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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

CUMULUS MEDIA Reports Operating Results for the Third Quarter 2019

November 11, 2019

ATLANTA, Nov. 11, 2019 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today announced operating results for the three and nine months ended September 30, 2019.

Third Quarter Financial Highlights

-- As compared to the third quarter of 2018 on an As Reported GAAP basis: -- Net revenue decreased 0.5% -- Net income was $16.3 million -- Adjusted EBITDA(1) decreased 5.5% -- As compared to the third quarter of 2018 on a Same Station(2)basis, excluding the impact of political revenue: -- Net revenue increased 3.9% -- Adjusted EBITDA(1) increased 2.2% -- As compared to the third quarter of 2018 on a Same Station(2)basis, including the impact of political revenue: -- Net revenue increased 3.2% -- Adjusted EBITDA(1) decreased 0.8%

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “In the third quarter, the Company turned in another strong performance with same station revenue and Adjusted EBITDA growth of 3.9% and 2.2%, respectively, on an ex-political basis. Our operating plan has continued to deliver industry-leading digital revenue growth and continuing growth in our national and network channels. We also made great progress in the quarter on our balance sheet as our free cash flow generation allowed us to fund a voluntary debt prepayment of approximately $29 million, which reduced net leverage to 4.5x. Additionally, we completed a $525 million term loan refinancing that extended our debt maturity and reduced future interest expense.”

Within the quarter, the Company reassessed its reportable segments and concluded it has one reportable segment. Prior to this change, the Company had two reportable segments: Cumulus Radio Station Group and Westwood One.

References to “Successor Company” relate to the Company on and subsequent to June 4, 2018. References to “Predecessor Company” refer to the Company prior to June 4, 2018. For the purposes of analyzing the results presented herein, the Company is presenting the combined results of operations for the period June 4, 2018 to September 30, 2018 of the Successor Company with the period January 1, 2018 to June 3, 2018 of the Predecessor Company. Although this presentation is not in accordance with accounting principles generally accepted in the United States, the Company believes presenting such combined results allows for a more meaningful comparison of results for the nine month period ended September 30, 2019 to the nine month period ended September 30, 2018. For more information regarding the Predecessor and Successor Company results, please see the Company’s Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission (the “SEC”).

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

As Reported Three Months Ended Three Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------- Net revenue $ 280,808 $ 282,254 (0.5 )% Net income $ 16,323 $ 12,713 28.4 % Adjusted EBITDA (1) $ 58,707 $ 62,104 (5.5 )% Basic income per share $ 0.81 $ 0.64 N/A Diluted income per share $ 0.81 $ 0.63 N/A

Same Station(2) Three Months Ended Three Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------- Net revenue $ 280,808 $ 272,189 3.2 % Adjusted EBITDA (1) $ 58,707 $ 59,207 (0.8 )%

Non-GAAP Successor Company Combined Predecessor and Successor Company ------------------ ------------------ As Reported Nine Months Ended Nine Months Ended % Change September 30, 2019 September 30, 2018 ------------------ ------------------ -------- Net revenue $ 827,977 $ 831,182 (0.4 )% Net income $ 59,635 $ 713,849 (91.6 )% Adjusted EBITDA (1) $ 162,325 $ 168,731 (3.8 )% Basic income per share $ 2.96 N/A N/A Diluted income per share $ 2.95 N/A N/A

Non-GAAP Same Station(2) Successor Company Combined Predecessor and Successor Company ------------------ Nine Months Ended Nine Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ----- Net revenue $ 824,246 $ 809,836 1.8 % Adjusted EBITDA (1) $ 161,962 $ 161,569 0.2 %

Revenue Detail Summary (in thousands):

As Reported Three Months Ended Three Months Ended % Change September 30, 2019 September 30, 2018 ------------------ ------------------ -------- Broadcast Radio Revenue: Spot $ 161,211 $ 168,554 (4.4 )% Network 78,404 75,716 3.6 % --------- -------- --------- -------- Total Broadcast Radio Revenue 239,615 244,270 (1.9 )% Digital 19,935 13,459 48.1 % Other 21,258 24,525 (13.3 )% --------- -------- --------- -------- Net Revenue $ 280,808 $ 282,254 (0.5 )% - ------- -------- - ------- --------

Non-GAAP Successor Company Combined Predecessor and Successor Company ------------------ ------------------ As Reported Nine Months Ended Nine Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------- Broadcast Radio Revenue: Spot $ 463,900 $ 488,276 (5.0 )% Network 236,446 230,949 2.4 % --------- -------- --------- -------- Total Broadcast Radio Revenue 700,346 719,225 (2.6 )% Digital 56,984 34,626 64.6 % Other 70,647 77,331 (8.6 )% --------- -------- --------- -------- Net Revenue $ 827,977 $ 831,182 (0.4 )% - ------- -------- - ------- --------

