• by Erik Sass  @eriksass1, October 29, 2013

The radio business fared pretty well in the third quarter, judging by some early results from big broadcasters. Cumulus Media and Beasley Broadcast Group both released figures for the third quarter showing year-over-year revenue growth -- a noteworthy achievement considering the absence of political advertising.
 
Cumulus reported that total revenues grew 2.1% from $275.4 million in the third quarter of 2012 to $281.1 million in the third quarter of 2013. The company attributed this to growth in spot advertising and live events, partially offset by the expected decrease in political revenues.
 
Cumulus also reassured investors concerned about debt that the company is on a sound financial footing. The company carries about $2 billion in long-term debt, much of it assumed during its acquisition of Citadel in 2011. The acquisition of WestwoodOne (formerly Dial Global) in the third quarter of this year was largely financed by sales of existing assets to Townsquare Media.
 
Meanwhile, Beasley Broadcast Group announced that total revenues increased 5% from $24.7 million in the third quarter of 2012 to $26 million in the third quarter of 2013. Beasley attributed this increase to strong advertising demand in its Philadelphia, Miami-Fort Lauderdale, and Augusta markets, as well as the acquisition of two stations, KOAS-FM and KVGS-FM, in Las Vegas. Excluding these station acquisitions, Beasley’s total revenues were up 2.7%.
 
Beasley also reassured investors that its finances are sound. The company currently carries around $110 million in debt, compared to $119 million at the end of the same period in 2012.

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