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Cumulus Q4 Net Revenue Down 1.9%, Loss Narrows
RADIO ONLINE | Thursday, March 29, 2018 |
Cumulus Media reported fourth quarter net revenue of $293.9 million, down 1.9% from $299.5 million in 2016. The company's radio group produced 68.7% of revenue, while 31.2% was generated by its Westwood One unit. Adjusted EBITDA fell 12.3% to $49.9 million from $56.8 million. The company posted a net loss of $206.1 million ($7.05 per diluted share) as compared to a net loss of $510.7 million ($17.45 per share) in the year-ago period.
During Q4, Cumulus recorded a noncash impairment charge against FCC licenses of $335.9 million and noncash impairment charges against FCC licenses and goodwill of $603.1 million.
As previously reported, on November 29 the company and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the U.S. Code in the United States Bankruptcy Court for the Southern District of New York. The Chapter 11 filings are being jointly administered under the caption In re Cumulus Media Inc., et al, Case No. 17-13381.
Cumulus Media President/CEO Mary Berner 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 overleveraged balance sheet, we look forward to completing our financial restructuring and continuing our progress in the months ahead."
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