Same Station(2) Three Months Ended Three Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------- Broadcast Radio Revenue: Spot $ 161,211 $ 161,306 (0.1 )% Network 78,404 74,715 4.9 % --------- -------- --------- -------- Total Broadcast Radio Revenue 239,615 236,021 1.5 % Digital 19,935 13,171 51.4 % Other 21,258 22,997 (7.6 )% --------- -------- --------- -------- Net Revenue $ 280,808 $ 272,189 3.2 % - ------- -------- - ------- --------

Non-GAAP Successor Company Combined Predecessor and Successor Company ------------------ ------------------ Same Station(2) Nine Months Ended Nine Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------- Broadcast Radio Revenue: Spot $ 461,300 $ 474,057 (2.7 )% Network 235,990 227,884 3.6 % --------- -------- --------- -------- Total Broadcast Radio Revenue 697,290 701,941 (0.7 )% Digital 56,896 34,130 66.7 % Other 70,060 73,765 (5.0 )% --------- -------- --------- -------- Net Revenue $ 824,246 $ 809,836 1.8 % - ------- -------- - ------- --------

Balance Sheet Summary (in thousands):

September 30, 2019 December 31, 2018 % Change ------------------ ----------------- -------- Cash and cash equivalents $ 7,751 $ 27,584 (71.9 )% Term loan (3) $ 525,000 $ 1,243,299 (57.8 )% 6.75% Senior notes (3) $ 500,000 $ — N/A

Three Months Ended Three Months Ended % September 30, 2019 September 30, 2018 Change ------------------ ------------------ ------ Capital expenditures $ 6,684 $ 5,897 13.3 %

Non-GAAP Successor Company Combined Predecessor and Successor Company ------------------ ------------------ Nine Months Ended Nine Months Ended % Change September 30, 2019 September 30, 2018 ------------------ ------------------ -------- Capital expenditures $ 17,399 $ 21,885 (20.5 )%

________________________________

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 Measure.” 2. Adjusted for certain station dispositions and swaps as if these dispositions and swaps had occurred as of April 1, 2019 and April 1, 2018 (or in the case of KLOS-FM, as of the commencement of the LMA on April 16, 2019 and as of April 16, 2018). 3. Excludes unamortized debt issuance costs.

Earnings Conference Call DetailsThe Company will host a conference call today at 4:30 PM EST to discuss its third quarter 2019 operating results. A link to the webcast of the conference call will be available on the investor section of the Company’s website (www.cumulusmedia.com/investors). The conference call dial-in number for domestic callers is 877-830-7699 for call access. If prompted, the conference ID number is 2870957. 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 www.cumulusmedia.com/investors.

Forward-Looking StatementsCertain 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 our recently completed financial restructuring 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 statement as a result of new information, future events, or otherwise.

About CUMULUS MEDIACUMULUS 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 428 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. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Non-GAAP Financial Measure

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 the 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 determining Adjusted EBITDA, the Company excludes from net income items not related to core operations and those that are non-cash including: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations, early extinguishment of debt, local marketing agreement fees, expenses relating to acquisitions, divestitures, restructuring costs, reorganization items and non-cash impairments of assets, if any.

Due to the significant effect that the Company’s material station acquisitions and dispositions have had on our results of operations, the Company also presents certain financial information herein on a “Same Station” basis, with and excluding the effect of political advertising in order to address the cyclical nature of the two-year election cycle. Same Station metrics are adjusted for material station acquisitions and dispositions as if these acquisitions and dispositions had occurred as of the beginning of the comparable prior period. Same station financial measures excluding the impact of political advertising are further adjusted to exclude the impact of political advertising in the comparable periods.

Management believes that Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, although not measures that are calculated in accordance with GAAP, are commonly employed by the investment community as measures 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 and Same Station financial measures, with and excluding the impact of political advertising, are 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 the metrics to be extremely useful.

Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, should not be considered in isolation or as a substitute for net income (loss), 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, Adjusted EBITDA and Same Station financial measures, with and excluding the impact of political advertising, may be defined or calculated differently by other companies and comparability may be limited.

