Cumulus Media Q2 Net Revenues Down 4.1%

Q2 216 net income was $1.1 million, down 91.3% from Q2 2015, and Adjusted EBITDA of $63.2 million, down 21.8% from the same period of 2015. For the six months of 2016, net revenue declined 2.6% to of $555.7 million, a net loss of $13.4 million and Adjusted EBITDA of $105.1 million, down 16.2%.

“The second quarter results underscore the substantial challenges that we must overcome,” CUMULUS MEDIA INC. Pres./CEO MARY BERNER said. “However, our operating strategy is gaining measurable traction with significant ratings growth, improved employee engagement, reduced turnover and enhanced operational effectiveness. These are all critical first steps in the execution of our multi-year turnaround plan.”