Cumulus Media reports its operating results for the second quarter of this year and reveals net revenue of $204.8 million, a decrease of 2.5% that is in line with the company’s pacing guidance. Cumulus’ total broadcast radio revenue was $136.1 million, a decline of 7.3%, with spot revenue down 4.9% and network revenue down 13.6%. On the positive side digital revenue was $39.5 million, up 5.0%. Cumulus Media
president and CEO Mary G. Berner says, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%, reduced fixed costs by $4 million, and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt. Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”
