Mary Berner 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."