Cumulus Media Revenue Up In Q3 Thanks To Citadel Deal
November 5, 2012
Cumulus Media has reported its third quarter revenue results, and with the addition of stations purchased from Citadel, as well as its deal with Townsquare Media, overall revenue climbed by over 120 percent to $275.35 million. Third quarter revenue was $124.79 million in 2011. This increase includes a $4.6 million increase in political ad dollars. However, on a pro forma basis, net revenue was down by 4.5 percent to just under $276.2 million in Q3. Net income in Q3, including the added Citadel stations, was down 5.9 percent to just over $56 million from $59.54 million a year ago.
Cumulus Chairman/CEO Lew Dickey stated, "This quarter marked the first anniversary of our transformative merger. We are pleased to report that the integration is largely complete, and our identified synergies were materially exceeded six months ahead of schedule. We are making excellent progress in the turnaround of 10 underperforming stations which account for 100 percent of our revenue decline, and expect them to post positive revenue growth in 2013."