Cumulus Q2 Revenues Boosted By Westwood One Addition
August 6, 2014 at 6:17 AM (PT)
CUMULUS MEDIA INC. saw net revenue rise 21.4% to $328,247,000 for second quarter 2014, but up 2% on a pro forma basis to $321,948,000. Adjusted EBITDA fell 2.5% to $100,522,000, and was off 9.3% on a pro forma basis to $110,864,000.
Broadcast ad revenues rose 17.2% overall to $301,188,000 but fell 1.3% on a pro forma basis; digital advertising jumped 119% to $12,946,000 (97.9% pro forma), and political advertising ballooned 250.8% to $3,782,000 (219.2% pro forma). Most of the overall increases were the result of the addition of WESTWOOD ONE in DECEMBER, partially offset by decreases in local spot and national spot revenue.
Content costs for the quarter increased 63.5% to $101.8 million (16.9% pro forma), attributed to WESTWOOD ONE's addition.