Cumulus Media reported first quarter net revenue fell 2.7% to $200.05 million from $205.6 million in 2023. Total broadcast revenue declined 5.6% to $139.7 million from $148 million, while digital climbed 7.3% to $34.4 million from $32 million. Adjusted EBITDA was down 18.6% to $8.4 million from $10.3 million. The company posted a net loss of $14.1 million (85 cents per diluted share) as compared to a loss of $21.4 million ($1.17) in the year-ago period.

Cumulus Media President and CEO Mary G. Berner said, “We are thrilled to have refinanced our capital structure to secure five-year maturities with favorable terms through a successful debt exchange and ABL Facility upsize and extension. This is an excellent outcome for the company especially given the generally difficult financing environment for legacy media companies. Specifically, we extended maturities to 2029, reduced the principal amount of outstanding debt by approximately $33 million, obtained attractive interest rates, maintained a structure free of financial maintenance covenants, and increased capacity on our ABL Facility by 25%.”

Berner continued, “The importance of these transactions is underscored by the continuing choppiness in the macroeconomic environment. While our Q1 revenue was in line with guidance and a marked improvement from 2023 trends, it is also reflective of the uncertainty that continues to weigh on advertisers. With the advertising environment still unsettled, these new terms provide us additional time and flexibility to execute against our key business priorities – accelerating digital growth, reducing fixed costs, and continuing to de-lever our balance sheet – each of which is foundational to our ability to build long-term shareholder value.”