Cumulus Media has reported its third quarter fiscal results, with net revenue down 0.5 percent compared to Q3 in 2018. Net revenue was reported as $208.8 million, down from $282.25 a year ago. However, on a same station basis, net revenue increased by 3.9 percent, from approximately $272.2 million to $280.8 million this year.
Cumulus President/CEO Mary G. Berner said, “In the third quarter, the Company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis. Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels. We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x. Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense.”
