Business

Cumulus Media reports net loss of $144 million

Atlanta-based Cumulus Media Inc. has reported financial results for the third quarter, which ended Sept. 30. The company owns eight radio stations in Macon.

The radio station owner reported a net loss of $144 million, compared to net income of $6 million in the third quarter of 2008.

Net revenues for the third quarter decreased from $80 million to $65 million, or 18.5 percent from the third quarter of 2008, primarily due to the impact the current economic recession has had on the company and the industry at large, according to a news release. Station operating expenses decreased from $51 million to $40 million, or 21 percent, and operating income decreased from $29 million to $25 million, or 14 percent, from the third quarter of 2008. These decreases were primarily due to continued efforts to contain operating costs, such as personnel reductions and continued scrutiny of all operating expenses, the release stated.

Its Macon stations are: WDEN-FM, WLZN-FM, WMAC-AM, WPEZ-FM, WMGB-FM, WDDO-AM, WIFN-FM and WAYS-AM, according to the Cumulus Web site.

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