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Cumulus Media (CMLS) Q2 2026 revenue falls 11% as Chapter 11 plan advances

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Cumulus Media Inc. reported second quarter 2026 operating results while progressing through a Chapter 11 reorganization. For the three months ended June 30, 2026, net revenue was $167.9 million, down 9.7% year over year, with a net loss of $9.2 million and Adjusted EBITDA of $16.0 million. For the six-month period, net revenue was $332.4 million, down 11.0%, with a net loss of $26.1 million and Adjusted EBITDA of $18.7 million. The company noted that net loss improved substantially versus 2025, while Adjusted EBITDA declined. Broadcast radio revenue fell double digits, while digital revenue was roughly flat and other revenue was mixed. The company’s plan of reorganization has been confirmed by the Bankruptcy Court, and it expects the plan to become effective after FCC approval and other conditions are satisfied.

Positive

  • Net loss narrowed over 40% for the six months ended June 30, 2026 to $26.1 million from $45.2 million, indicating materially improved bottom-line performance despite lower revenue.
  • The company’s Chapter 11 plan of reorganization has been confirmed by the Bankruptcy Court, a key milestone toward emerging with what management describes as a stronger balance sheet.

Negative

  • Net revenue declined 11.0% to $332.4 million for the six months ended June 30, 2026 from $373.4 million, reflecting meaningful top-line pressure.
  • Adjusted EBITDA fell 28–28.3% year over year for both the quarter and six months, indicating weaker operating profitability despite restructuring efforts.
  • The company remains in Chapter 11 bankruptcy proceedings, with certain debt reclassified to liabilities subject to compromise and reorganization items impacting results.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Revenue $167.9 million Three months ended June 30, 2026; down 9.7% from $186.0 million in 2025
Q2 2026 Net Loss $9.2 million Three months ended June 30, 2026 vs $12.8 million net loss in 2025
Q2 2026 Adjusted EBITDA $16.0 million Three months ended June 30, 2026; down 28.3% from $22.4 million in 2025
Six-Month 2026 Net Revenue $332.4 million Six months ended June 30, 2026; down 11.0% from $373.4 million
Six-Month 2026 Net Loss $26.1 million Six months ended June 30, 2026; improved 42.3% from $45.2 million loss
Cash and Cash Equivalents $61.1 million Balance as of June 30, 2026 compared with $82.0 million at December 31, 2025
Total Broadcast Radio Revenue H1 2026 $203.6 million Six months ended June 30, 2026; down 16.3% from $243.3 million
Capital Expenditures H1 2026 $7.1 million Six months ended June 30, 2026 vs $11.1 million in 2025
Adjusted EBITDA financial
"The Company reported net loss of $9.2 million and Adjusted EBITDA of $16.0 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP Financial Measures financial
"We refer to Adjusted EBITDA ... as the "Non-GAAP Financial Measures.""
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Reorganization items, net financial
"In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off ... to Reorganization items, net"
Reorganization items, net are one-off costs and gains a company records when it restructures—such as closing plants, laying off staff, or selling parts of the business—shown after offsets like related gains or tax effects. Think of it as the single line that captures the cleanup bill (or occasional profit) from rearranging operations; investors watch it because these items can make earnings look artificially worse or better and help separate ongoing performance from one-time events.
Liabilities Subject to Compromise financial
"certain debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet"
Liabilities subject to compromise are debts and claims that a company had before entering bankruptcy that are not yet finalized and must be settled, reduced, or renegotiated under the bankruptcy process. For investors, these items matter because they represent uncertain obligations that can change who gets paid and how much, like a shared bill being renegotiated among creditors — the outcome affects creditor recoveries, equity value, and the company’s future capital structure.
prepackaged Chapter 11 proceedings regulatory
"filed voluntary petitions to commence prepackaged Chapter 11 proceedings (the “Chapter 11 Cases”)"
political revenue financial
"The Company presents revenue, excluding impact of political revenue."
Q2 2026 Net Revenue $167.9 million Decreased 9.7% from Q2 2025
Q2 2026 Net Loss $9.2 million Improved from $12.8 million net loss in Q2 2025
Q2 2026 Adjusted EBITDA $16.0 million Decreased 28.3% from Q2 2025
Six-Month 2026 Net Revenue $332.4 million Decreased 11.0% from six months ended June 30, 2025
Six-Month 2026 Net Loss $26.1 million Improved 42.3% from six months ended June 30, 2025
Six-Month 2026 Adjusted EBITDA $18.7 million Decreased 27.7% from six months ended June 30, 2025

