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Cumulus Q2 Net Revenues Up 1.2%, Earnings Rise
RADIO ONLINE | Monday, August 14, 2017 |
Cumulus Media reported second quarter net revenue of $290.5 million, up 1.2% from $5.7 million in 2016. Radio declined 0.7% to $208.5 million, while Westwood One increased 6.1% to $81.2 million. Adjusted EBITDA climbed 6.7% to $67.4 million. The company posted net earnings of $5.6 million (19 cents per diluted share) as compared with $1.06 million (4 cents) in the year-ago period.
President/CEO Mary Berner, "Our second quarter results provide further evidence of the success of our turnaround strategies as we posted a year-over-year increase in Adjusted EBITDA for the first time in over three years despite what continues to be a tough market environment."
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