Cumulus has reported a net loss of $9.2 million for the quarter ending June 30, an improvement from the $12.8 million loss posted a year earlier, according to its filing with the SEC. Net revenue fell 9.7 percent to $167.9 million. The company’s broadcast radio segment absorbed the heaviest losses, with revenue dropping 13.2 percent to $102.9 million amid a 10.6 percent decline in spot advertising and a 21.5 percent drop in network revenue. Digital revenue remained relatively flat at $38.7 million.
To offset the top-line declines, Cumulus Media reduced content costs by 6.4 percent and slashed administrative expenses by 7.9 percent following a round of layoffs. The company also announced it has delayed its expected emergence from Chapter 11 bankruptcy until late October as it awaits approval from the FCC for its post-bankruptcy ownership structure, which will give Alden Global Capital roughly 31.86 percent voting interest.
Source: SEC Filing