Cumulus Media has reported its financial results for the fourth quarter and full year of 2021. For Q4 2021, net revenue reached $252.3 million, a 2.6 percent increase from the fourth quarter a year ago, with net income of $17.6 million vs. a net loss in Q4 of 2020. Total broadcast radio revenue in Q4 was $193.138, down 3.8 percent vs. Q4 a year ago.
For the company’s full year 2021, Cumulus reported net revenue of $916.5 million, a 12.3 percent increase compared to 2020. Net income for the full year was $17.3 million compared to a $59.7 million net loss in 2020. Broadcast radio revenue in 2021 was $252.567, a 6.9 percent increase compared to $664 million in 2020.
Cumulus Media President/CEO Mary G. Berner said, “2021 was a year of tremendous progress and accomplishment for Cumulus. We not only achieved meaningful revenue growth in core radio, delivered substantial growth in digital, and greatly improved our operating leverage through material fixed cost reductions, but we also further and significantly de-levered our balance sheet, and executed many initiatives which bolstered our position as a true audio-first media company. As we carry this momentum into 2022, we continue to see significant upside with multiple pathways to enhance shareholder value.”
