Cumulus Media has reported its fourth quarter and full year financial results for 2013. In Q4, net revenue was up one percent to $284.2 million from $281.3 million, attributed to political advertising. Direct operating expenses were up by 1.9 percent to $3.4 million.
For all of 2012, Cumulus reported a 107 percent increase in net revenue, to $1.076.6 billion, compared to $520 million in 2011. However, this massive jump in revenue is primarily attributable to the impact of a full year of net revenues attributable to Cumulus and Citadel, as well as a $26.4 million increase in political advertising due to the presidential and local government elections. Operating expenses were up 109.2 million to $345.2 million, also due to the Citadel acquisition.