Cumulus Media reports Q3 EPS ($1.17) vs (61c) last year

Reports Q3 revenue $180.26M vs $203.598M last year. Mary G. Berner, President and Chief Executive Officer of Cumulus Media (CMLS), said, “In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter. Additionally, we remained highly focused on re-engineering the business, reducing annualized fixed costs by $7 million and accelerating our efforts to implement a wide array of AI initiatives to drive efficiencies and enhance growth.”