Cumulus Q4 Net Revenues Up Slightly

First full year of earnings since CMP, Citadel acquisitions
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Cumulus Media reported net revenues in the fourth quarter of 2012 were $284.2 million.

That’s a 1% increase compared to the same period in 2011, at $281.3 million.

The broadcaster cited political advertising for the slight increase.

Operating expenses for the fourth quarter increased $3.4 million, or 1.9%, to $177.4 million, compared to $174 million for the same period a year ago.

Cumulus faced higher programming and health-related benefits expenses as compared to the prior year quarter as a result of its acquisition of Citadel and Cumulus Media Partners.

The increases were partially offset by a decrease in music licensing fees, according to the broadcaster.

Cumulus Chairman/CEO Lew Dickey told Wall Street analysts during an earnings call that 2012 was the broadcaster’s first full year after the acquisitions. The company has hired 100 salespeople and is now up to a total of about 1,450.

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