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Thursday, July 29, 2010

Cumulus says political dollars are starting to happen – Q2 revenue up 5.8%

Cumulus

Some other groups have been saying that political ads have been relatively slow to start, but Cumulus, reporting its second quarter this morning, says its 5.8% increase in broadcast revenues was due to improved national business, Internet-related revenues, and “political revenue generated by mid-term Congressional elections.” Cumulus also expects political to drive its incremental growth for the second half of the year, getting closer to the November elections. On the balance sheet, Cumulus paid down another $32.1 million in debt in the most recent quarter. CEO Lew Dickey calls April through June “another quarter of solid performance” for both Cumulus Media Inc., the publicly-traded Cumulus, and Cumulus Media Partners, the privately-held group of major market stations managed by CMI.

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