For the three months that ended March 31, Cumulus reported revenue of $268.5 million, down 0.9% compared to the first quarter of 2015. The company took in $3.2 million in political advertising in the first quarter, however, that positive revenue was offset by Westwood One which took in $3 million less than in 2015.
CEO Mary Berner said, “Our continued underperformance continues to highlight the challenges we’re addressing. Challenges that are significant but fixable with time. We’re starting to make identifiable and significant progress on our turnaround strategies.” But she says the company is in the early stages of a multi-year turnaround. Berner said Q2 is pacing down mid-single digits. Westwood One is pacing down high-single digits.