Cumulus Media has reported its fourth quarter and full-year financial results for 2020. In Q4, net revenue fell by 13.9 percent compared to a year earlier to $245.9 million. Net income was down from $1.6 million in Q4 of 2019 to a net loss of $249,000.
For the full year, net revenue was down 26.7 percent from $1.113 billion in 2019 to just over $816 million in 2020. The company took a net loss of $59.7 million in 2020 compared to $61.3 million in net income the year before.
Cumulus Media President/CEO Mary Berner said, “Given 2020’s extenuating circumstances, I am extremely proud of the Company’s performance and the efforts of the entire Cumulus team to meet the challenges posed by COVID-19. In the face of the pandemic, we maximized revenue performance, materially reduced expenses, generated cash through strong working capital management, and executed highly accretive divestitures that strengthened our balance sheet. As a result of these efforts and with a recovering economy, we believe that we are well-positioned to return our business to its pre-pandemic trajectory and to capitalize on strategic and financial options to best drive shareholder returns.”
Cumulus noted that its quarterly revenue improved throughout the year from Q2 through Q4 and that it achieved 9.4 percent year-over-year digital revenue growth, driven by podcasting growth of nearly 40 percent.