FAQ

How did Cumulus Media (CMLS) perform financially in Q2 2026?
Cumulus Media reported Q2 2026 net revenue of $167.9 million, down 9.7% year over year, with a net loss of $9.2 million and Adjusted EBITDA of $16.0 million. Losses narrowed versus 2025, but operating profitability weakened.

What were Cumulus Media (CMLS) results for the first six months of 2026?
For the six months ended June 30, 2026, Cumulus Media posted net revenue of $332.4 million, down 11.0%, and a net loss of $26.1 million. Adjusted EBITDA was $18.7 million, down 27.7% compared with the same period in 2025.

What is the status of Cumulus Media’s Chapter 11 reorganization?
Cumulus Media’s Modified Joint Prepackaged Chapter 11 Plan of Reorganization was confirmed by the Bankruptcy Court on April 15, 2026. The company expects the plan to become effective once FCC approval and other conditions have been satisfied or waived.

How does Cumulus Media (CMLS) define and use Adjusted EBITDA?
Cumulus Media defines Adjusted EBITDA as net loss excluding interest, taxes, depreciation, amortization, stock-based compensation, gains or losses on asset sales, restructuring and reorganization items, acquisition-related costs, certain legal expenses, and impairments. Management uses it to assess performance and credit agreement covenant compliance.

What impact did political advertising have on Cumulus Media’s 2026 results?
For the six months ended June 30, 2026, political revenue was $3.5 million, and related political EBITDA was $3.1 million. Excluding political, net revenue was $328.9 million and Adjusted EBITDA was $15.6 million, illustrating the cyclical contribution from political advertising.

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Understanding 8-K Material Events →
0001058623false00010586232026-08-142026-08-14

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 14, 2026
____________________________
Cumulus Media Inc.
(Exact name of registrant as specified in its charter)
____________________________

Delaware001-3810882-5134717
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS employer
Identification No.)
780 Johnson Ferry Road NE, Suite 500AtlantaGA30342
   (Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code (404)949-0700
n/a
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.

On August 14, 2026, Cumulus Media Inc. (the "Company") issued a press release announcing operating results for the three and six months ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 of this current report on Form 8-K and in the accompanying Exhibit 99.1 incorporated by reference herein shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. This information, including the Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.

Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits.
Exhibit NumberDescription
99.1
Press release, dated August 14, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Cumulus Media Inc.
By: /s/ Francisco J. Lopez-Balboa
Name: Francisco J. Lopez-Balboa
Title: Executive Vice President, Chief Financial Officer
Date:
August 14, 2026



earningsreleaselogoa18.jpg

Cumulus Media Reports Operating Results for the Second Quarter 2026

ATLANTA, GA — August 14, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2026.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "We are pleased to report our second quarter earnings. With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities."

Operating Summary (dollars in thousands, except percentages and per share data):

For the three months ended June 30, 2026, the Company reported net revenue of $167.9 million, a decrease of 9.7% from the three months ended June 30, 2025, net loss of $9.2 million and Adjusted EBITDA of $16.0 million.

For the six months ended June 30, 2026, the Company reported net revenue of $332.4 million, a decrease of 11.0% from the six months ended June 30, 2025, net loss of $26.1 million and Adjusted EBITDA of $18.7 million.

