In a filing, Cumulus Media (CMLS -2%) discloses it's paying a couple of execs some one-time bonuses.
The board approved one-time discretionary bonuses for John Abbot, the executive VP, treasurer and chief financial officer, in the amount of $421,875; and for Richard Denning, senior VP, secretary and general counsel, for $165,000.
Those awards are for "exceptional efforts and contributions made by those executive officers during 2016, both individually and as members of the management leadership team, in the initial phase of the Company's operational turnaround plan and ongoing operational and financial restructuring."
Cumulus Media (CMLS -2.1%) says most noteholders have agreed to participate in a private exchange offer it's launching in a refinancing support agreement.
The company launched a private exchange offer for any and all of its 7.75% senior notes due 2019, and holders of 57.3% of aggregate principal (about $349.7M) agreed to tender notes in the offer.
The company won't retain any cash proceeds and the notes will retired and canceled.
If 100% of principal is retired and canceled, former noteholders will hold about 33.3% of common equity and the company will have retired $610M in indebtedness (through the outstanding notes) and incurred $305M in indebtedness via revolving loans.
Cumulus Media (NASDAQ:CMLS) is up 3.6% after hours after Q3 earnings came in with revenue that beat expectations despite a slight decline.
Net revenues dropped 1.1% to $286.1M, and adjusted EBITDA fell 37.9% to $43.9M -- but excluding $14.4M in expenses tied to resolving disputes with CBS Radio, it declined 17.5%.
"Though our performance in the quarter was negatively impacted by headwinds which have challenged us all year, we see evidence that our work is paying off financially as we gained share this quarter for the first time in at least four years," says CEO Mary Berner.
Revenue breakout: Radio Station Group, $206.2M (up 0.7%); Westwood One, $79.4M (down 5.5%).
Net income by segment: Radio Station Group, $134.1M; Westwood One, -$10.87M; Corporate and other, -$76.9M.
Cumulus Media (CMLS +9.5%) managed to beat revenue expectations in Q4 results despite sales that fell in every segment.
“Our continued underperformance in the fourth quarter underscores the amount of work required to address the significant challenges that we face," says CEO Mary Berner. "However, by quickly establishing and beginning to implement our operational turnaround initiatives ... we believe that, with time, we can stabilize the business and ultimately provide a foundation for growth.”
Revenue by segment: Broadcast advertising, $290.4M (down 0.5%); Digital advertising, $10M (down 42.7%); political advertising, $2.3M (down 78.3%); License fees and other, $6.1M (down 34.8%).
In its largest segment, broadcast advertising drew $171.5M in local revenues (down 0.6%), $24.9M in national (down 10.5%), and $94M in Network (up 2.8%).
Nielsen Holdings (NYSE:NLSN) is up 0.8% as radio broadcaster Cumulus Media (CMLS +1.9%), along with its Westwood One, have signed a deal to use Nielsen's Voter Ratings at Cumulus stations during this election year.
The deal will provide Cumulus and Westwood One with information for optimizing ad inventory across 18 of Nielsen's Portable People Meter markets
Nielsen's Voter Ratings offering combines the PPM ratings info with its voter category breakouts.
Nielsen offers political ratings in the country's top 48 audio metros.