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Wednesday, March 20, 2019

GRAY SKIES CLEAR AT CUMULUS RADIO

A year after filing for bankruptcy, Cumulus Media grew its top line revenue for the first time in four years, to $1.1b, powered by significant growth in digital revenue, which includes an increasingly lucrative podcast operation.

EBITDA increased to $16.6m, up 7.6% from last year.

Digital revenue grew more than 60% thanks to local digital marketing services and podcasting businesses. Q4 saw a growth of 76% year-over-year.

At Westwood One, the company pulled in $12.5m in profitable podcast revenue; in 2016, that number was $100k.

Total revenues in 2018 for the Cumulus Radio Station Group were down just under a percentage point to $780.4m. Westwood One’s revenue was up 3.3% and its EBITDA was up 8.7% to $59m.

The company’s stock has seen a robust rebound rising to a closing price of $19.25 on Monday after selling for just under $11 at the end of last year.

CUMULUS EMERGES FROM CHAPTER 11
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