Cumulus Media Inc has announced operating results for the three months ended March 31, 2019. For the three months, ended March 31, 2019, the company reported net revenue of $267.5 million, an increase of 1.4 percent from Q1 2018, net income of $0.5 million and Adjusted EBITDA of $41.8 million, an increase of 3.8 percent from the first quarter of 2018.
Mary G. Berner, President/CEO of Cumulus Media, said, “Driven by a steady focus on our key strategic priorities including accelerating digital growth, our strong performance continued in Q1 2019 with year-over-year increases in both revenue and EBITDA. Additionally, we now have four pending M&A transactions that collectively are expected to generate more than $120 million of net proceeds and bolster our competitive positions in Indianapolis and Allentown. Combined with the $25 million voluntary prepayment made in February, these proceeds will reduce our net leverage to 4.8x on a pro forma basis. We look forward to continuing our disciplined execution against all our strategic priorities and financial goals in the quarters ahead.”