"Posted total net revenue of $180.3 million, a decline of 11.5% year-over-year Generated digital revenue of $39.0 million, a decrease of 2.6% year-over-year But there is nuance in those metrics also, related to the departure of The Dan Bongino Show, an extraordinarily podcast. (Bongino discontinued the podcast when he was recruited as Director of the FBI.) Bongino's departure registers on the finance sheet as a $6.9 million negative impact."
"Cumulus makes special call-out of its digital marketing services, which post a 34% growth. The company credits that uplift to investments made in the digital sales organization, including training, operational execution teams, product capabilities, partnerships, and marketing. As of this report, digital marketing services represent about 50% of total digital revenue. "In an advertising environment that remained challenging for legacy media, we continued to outperform." - Mary Berner, President and CEO, Cumulus Media"
Cumulus Media reported Q3 total net revenue of $180.3 million, an 11.5% year-over-year decline. Digital revenue totaled $39.0 million, down 2.6% year-over-year, with a $6.9 million negative impact attributed to the departure of The Dan Bongino Show. Digital marketing services grew 34%, driven by investments in digital sales organization, training, operational execution, product capabilities, partnerships, and marketing, and now comprise about 50% of total digital revenue. The company recorded a net loss of $20.4 million, Adjusted EBITDA of $16.7 million, ended the quarter with $90.4 million cash, and reported total debt of $722.2 million.
Read at RAIN News
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