For the three months ended March 31, 2017, the Company reported net revenue of $264.0 million, down 1.7% from the three months ended March 31, 2016, net loss of $7.4 million and Adjusted EBITDA of $38.7 million, down 7.6% from the three months ended March 31, 2016.
The Company operates in two reportable segments, the Radio Station Group and Westwood One. The Radio Station Group revenue dropped 1.6% to $173.6 million and net loss shrank 15.4% to $28.5 million. Westwood One revenue fell 1.9% to $89.855 million and reversed a 2016 net loss of $2.885 million to a $2.265 million gain.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “Our first quarter represents a clear inflection point in our turnaround, as the downward trajectory of recent years has been reversed. With clear evidence that our strategy is working, we remain committed to the rigorous execution of the initiatives that are critical to keeping the Company on a sustained growth path.”
