It’s been a bumpy ride for many of the nation’s largest publicly traded radio broadcasting companies for the last four years, with full pre-COVID 19 advertising revenue recovery hampered by “macroeconomic challenges” as marketers continue to direct their dollars to digital and social media on a global level.
For Cumulus Media, the first three months of 2024 brought some relief: Its net loss declined to $14.15 million, from $21.47 million. But the company’s adjusted EBITDA also fell, as its revenue also slipped, coming in $300,000 shy of a consensus estimate based on the input of two analysts who track the audio content creation and distribution company which owns not only AMs and FMs but the Westwood One national radio group.
