CUMULUS MEDIA has released its first quarter results, with net revenue down 0.1% to $263.7 million, net loss narrowing 32.4% to $5 million, and Adjusted EBITDA up 4% to $40.3 million. Radio station group revenue fell 3.1% to $168 million, while WESTWOOD ONE revenue rose 5.5% to $95 million. The company is operating under Chapter 11 bankruptcy and expects to emerge from bankruptcy before the end of second quarter now that its reorganization plan has been entered by the court.
“Despite ongoing market challenges, our first quarter results demonstrate continued operational traction and financial progress against our key priorities, with the radio station group turning in its seventh straight quarter of revenue share growth and WESTWOOD ONE delivering its fifth straight quarter of revenue share growth,” said CUMULUS Pres./CEO MARY BERNER. “With the recent confirmation of our plan, we are now able to complete the balance sheet restructuring, which is a critical element of our turnaround plan. After we emerge from Chapter 11, we look forward to moving ahead with a firmer financial foundation in place and greater ability to execute on our many initiatives to further strengthen and build this business.”