Acquiring both CMP and Citadel Broadcasting were the big events in Q3 for Cumulus Media. With a much, much bigger radio company, pro forma revenues were down 1.9% in Q3 to $297 million.
If you exclude the impact of both CMP and Citadel acquisitions, the company said Q3 revenues for the core Cumulus Media declined 0.6% to $67 million.
Q3 pro forma adjusted EBITDA was down 8.4% to $98.4 million. Free cash flow declined 24.4% to $43.3 million.
Cumulus Media had been managing CMP before the actual roll-up on August 1st. That was not the case with Citadel. That much larger acquisition closed on September 16th.
Those raw figures were put out right after the stock market closed on Monday (11/14). Cumulus CEO Lew Dickey was holding a conference call with Wall Street analysts a half hour later. Check back for details.