Cumulus posted a loss in the third quarter of 2024 and its revenue declined slightly compared to the same period a year earlier.
Pulled by a 5% drop in broadcast radio revenue, Cumulus reported net revenue of $203.6 million in Q3, down 1.8% from last year. It recorded a net loss of $10.3 million.
“Given the market challenges, we maintained our focus on what we can control,” said President/CEO Mary Berner in the announcement.
“Specifically, we continued investing to drive growth in our digital businesses, including in digital marketing services which increased revenue nearly 40% in the quarter; capitalizing on areas of improvement in national and political ad spending; maximizing operating cash flow; and improving operating leverage through ongoing expense reductions.” She described the outlook for the advertising environment as uncertain.
Digital revenue was up 7.5% in the quarter and now accounts for 20% of total Cumulus revenue. The company has debt of $673 million.
For the first nine months of 2024, net revenue is down 2.4%. Broadcast revenue is down 5.9% while digital is up 6.6%.
