Cumulus Media has reported its financial results for the first quarter of 2021. Compared to a year ago, net revenue dropped 11.5 percent to $201.7 million from $228 million in Q1 2020. Net loss was $21.9 million vs. a net loss of almost $7.4 million a year ago. Cumulus’ broadcast radio revenue fell by 17.4 percent to $201.7 million, with network revenue down 5.6 percent to $62 million. However, digital revenue grew 23.7 percent, with podcasting revenue specifically up by 35 percent.
Cumulus President/CEO Mary G. Berner said, “Our first quarter results clearly reflect the benefits of our improved operating leverage in a recovering economy. Over the last three months, expanded vaccine distribution and greater economic activity have supported a significant pickup in advertising, leading to a positive revenue trajectory across all our businesses, with particularly strong results in podcasting which was up approximately 35% year-over-year. Additionally, the meaningful permanent cost reductions we initiated in 2020, more than $10 million of which were reflected in the first quarter, positively impacted Q1 2021 EBITDA. Looking ahead, with our strong competitive positioning, growing digital revenue streams, and substantial free cash flow generating potential, we believe we have multiple avenues along which to grow shareholder value.”