For further information, please contact:Cumulus Media Inc.Investor RelationsIR@cumulus.com404-260-6600

Supplemental Financial Data and Reconciliations

CUMULUS MEDIA INC. Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) Non-GAAP Successor Company Successor Company Combined Predecessor and Successor Company ----------------------------------------- - ------------------ - ------------------ - Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, 2018 September 30, 2019 September 30, 2018 2019 ------------- - - ------------------ - - ------------------ - - ------------------ - Net revenue $ 280,808 $ 282,254 $ 827,977 $ 831,182 Operating expenses: Content costs 98,335 98,494 295,931 291,349 Selling, general and 115,289 114,345 344,609 347,057 administrative expenses Depreciation and 11,885 14,142 40,020 40,567 amortization Local marketing 902 1,006 2,383 3,173 agreement fees Corporate 8,649 7,009 25,726 24,024 expenses Stock-based compensation 1,492 1,131 3,806 2,014 expense Restructuring 1,764 2,738 17,565 12,134 costs Impairment of assets held on 5,000 — 5,000 — sale (Gain) loss on sale of assets or (8,188 ) 34 (55,912 ) 192 stations - - - Total operating 235,128 238,899 679,128 720,510 expenses - ------------- - ------------------ - - ------------------ - - ------------------ - Operating income 45,680 43,355 148,849 110,672 - ------------- - ------------------ - - ------------------ - - ------------------ - Non-operating (expense) income: Reorganization — — — 466,201 items, net Interest expense (22,754 ) (22,403 ) (66,101 ) (28,839 ) Interest income 9 16 21 70 Gain on early extinguishment of — — 381 — debt Other expense, 18 (3,177 ) (44 ) (3,430 ) net - ------------- - - ------------------ - - ------------------ - - ------------------ - Total non-operating (22,727 ) (25,564 ) (65,743 ) 434,002 (expense) income, net - ------------- - - ------------------ - - ------------------ - - ------------------ - Income before income tax 22,953 17,791 83,106 544,674 (expense) benefit Income tax (6,630 ) (5,078 ) (23,471 ) 169,175 (expense) benefit ------------- - - ------------------ - - ------------------ - ------------------ - Net income $ 16,323 $ 12,713 $ 59,635 $ 713,849 - ------------- - - ------------------ - - ------------------ - - ------------------ -

Successor Company Predecessor Company - - --------------------------- - Period from June 4, 2018 Period from January 1, 2018 through September 30, 2018 through June 3, 2018 -------------------------- - --------------------------- - Net revenue $ 377,258 $ 453,924 Operating expenses: Content costs 127,464 163,885 Selling, general and administrative expenses 151,779 195,278 Depreciation and amortization 18,521 22,046 Local marketing agreement fees 1,364 1,809 Corporate expenses 9,541 14,483 Stock-based compensation expense 1,783 231 Acquisition-related restructuring costs 9,679 2,455 Loss on sale of assets or stations 34 158 - - Total operating expenses 320,165 400,345 - -------------------------- - - --------------------------- - Operating income 57,093 53,579 - -------------------------- - - --------------------------- - Non-operating (expense) income: Reorganization items, net — 466,201 Interest expense (28,579 ) (260 ) Interest income 20 50 Other expense, net (3,157 ) (273 ) - -------------------------- - - --------------------------- - Total non-operating (expense) income, net (31,716 ) 465,718 - -------------------------- - - --------------------------- - Income before income tax (expense) benefit 25,377 519,297 Income tax (expense) benefit (7,684 ) 176,859 -------------------------- - --------------------------- - Net income $ 17,693 $ 696,156 - -------------------------- - - --------------------------- -

The following tables reconcile net income (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 Reported Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 ------------------ - - ------------------ - GAAP net income $ 16,323 $ 12,713 Income tax expense 6,630 5,078 Non-operating expense, including net interest expense 22,727 25,564 Local marketing agreement fees 902 1,006 Depreciation and amortization 11,885 14,142 Stock-based compensation expense 1,492 1,131 Impairment of assets held for sale 5,000 — (Gain) loss on sale of assets or stations (8,188 ) 34 Restructuring costs 1,764 2,738 Franchise taxes 172 (302 ) Adjusted EBITDA $ 58,707 $ 62,104 - ------------------ - - ------------------ -

Same Station Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 ------------------ - - ------------------ - Net income $ 16,323 $ 9,816 Income tax expense 6,630 5,078 Non-operating expense, including net interest expense 22,727 25,564 Local marketing agreement fees 902 1,006 Depreciation and amortization 11,885 14,142 Stock-based compensation expense 1,492 1,131 Impairment of assets held for sale 5,000 — (Gain) loss on sale of assets or stations (8,188 ) 34 Restructuring costs 1,764 2,738 Franchise taxes 172 (302 ) Adjusted EBITDA $ 58,707 $ 59,207 - ------------------ - - ------------------ -

