Cumulus Media reports Q3 EPS (61c) vs 17c last year

Reports Q3 revenue $203.6M vs $207.4M last year. Mary Berner, President and Chief Executive Officer of Cumulus Media (CMLS), said, “During the third quarter, we delivered revenue and EBITDA in-line with pacing commentary and analyst estimates. Given the market challenges, we maintained our focus on what we can control. Specifically, we continued investing to drive growth in our digital businesses, including in digital marketing services which increased revenue nearly 40% in the quarter; capitalizing on areas of improvement in national and political ad spending; maximizing operating cash flow; and improving operating leverage through ongoing expense reductions.”