Radio biggie Cumulus Media (570 stations) reported a decline of 3.5% of revenue in the first quarter compared to a year earlier, though it said “free cash flow” and other financial measures were much improved.
Its revenue of $245.3 million compared to $254 million a year earlier. The earlier number aggregates results for Cumulus Media, Citadel Broadcasting Corp. and Cumulus Media Partners, formerly discrete entities, now combined.
Cumulus reported a loss of $12.1 million in the quarter.
Chairman/CEO Lew Dickey stated in the latest financial report that the three-month period “was marked by significant progress in our integration of Citadel as we build Cumulus into a robust platform company that strategically monetizes content, distribution and technology.”
He said the company has continued to “deleverage” its balance sheet.
Read the first quarter financial report.
