Income was up for radio’s #2 giant Cumulus, but so were expenses, and like most radio companies, Cumulus couldn’t duplicate last year’s one-time BMI benefit, so the profit margins were recorded in red ink. Overall, honcho Lew Dickey hailed the emergence of a radio renaissance.
Net revenue was up 2.1% to $281.1M; fueled by a $4.6M increase in local advertising and a $2.1M increase in national advertising. The company also enjoyed a $1.3M increase in live event income. On the negative side was the political category, which was down $2.9M.