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Cumulus Media +3.6% as revenue tops expectations

Published 11/08/2016, 06:48 PM
Cumulus Media +3.6% as revenue tops expectations
CMLSQ
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  • Cumulus Media (NASDAQ:CMLS) is up 3.6% after hours after Q3 earnings came in with revenue that beat expectations despite a slight decline.
  • Net revenues dropped 1.1% to $286.1M, and adjusted EBITDA fell 37.9% to $43.9M -- but excluding $14.4M in expenses tied to resolving disputes with CBS Radio, it declined 17.5%.
  • "Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years," says CEO Mary Berner.
  • Revenue breakout: Radio Station Group, $206.2M (up 0.7%); Westwood One, $79.4M (down 5.5%).
  • Net income by segment: Radio Station Group, $134.1M; Westwood One, -$10.87M; Corporate and other, -$76.9M.
  • Press Release

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