Cumulus Media has reported its financial results for the second quarter of 2021, with net revenue up by 54 percent to $224.7 million. In Q2 of 2020, net revenue was $146 million. The company also narrowed its net loss by 83.8 percent, to $5.9 million vs. $36.3 million a year ago. Total broadcast radio revenue during Q2 was $176.2 million, up 54.3 percent compared to $114.2 million the year prior.
Mary G. Berner, Cumulus Media President/CEO, said, “This quarter’s results clearly reflect the success we are having in accelerating our positive revenue trajectory. In addition to the continued improvement in the core radio business, total digital revenue grew by 55% year-over-year, with each of our digital channels posting new all-time highs. Additionally, we enhanced our considerable stronghold in the news/talk ecosystem with The Dan Bongino Show, now on over 300 radio stations – the largest launch ever for a new and original syndication. We also significantly deepened our position in the fast-growing sports betting space with an innovative and expansive multi-year, multi-platform marketing and content partnership with WynnBET, which is poised to become one of our largest clients through this new relationship.”
Berner added, “We continue to reduce the Company’s fixed cost structure, increasing our expectation for fixed cost reductions to $70 million in 2022 from our prior guidance of $50 million versus the 2019 baseline. Additionally, we bolstered our cash and balance sheet with the highly accretive, $34 million monetization of our Nashville real estate. Looking forward, we are confident that we will see significant top-line growth and meaningful recovery in EBITDA, which, along with our substantial financial flexibility, gives us multiple pathways for continued growth of shareholder value.”
