Cumulus Media has released its third-quarter revenue results, and the figures showed a decline in year-over-year performance.
The company say an 11% decline compared to the same time period in 2022. In total, Cumulus brought in $207.4 million during the third quarter, a drop from the $233 million it saw last year.
Digital revenue was up for the company, growing 7% to $37.2 million. That figure represented 18% of the company’s total revenue during the three-month period.
“Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local and national business lines,” said Cumulus Media President and CEO Mary G. Berner. “Despite the challenging environment, we maximized performance by continuing to focus on areas we can control, including growing each of our digital businesses, reducing costs, and improving our balance sheet through non-core asset sales and debt reduction. These actions have further improved the Company’s revenue growth profile, operating leverage, financial flexibility, and strategic optionality and, collectively, position us to rebound when the advertising environment improves.”
“While we are continuing to see weakness in national markets, as companies are
starting to set their 2024 marketing budgets, we are seeing some initial indications from key national advertisers in several categories that sentiment is improving for next year,” Berner continued. “That tone, combined with the anticipation of a robust political spending cycle, gives us cautious optimism that we may be seeing the early signs of a market recovery.”
In total operating income, Cumulus saw a profit of $2.7 million, down sharply from the $8.5 million it saw in the same quarter a year ago.
At the end of the quarter, the company shared it held $675.8 million in debt, $592.9 million in net debt.
