Cumulus Revenues Increase On Station Deals

Cumulus Media, the owner of the country’s second-largest radio network, saw revenues increase 4.5% from $263.5 million to $275.5 million in the fourth quarter of 2013, due mostly to the acquisition of Westwood One and a station swap with Townsquare Media in November and December 2013.

When these deals are excluded, Cumulus total revenues increase 1% year-over-year.
 
Like other big broadcast radio groups, Cumulus suffered from the absence of political advertising associated with the 2012 elections, but these losses were offset by increases in non-political local and national advertising revenue.

For the full year, total revenues increase 2.4% to $1.026 billion, due to an increase in local spot, national advertising and event revenues, as well as the acquisitions mentioned above.
 
Cumulus chairman and CEO Lew Dickey noted: “Strong execution, along with continued traction in our key growth initiatives, resulted in pro forma revenue up 1% and Adjusted EBITDA up 6%. In spite of tough political comps, this marked our third consecutive quarter of top and bottom line growth.”
 
Cumulus seems to be faring slightly better than average for the radio industry, which remains stuck in a long-term doldrums, judging by the results from several other big broadcast radio groups. Emmis Communications saw total radio revenues in its third quarter (including September, October, and November) edge up 0.4%.
 
Separately, Beasley Broadcast Group saw total revenues slip 0.5% from $27.4 million to $27.3 million, again reflecting the absence of $1.2 million of political advertising revenues associated with the 2012 elections. When political advertising was excluded, Beasley’s total revenues were up 2% on a same-station basis.
 
Similarly, Entercom Communications saw total revenues dip 2% from $102.1 million in the fourth quarter of 2012 to $99.6 million in the fourth quarter of 2013. When political ad revenues are excluded, however, Entercom’s total revenues would have been up 2%.
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