Cumulus Media reported its first quarter financial results for 2020, with net revenue down 14.8 percent, primarily due to the coronavirus pandemic. Net revenue in the quarter was $227.9 million. Net income in the quarter dropped from a $451,000 gain in Q1 2019 to a $7.351 million loss in Q1 of this year.
Cumulus Media President/CEO Mary G. Berner said, “Regardless of the challenge, the Cumulus team has focused acutely on what matters most, moved decisively where it will make a difference, and executed every effort efficiently and with an eye toward creating value. Our reaction to this unprecedented COVID-19 crisis has been no different. We entered March with strong financial performance, a favorable capital structure and significant liquidity, and we’ve taken swift actions that we believe will help us weather the adverse impacts of the pandemic.”
Berner continued, “Over the past few years, we have made meaningful shifts, both culturally and strategically, expanding from our on-air radio foundation to become a multi-platform audio-first media company, delivering premium content to over a quarter billion listeners each month whenever and however they want it. With our robust portfolio of broadcast, digital, mobile and voice-activated media solutions and integrated digital marketing services, we are very well-positioned to provide advertisers with the personal connections, local impact and massive national reach that will help them quickly reconnect with their customers as the crisis wanes.”
