A year after filing for bankruptcy, Cumulus Media grew its top line revenue for the first time in four years, to $1.1b, powered by significant growth in digital revenue, which includes an increasingly lucrative podcast operation.
EBITDA increased to $16.6m, up 7.6% from last year.
Digital revenue grew more than 60% thanks to local digital marketing services and podcasting businesses. Q4 saw a growth of 76% year-over-year.
At Westwood One, the company pulled in $12.5m in profitable podcast revenue; in 2016, that number was $100k.
Total revenues in 2018 for the Cumulus Radio Station Group were down just under a percentage point to $780.4m. Westwood One’s revenue was up 3.3% and its EBITDA was up 8.7% to $59m.
The company’s stock has seen a robust rebound rising to a closing price of $19.25 on Monday after selling for just under $11 at the end of last year.
THE COUNT: COLDPLAY IS HOT, COUNTRY'S COOKIN' IN THE U.K.
The latest tidbits from the bustling live sector (3/29a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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