 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 into an agreement to monetize our tower portfolio for more than 210 million, proceeds which will further add to our liquidity and contribute to significant incremental debt paydown. Our demonstrated ability to rise to a challenge, strong liquidity position and resilient balance sheet are critical assets as we operate through this uncertain environment, and we believe we remain very well-positioned to drive long-term shareholder value through continued aggressive debt reduction and the execution of our growth initiatives.Key Highlights: Meaningfully mitigated pandemics Q2 impacts through significant fixed cost expense reductions Nearly 36 million realized in Q2 Total reductions of more than 85 million expected in 2020 Delivered sequential monthly revenue and EBITDA improvement through the quarter Continued to deliver profitable growth in digital Posted positive EBITDA in June Substantially increased liquidity and strengthened balance sheet Grew cash balance to 197 million, up 91 million from Q1 Achieved net debt reduction of approximately 10 since March Generated 28 million of cash from operations and netted 66 million of additional cash from completion of the sale of land in Bethesda, MD in Q2 Maintained balance sheet flexibility with no funded debt maturity prior to 2026 or financial maintenance covenants Executed agreement to monetize tower portfolio and related assets for 213 million Expect funds from deal completion to permit substantial debt paydown and provide additional liquidity Anticipate first closing for 85 or more of proceeds in Q4Operating Summary dollars in thousands, except percentages and per share data:For the three months ended June 30, 2020, the Company reported net revenue of 146.0 million, a decrease of 47.8 from the three months ended June 30, 2019, net loss of 36.3 million and Adjusted EBITDA of 6.4 million.For the three months ended June 30, 2020, the Company reported same station net revenue of 146.0 million, a decrease of 46.6 from the three months ended June 30, 2019, and same station Adjusted EBITDA of 6.3 million.For the six months ended June 30, 2020, the Company reported net revenue of 373.9 million, a decrease of 31.7 from the six months ended June 30, 2019, net loss of 43.7 million and Adjusted EBITDA of 21.4 million.For the six months ended June 30, 2020, the Company reported same station net revenue of 372.5 million, a decrease of 29.5 from the six months ended June 30, 2019, and same station Adjusted EBITDA of 22.2 million, a decrease of 78.3 from the six months ended June 30, 2019.As ReportedThree Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change Net revenue146,022 279,673 47.8 Net loss income36,316 42,861 NA Adjusted EBITDA 16,375 61,819 NA Basic loss income per share1.79 2.13 NA Diluted loss income per share1.79 2.11 NA Same Station 2Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change Net revenue146,012 273,451 46.6 Adjusted EBITDA 16,274 62,496 NA As ReportedSix Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change Net revenue373,936 547,169 31.7 Net loss income43,667 43,312 NA Adjusted EBITDA 121,350 103,623 79.4 Basic loss income per share2.15 2.16 NA Diluted loss income per share2.15 2.14 NA Same Station 2Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change Net revenue372,485 528,511 29.5 Adjusted EBITDA 122,155 102,266 78.3 Revenue Detail Summary dollars in thousands:As ReportedThree Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change Broadcast radio revenue: Spot72,437 163,111 55.6 Network41,767 72,877 42.7 Total broadcast radio revenue114,204 235,988 51.6 Digital20,341 20,208 0.7 Other11,477 23,477 51.1 Net revenue146,022 279,673 47.8 Same Station 2Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change Broadcast radio revenue: Spot72,466 158,741 54.3 Network41,767 72,504 42.4 Total broadcast radio revenue114,233 231,245 50.6 Digital20,341 19,636 3.6 Other11,438 22,570 49.3 Net revenue146,012 273,451 46.6 As ReportedSix Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change Broadcast radio revenue: Spot194,380 302,690 35.8 Network107,450 158,041 32.0 Total broadcast radio revenue301,830 460,731 34.5 Digital42,227 37,049 14.0 Other29,879 49,389 39.5 Net revenue373,936 547,169 31.7 Same Station 2Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change Broadcast radio revenue: Spot193,280 289,565 33.3 Network107,450 156,800 31.5 Total broadcast radio revenue300,730 446,365 32.6 Digital42,156 35,703 18.1 Other29,599 46,443 36.3 Net revenue372,485 528,511 29.5 Balance Sheet Summary dollars in thousands: June 30, 2020 December 31, 2019 Cash and cash equivalents 196,914 15,142 Term loan due 2026 3 521,063 523,688 6.75 Senior notes 3 500,000 500,000 2020 Revolving credit facility 60,000 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Capital expenditures5,575 10,715 1 Adjusted EBITDA is not a financial measure calculated or presented in accordance with GAAP. For additional information, see Non-GAAP Financial Measures. 2 Adjusted for all merger and acquisition activity occurring in 2019 and 2020 as if such activity had occurred as of January 1, 2019. Same Station financial measures are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America GAAP. For additional information, see Non-GAAP Financial Measures. 3 Excludes unamortized debt issuance costs.Earnings Conference Call Details The Company will host a conference call today at 8:30 AM EDT to discuss its second quarter operating results. A link to the webcast of the conference call will be available on the investor section of the Companys website The conference call dial-in number for domestic callers is 877-830-7699 for call access. If prompted, the conference ID number is 3379889. Please call five to ten minutes in advance to ensure that you are connected prior to the call.Following completion of the call, a recording of the call can be accessed via a link at Statements Certain statements in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors including, but not limited to, risks and uncertainties related to the implementation of our strategic operating plans, the evolving and uncertain nature of the COVID-19 pandemic and its impact on the Company, the media industry, and the economy in general and other risk factors described from time to time in our filings with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter our actual results of operations or financial condition. CUMULUS MEDIA assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.About CUMULUS MEDIA CUMULUS MEDIA NASDAQ: CMLS is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 424 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. 