As ReportedThree Months Ended June 30, 2026Three Months Ended June 30, 2025% Change
Net revenue$167,907 $186,017 (9.7)%
Net loss$(9,210)$(12,821)28.2 %
Adjusted EBITDA (1)
$16,026 $22,358 (28.3)%
Basic loss per share$(0.52)$(0.74)29.7 %
Diluted loss per share$(0.52)$(0.74)29.7 %
As ReportedSix Months Ended June 30, 2026Six Months Ended June 30, 2025% Change
Net revenue$332,354 $373,366 (11.0)%
Net loss$(26,072)$(45,188)42.3 %
Adjusted EBITDA (1)
$18,715 $25,877 (27.7)%
Basic loss per share$(1.48)$(2.61)43.3 %
Diluted loss per share$(1.48)$(2.61)43.3 %
(1)Adjusted EBITDA is not a financial measure 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."


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Revenue Detail Summary (dollars in thousands):
As ReportedThree Months Ended June 30, 2026Three Months Ended June 30, 2025% Change
  Broadcast radio revenue:
            Spot$81,449 $91,151 (10.6)%
            Network21,412 27,286 (21.5)%
Total broadcast radio revenue102,861 118,437 (13.2)%
Digital38,712 38,832 (0.3)%
Other26,334 28,748 (8.4)%
 Net revenue
$167,907 $186,017 (9.7)%
As ReportedSix Months Ended June 30, 2026Six Months Ended June 30, 2025% Change
  Broadcast radio revenue:
            Spot$149,195 $172,115 (13.3)%
            Network54,414 71,219 (23.6)%
Total broadcast radio revenue203,609 243,334 (16.3)%
Digital72,250 75,397 (4.2)%
Other56,495 54,635 3.4 %
 Net revenue
$332,354 $373,366 (11.0)%


2




Balance Sheet Summary (dollars in thousands):
June 30, 2026December 31, 2025
Cash and cash equivalents$61,111 $81,979 
Term Loan due 2026 (3)
$1,203 $1,203 
Senior Notes due 2026 (2)(3)
$22,697 $22,697 
Term Loan due 2029 (2)(3)(4)
$311,845 $323,569 
Senior Notes due 2029 (2)(3)(4)
$306,375 $318,225 
2020 Revolving credit facility (3)(5)
$57,028 $55,000 

Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Capital expenditures $3,200 $5,528 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Capital expenditures $7,093 $11,068 
(2) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of unamortized debt issuance costs of $1.9 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the first quarter of 2026. Debt issuance costs were excluded as of December 31, 2025.
(3) In connection with the Chapter 11 Bankruptcy filing, certain debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet as of June 30, 2026.
(4) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts was being amortized to interest expense (thereby reducing interest expense) over the life of the debt. In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of $22.5 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the first quarter of 2026.
(5) In the second quarter of 2026, a lessor drew $2.0 million on an outstanding letter of credit to partially satisfy its outstanding damages claim in connection with the rejection of its lease in the Chapter 11 Cases.


Pending Chapter 11 Reorganization
As previously announced, on March 4 and 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On April 13, 2026, the Company and certain of its subsidiaries filed the Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its Debtor Affiliates (as may be amended or supplemented from time to time in accordance with its terms, the “Plan”). On April 15, 2026, the Bankruptcy Court entered an order confirming the Plan. The Company expects that the effective date of the Plan will occur once all conditions precedent to the Plan, including, without limitation, the receipt of FCC approval and any other necessary regulatory approvals, have been satisfied or waived. The Chapter 11 Cases are being jointly administered under the caption In re Cumulus Media, et al., Case No. 26-90346. Additional information regarding the Chapter 11 Cases is available at www.cumulus.com/restructuring.













3



Forward-Looking 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 and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to our ability to obtain the receipt of FCC approval of the Plan and to satisfy or obtain waivers of the other conditions precedent to the Plan's effectiveness, and the timing thereof, the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. 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 is an audio-first media company delivering premium content to a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 384 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
4


Non-GAAP Financial Measures
From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreements.

