Cumulus reported total revenue of $290.5 million in the second quarter of 2017, compared to $287.2 million in Q2 2016. Westwood One had a very strong quarter, with revenue up over 6% to $81.2 million. Radio station revenue was down slightly but still outperformed the markets in which Cumulus operates, according to Miller Kaplan; radio station revenue was down .7% to $208.6 million. When you combine the two divisions, Cumulus was up 1.2% for the quarter.
CEO Mary Berner said the company’s Q2 performance “is further evidence we’ve turned the corner.” She added, “We achieved these results despite both a weak industry environment and political headwinds.” Berner said overall the market remains tough, with September showing softness, and said Q3 is pacing down slightly. Excluding political in Q3, the company is pacing almost flat. Speaking of political, thanks to several special elections and run-off elections, Cumulus took in $2 million in political revenue for the quarter, compared to $2.2 million in Q2 of 2016.
Berner said Q2 was another strong quarter for ratings in Cumulus’ PPM markets. Cumulus has now had seven straight quarters of PPM ratings share growth, which was, Berner said, converted to 3% revenue share growth in PPM markets in the quarter. On the diary side, after two consecutive quarters of share growth, Cumulus gave back ratings share in the Spring 2017 book for four book markets. Six markets out of 27 drove the entire decline, with two unnamed markets representing half of the impact.
