Cumulus Media (CMLS) Tops Q2 EPS by 57c, Revenues Miss

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Go back to Cumulus Media (CMLS) Tops Q2 EPS by 57c, Revenues Miss

CUMULUS MEDIA Reports Operating Results for the Second Quarter 2020 and Announces Definitive Agreement to Monetize Tower Portfolio for $213 Million

August 10, 2020 8:00 AM EDT

ATLANTA, Aug. 10, 2020 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the Company, "CUMULUS MEDIA," we, us, or our) today announced operating results for the three and six months ended June 30, 2020.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, "Despite the COVID-19 pandemics material impact on revenue, the Company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD. Ending the quarter with nearly $200 million of cash, we have also entered... More