Cumulus Media has reported its financial results for the first quarter of 2014, and while net revenue was up in the quarter, the net loss in Q1 grew as well. On an actual basis, net revenues for the quarter was up 34.1 percent to $292 million, compared to $217.8 million a year ago. The growth was attributed to increases in broadcast advertising, digital advertising, political advertising and license fees and other revenue, primarily due to the addition of WestwoodOne, which was officially acquired by Cumulus in December.
On a pro forma basis (excluding the WW1 deal), net revenues for the quarter was up by $10.5 million, or 3.7 percent, to $292 million, compared to $281.5 million a year ago. However, Cumulus reported a $9.27 million loss in Q1 2014, compared to a net loss of $8.99 million a year ago.
Chairman/CEO Lew Dickey stated, "This quarter was marked by the accelerated integration of WestwoodOne. We now expect to complete the two-year integration approximately three quarters ahead of time and will exceed the stated synergies by 5-10 percent."