Cumulus Media To Offer $80 Million In Class A Common Stock

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CUMULUS MEDIA has filed a Form 424B5 with the SEC to offer $80 million of its Class A common stock.  The offering is underwritten by RBC CAPITAL MARKETS, which has the 30-day  option to buy  up to an additional $12 million of the shares.

The prospectus includes financial information for the first six months of the year, showing a slight year-to-year increase in net revenues from $517,036,000 to $522,548,000, adjusted EBITDA off from $179,736,000 to $172,688,000, and net income up from a loss of $3.987 million to a gain of $18.112 million.

For third quarter, revenues rose from $281,041,000 to $289,676,000, adjusted EBITDA was up from $106,129,000 to $112,800,000, and net income rose from $8.143 million to $27.101 million.

In a separate filing, CUMULUS projected third-quarter revenues between $279 million and $281 million, up from $275.4 million in third quarter 2012, which included $5 million in political ad revenue.  Adjusted EBITDA is expected to be flat, excluding 2012's one-time credit from the BMI settlement.

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