Cumulus Media Q2 Net Revenues Down 4.1%
August 4, 2016 at 1:54 PM (PT)
CUMULUS MEDIA INC. reported second-quarter net revenue of $287.2 million, down 4.1% from the same three months of 2015. Q2 216 net income was $1.1 million, down 91.3% from Q2 2015, and Adjusted EBITDA of $63.2 million, down 21.8% from the same period of 2015. For the six months of 2016, net revenue declined 2.6% to of $555.7 million, a net loss of $13.4 million and Adjusted EBITDA of $105.1 million, down 16.2%.
“The second quarter results underscore the substantial challenges that we must overcome," CUMULUS MEDIA INC. Pres./CEO MARY BERNER said. "However, our operating strategy is gaining measurable traction with significant ratings growth, improved employee engagement, reduced turnover and enhanced operational effectiveness. These are all critical first steps in the execution of our multi-year turnaround plan.”
The quarterly report also notes that the company has been hit with an arbitration demand by CBS RADIO over unspecified breach of contract involving CBS SPORTS RADIO content, seeking cash damages, interest and injunctive relief. An arbitration hearing is scheduled fot fourth quarter, and CUMULUS said "We intend to defend ourselves vigorously against this claim."