Audio broadcaster Cumulus Media's Q2 revenue falls 9.7% amid bankruptcy - CMLS News | RalliesAudio broadcaster Cumulus Media's Q2 revenue falls 9.7% amid bankruptcy
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CMLS• Outlook
- Company did not provide specific financial guidance for upcoming periods
Overview
- U.S. audio broadcaster's Q2 revenue fell 9.7% yr/yr amid ongoing Chapter 11 proceedings
- Adjusted EBITDA for Q2 declined 28.3% from prior year
- Company expects to emerge from bankruptcy after FCC approval of reorganization plan
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Revenue | | $167.9 mln | |
Result Drivers
- Broadcast radio weakness - Company said both spot and network broadcast radio revenue declined sharply in Q2
- Digital revenue flat - Digital revenue was nearly unchanged from the prior year period
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