Cumulus Media released Q2 earnings numbers on Friday, the first comprehensive financial release since initiating Chapter 11 proceedings in March. The numbers came with a brisk statement from CEO Mary Berner:
“With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities.” Full (Cumulus PR HERE.)
New beginnings don’t always look good on paper, with financial metrics sometimes under water or trending downward. When we dig into the year-over-year details, we see a contraction of broadcast radio revenue, with spot earnings dropping 10.6%, and network advertising losing 21.5%.
On the whole, net revenue dropped 9.7%. The digital part of that was nearly flat, losing just 0.3% year-over-year.
