That increase is a result of net revenue coming in at $309.2 million in the fourth quarter of 2018. For the year, Cumulus reported revenue of $1.14 billion, up 0.4%. Revenue from Cumulus’ radio stations, which makes up nearly 70% of all revenue, was $212.4 million in the quarter, up 5.2%. Revenue at Westwood One was $96.1 million, up 5.3%.
CEO Mary Berner said she was pleased with the results of the company despite the headwinds in the local spot market. “Starting 2018 in bankruptcy added a few extra degrees of difficulty to the execution of our business plan, however, employees did not let the bankruptcy affect their focus.”
As with most radio companies reporting results, political ad revenue was strong in 2018. For the year Cumulus took in $9.6 million more in political revenue than 2016 and in the 4th quarter the company exceeded 2016 levels by $2.9 million.
For the first quarter of 2019 Cumulus is pacing up slightly with digital and national looking better than local.
Berner said she expects the company to generate $100 million in cash flow per year moving forward.