Entercom Communications has reported its financial results for its fourth quarter, which ended December 31, 2017. The broadcaster’s Q4 results included CBS Radio, beginning on November 17 when the merger closed.
Net revenues for the quarter were $246.6 million, compared to $124.6 million in the fourth quarter of 2016. Operating income for the quarter was a loss of $2.3 million, which was negatively impacted by $36 million of merger, restructuring, impairment and financing costs. This compared to operating income of $30 million in the fourth quarter of 2016.
Net income per diluted share for the quarter, which reflects the benefit of the recent tax reform legislation, was $2.58, compared to net income per share of $0.27 in the fourth quarter of 2016 and adjusted EBITDA for the quarter was $45 million, compared to $35.2 million in Q4 2016.
Entercom President/CEO David J. Field stated, “We are making excellent progress toward our goals of capitalizing on our transformational merger and building a truly outstanding media and entertainment company. As the country’s #1 creator of live, original, local audio content and with a premier collection of outstanding local radio stations, digital platforms and live events, we have the scale and capabilities to compete more effectively with other media for a larger share of ad dollars. We are off to a great start executing our game plan with important achievements in a number of areas including building a best-in-class leadership team and culture, growing our brands and ratings, executing our synergies, launching new sales tools and advocacy, and much more. We are very pleased with our progress and more excited than ever about the needle-moving opportunities ahead.”