Cumulus Media reports Q2 EPS (74c) vs. ($1.64) last year

Reports Q2 revenue $186M v. $204.8M last year. Mary G. Berner, President and Chief Executive Officer of Cumulus Media (CMLS), said, “While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels. We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the 38% year-over-year increase in our digital marketing services business. Additionally, we executed $5 million of annualized cost reductions, bringing total annualized cost reductions to $175 million over the last 5 years. These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, while we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company’s valuable underlying assets.”