Cumulus Media Inc CMLS reported third-quarter net revenue of $207.42 million, a decline of 11% year-over-year, marginally missing the consensus of $207.47 million.
EPS of $0.16, down from $0.45 Y/Y.
Total broadcast radio revenue declined by 17.4% Y/Y to $146.25 million. Generated digital revenue of $37.2 million, grew by 7% Y/Y, with growth across streaming, podcasting, and digital marketing services.
Adjusted EBITDA declined by 42% Y/Y to $26.9 million.
The third largest owner and operator of AM and FM radio stations in the U.S. held $82.8 million in cash and equivalents.
CEO Mary G. Berner said, "While we are continuing to see weakness in national markets, as companies are starting to set their 2024 marketing budgets, we are seeing some initial indications from key national advertisers in several categories that sentiment is improving for next year."
Price Action: CMLS shares traded lower by 12.60% at $4.72 on the last check Friday.
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