Cumulus Media has reported its quarterly finances for Q2, with net revenue up 1.2 percent to $290.5 million. Adjusted EBITDA was $67.4 million, which was up 6.7 percent from the second quarter of 2016.
For the six months ended June 30, Cumulus reported net revenue of 554.6 million, down 0.2 percent from the first half of 2016, as well as a net loss of $1.7 million and Adjusted EBITDA of $106.1 million.
Cumulus’s radio station group saw its revenue slip by 0.7 percent in Q2 to $208.6 million from just under $210 million a year ago. Its Westwood One division had a 6.1 percent jump in net revenue during the quarter, up to $81.2 million from $76.5 million in the second quarter of 2016.
Mary Berner, President/CEO of Cumulus Media Inc. said, “Our second quarter results provide further evidence of the success of our turnaround strategies as we posted a year-over-year increase in Adjusted EBITDA for the first time in over three years despite what continues to be a tough market environment.”