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Entercom Q4 Net Revenues Fell 23%, Digital Gains 23%


Entercom
Entercom

Entercom Communications reported fourth quarter net revenues fell 23% to $319.5 million from $414.1 million in 2019. Digital revenues rose 23% to $58.8 million mainly due to audience and revenue growth in streaming and podcasting. Adjusted EBITDA fell to $66.5 million from $113 million, while station expenses declined 16% to $238.8 million from $284 million. The company reported a net loss of $162.3 million (-$1.21 per diluted share) as compared to net loss of $487.5 million (-$3.64) in the year-ago period.

President/CEO David J. Field stated, "I am pleased to report that Entercom continued to drive strong sequential operating improvement with revenues up 19% and EBITDA more than doubling vs. the third quarter. Digital, podcasting, sports betting and network radio all posted strong double digit growth over prior year and we are continuing to drive innovation across these businesses to enhance future growth potential. While the pandemic continues to hobble a large number of our advertisers, particularly locally, we are optimistic about a strong recovery in our local ad sales later this year driven by vaccinations, fiscal stimulus and pent-up consumer demand in heavily impacted categories."

He added, "During the quarter, we announced and completed the acquisition of the QL Gaming Group, a rapidly emerging sports betting data and predictive analytics platform that ideally complements our unrivaled position in the sports audio business. In addition, we announced a landmark multi-year partnership with Fan Duel, which we believe is the largest advertising deal in the history of the radio industry."

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