Revenues fall for Cumulus, but pacings up


Cumulus Media reported that Q4 revenues were down 3.8% to 84.4 million, primarily due to a 2.8 million drop in political advertising from the previous year. Station operating income declined 8.9% to 31.2 million. For Q1, though, the company says pacings are up 3%. Cumulus did not hold a conference call with analysts due to the pending going private buyout by the family of CEO Lew Dickey and Merrill Lynch Golbal Private Equity. Cumulus Media also manages Cumulus Media Partners (CMP), which operates in larger markets and is partly owned by Cumulus Media and majority owned by private equity partners. Cumulus Media reported net revenues of approximately one million from CMP in Q4.