Cumulus Media has reported its finances for the third quarter of 2021, with net revenue up 21 percent from approximately $196.4 million in Q3 2020 to $237.7 million. Net income was $27.4 million vs. a net loss a year ago.
Broadcast radio revenue in Q3 grew 15.1 percent to $185.8 million from $161.5 million in Q3 of last year. Breaking down the broadcast radio division, spot revenue was up 12.2 percent to $122 million and network revenue grew 21 percent to $$63.9 million.
Cumulus Media President/CEO Mary G. Berner said, “Our third quarter results exceeded expectations across the board, despite the ongoing impacts of COVID-19. This performance is yet another strong example of the continuing success of our evolution from a one-dimensional radio company to a multi-dimensional, audio-first media company. We see significant and continued upside potential and multiple drivers of shareholder value, which include additional radio market recovery, several fast-growing digital business lines, attractive free cash flow conversion, a strong balance sheet and liquidity profile, and substantial optionality regarding future capital allocation.”
