ATLANTA, May 15, 2018 — Cumulus Media Inc. (PINK:CMLSQ) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2018. For the three months ended March 31, 2018, the Company reported net revenue of $263.7 million, down 0.1% from the three months ended March 31, 2017, a net loss of $5.0 million and Adjusted EBITDA of $40.3 million, which was up 4.0% from the three months ended March 31, 2017.
On November 29, 2017, the Company and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Chapter 11 Filings”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”). The Chapter 11 Filings are being jointly administered under the caption In re Cumulus Media Inc., et al, Case No. 17-13381. On May 10, 2018, the Court entered an order confirming the Company’s Plan of Reorganization (the “Plan”). The Company expects to emerge from Chapter 11 before the end of the second quarter of 2018, after the conditions to the Plan are satisfied.
Mary Berner, President and Chief Executive Officer of Cumulus Media Inc. said, “Despite ongoing market challenges, our first quarter results demonstrate continued operational traction and financial progress against our key priorities, with the Radio Station Group turning in its seventh straight quarter of revenue share growth and Westwood One delivering its fifth straight quarter of revenue share growth.”
Ms. Berner continued, “With the recent confirmation of our Plan, we are now able to complete the balance sheet restructuring which is a critical element of our turnaround plan. After we emerge from Chapter 11, we look forward to moving ahead with a firmer financial foundation in place and greater ability to execute on our many initiatives to further strengthen and build this business.”