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Cumulus Media has announced its financial results for the third quarter, and while some segments saw growth, the company’s overall revenue was down less than 2%.
During July, August, and September, Cumulus saw $203.6 million in total revenue. That figure represents a drop of 1.8% compared to the same time period in 2023. Digital revenue grew 7.5% year-over-year, up to $40.0 million during the quarter. Digital revenue now accounts for 20% of the total revenue for the company.
The third quarter saw Cumulus end the window with $10.3 million in losses. During the same quarter last year, the radio giant saw a net income of $2.7 million.
“During the third quarter, we delivered revenue and EBITDA in-line with pacing commentary and analyst estimates,” said Cumulus Media President and CEO Mary Berner. “Given the market challenges, we maintained our focus on what we can control.
“Specifically, we continued investing to drive growth in our digital businesses, including in digital marketing services which increased revenue nearly 40% in the quarter; capitalizing on areas of improvement in national and political ad spending; maximizing operating cash flow; and improving operating leverage through ongoing expense reductions.”
Berner added that the company remains bullish on its future.
“Looking forward, the advertising environment remains uncertain,” she admitted. “Nonetheless, Cumulus has a valuable set of assets with which to navigate that uncertainty … As we continue to execute against our priorities, we see many paths for leveraging these assets to maximize the value they produce for our shareholders.”
