Cumulus reported net revenue of $308.8 million, down from $329.2 million in Q4 of 2014. Adjusted EBITDA of $63.0 million was down 30.3% from the quarter ended December 31, 2014. For the year, net revenue and adjusted EBITDA were $1,168.7 million and $259.1 million, down 7.5% and 21.4%, respectively, from 2014.
CEO Mary Berner: “Our continued underperformance in the fourth quarter underscores the amount of work required to address the significant challenges that we face. However, by quickly establishing and beginning to implement our operational turnaround initiatives — enhancing our operational blocking and tackling, instituting a strong and positive culture, and driving improved ratings — we believe that, with time, we can stabilize the business and ultimately provide a foundation for growth.”