In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, reorganization items, net, expenses relating to acquisitions and divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.

Management believes that Adjusted EBITDA, with and excluding impact of political advertising, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA, with and excluding impact of political advertising, is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider these metrics to be extremely useful.

The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company’s revenue growth comparable from period to period.

We refer to Adjusted EBITDA, with and excluding the impact of political advertising and net revenue, excluding the impact of political revenue, as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.


For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600
5


Supplemental Financial Data and Reconciliations

Cumulus Media Inc.
(Debtor-In-Possession)
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)
 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net revenue$167,907 $186,017 $332,354 $373,366 
Operating expenses:
Content costs55,625 59,426 121,517 138,757 
Selling, general & administrative expenses85,856 93,227 170,260 186,606 
Depreciation and amortization12,305 14,016 24,582 28,790 
Corporate expenses11,397 11,218 24,655 22,518 
Stock-based compensation expense(63)574 472 1,423 
Restructuring costs542 2,358 15,421 4,826 
(Gain) loss on sale or disposal of assets or stations(82)100 (458)122 
Impairment of assets held for sale— 1,420 — 1,420 
Total operating expenses165,580 182,339 356,449 384,462 
Operating income (loss)2,327 3,678 (24,095)(11,096)
Non-operating expense:
Reorganization items, net(7,580)— 14,432 — 
Interest expense(3,044)(16,307)(15,088)(32,329)
Interest income— 202 184 288 
Other expense, net(32)(22)(84)(32)
Total non-operating expense, net(10,656)(16,127)(556)(32,073)
Loss before income taxes(8,329)(12,449)(24,651)(43,169)
Income tax expense(881)(372)(1,421)(2,019)
Net loss$(9,210)$(12,821)$(26,072)$(45,188)




    















6


The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):    
As ReportedThree Months Ended June 30, 2026Three Months Ended June 30, 2025
GAAP net loss$(9,210)$(12,821)
Income tax expense881 372 
Non-operating expense, net (includes net interest expense)3,076 16,127 
Depreciation and amortization12,305 14,016 
Stock-based compensation expense(63)574 
(Gain) loss on sale or disposal of assets or stations(82)100 
Reorganization items, net7,580 — 
Impairment of assets held for sale— 1,420 
Restructuring costs542 2,358 
Non-routine legal expenses842 42 
Franchise taxes155 170 
Adjusted EBITDA$16,026 $22,358 

As ReportedSix Months Ended June 30, 2026Six Months Ended June 30, 2025
GAAP net loss$(26,072)$(45,188)
Income tax expense1,421 2,019 
Non-operating expense, net (includes net interest expense)14,988 32,073 
Depreciation and amortization24,582 28,790 
Stock-based compensation expense472 1,423 
(Gain) loss on sale or disposal of assets or stations(458)122 
Reorganization items, net (14,432)— 
Impairment of assets held for sale— 1,420 
Restructuring costs15,421 4,826 
Non-routine legal expenses2,325 42 
Franchise taxes468 350 
Adjusted EBITDA$18,715 $25,877 


The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As reported net revenue$167,907 $186,017 
Political revenue(2,173)(1,149)
As reported net revenue, excluding impact of political revenue$165,734 $184,868 
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
As reported Adjusted EBITDA$16,026 $22,358 
Political EBITDA(1,956)(1,034)
As reported Adjusted EBITDA, excluding impact of political EBITDA$14,070 $21,324 


7





Six Months Ended June 30, 2026Six Months Ended June 30, 2025
As reported net revenue$332,354 $373,366 
Political revenue(3,492)(1,981)
As reported net revenue, excluding impact of political revenue$328,862 $371,385 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
As reported Adjusted EBITDA$18,715 $25,877 
Political EBITDA(3,143)(1,783)
As reported Adjusted EBITDA, excluding impact of political EBITDA$15,572 $24,094 





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