'Market-Driven Headwinds' Drive Cumulus Media Revenue Lower In Third Quarter
Revenue fell year-over-year for CUMULUS MEDIA in third quarter 2022, with the company blaming "market-driven headwinds" for the 2% decline to $233.5 million. Broadcast radio revenue also fell by 4.7% to $177.1 million, with spot sales up 2.3% to $124.8 million and network sales down 18.2% to $52.3 million; digital revenue rose 4.7% to $34.9 million. Net income fell 68.9% to $8.5 million (45 cents/basic and diluted share), with 2021's figure boosted by $20.8 million from a land sale ...
Source: allaccess.com