Cumulus Media Reports Operating Results for 2023
ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "Cumulus Media," “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2023.
- ATLANTA, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "Cumulus Media," “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2023.
- Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas.
- Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended December 31, 2023, the Company reported net revenue of $221.3 million, a decrease of 11.9% from the three months ended December 31, 2022, net loss of $98.1 million and Adjusted EBITDA of $22.8 million. - For the year ended December 31, 2023, the Company reported net revenue of $844.5 million, a decrease of 11.4% from the year ended December 31, 2022, net loss of $117.9 million and Adjusted EBITDA of $90.7 million.