As Reported Nine Months Ended September 30, 2019 ------------------ - GAAP net income $ 59,635 Income tax expense 23,471 Non-operating expense, including net interest expense 66,124 Local marketing agreement fees 2,383 Depreciation and amortization 40,020 Stock-based compensation expense 3,806 Impairment of assets held for sale 5,000 Gain on sale of assets or stations (55,912 ) Restructuring costs 17,565 Franchise taxes 614 Gain on early extinguishment of debt (381 ) Adjusted EBITDA $ 162,325 - ------------------ -

Non-GAAP Successor Company Predecessor Company Combined Predecessor and Successor Company - -------------------------- - - ---------------------- - - ------------------ - Period from June 4, 2018 Period from January 1, Nine Months Ended As Reported through September 30, 2018 2018 September 30, 2018 through June 3, 2018 -------------------------- - - ---------------------- - - ------------------ - GAAP net income $ 17,693 $ 696,156 $ 713,849 Income tax expense 7,684 (176,859 ) (169,175 ) (benefit) Non-operating expense, including net interest 31,716 483 32,199 expense Local marketing agreement 1,364 1,809 3,173 fees Depreciation and 18,521 22,046 40,567 amortization Stock-based compensation 1,783 231 2,014 expense Loss on sale of assets or 34 158 192 stations Reorganization items, net — (466,201 ) (466,201 ) Restructuring costs 9,679 2,455 12,134 Franchise taxes (255 ) 234 (21 ) Adjusted EBITDA $ 88,219 $ 80,512 $ 168,731 - -------------------------- - - ---------------------- - - ------------------ -

Non-GAAP Successor Company Combined Predecessor and Successor Company - ------------------ - - ------------------ - Same Station Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 ------------------ - - ------------------ - Net income $ 59,272 $ 706,590 Income tax expense (benefit) 23,471 (169,175 ) Non-operating expense, including net interest expense 66,124 32,199 Local marketing agreement fees 2,383 3,173 Depreciation and amortization 40,020 40,567 Stock-based compensation expense 3,806 2,014 Impairment of assets held for sale 5,000 — (Gain) loss on sale of assets or stations (55,912 ) 192 Reorganization items, net — (466,201 ) Restructuring costs 17,565 12,134 Franchise taxes 614 (21 ) Gain on early extinguishment of debt (381 ) — Adjusted EBITDA $ 161,962 $ 161,569 - ------------------ - - ------------------ -

The following tables reconcile as reported net revenue and as reported Adjusted EBITDA to same station net revenue and same station Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):

Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 ------------------ - - ------------------ - As reported net revenue $ 280,808 $ 282,254 Station dispositions and swaps — (10,065 ) - Same station net revenue $ 280,808 $ 272,189 Political revenue (1,713 ) (3,633 ) - ------------------ - - ------------------ - Same station net revenue, excluding impact of political revenue $ 279,095 $ 268,556 - ------------------ - - ------------------ -

Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2019 (Non-GAAP Combined (Successor Company) Predecessor and Successor Company) ------------------- - - ------------------ - As reported net revenue $ 827,977 $ 831,182 Station dispositions and swaps (3,731 ) (21,346 ) Same station net revenue $ 824,246 $ 809,836 Political revenue (3,447 ) (8,698 ) - ------------------- - - ------------------ - Same station net revenue, excluding impact of political $ 820,799 $ 801,138 revenue - ------------------- - - ------------------ -

Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 ------------------ - - ------------------ - As reported Adjusted EBITDA $ 58,707 $ 62,104 Station dispositions and swaps — (2,897 ) Same station Adjusted EBITDA $ 58,707 $ 59,207 Political EBITDA (1,541 ) (3,270 ) ------------------ - ------------------ - Same station Adjusted EBITDA, excluding impact of political $ 57,166 $ 55,937 EBITDA - ------------------ - - ------------------ -

Nine Months Ended Nine Months Ended September 30, 2018 September 30, 2019 (Non-GAAP Combined (Successor Company) Predecessor and Successor Company) ------------------- - ------------------ - As reported Adjusted EBITDA $ 162,325 $ 168,731 Station dispositions and swaps (363 ) (7,162 ) Same station Adjusted EBITDA $ 161,962 $ 161,569 Political EBITDA (3,102 ) (7,828 ) Same station Adjusted EBITDA, excluding impact of political $ 158,860 $ 153,741 EBITDA - ------------------- - - ------------------ -

The following tables provide disaggregated revenue detail by quarter for 2019 and 2018 as reported and same station (dollars in thousands):

As Reported Three Months Ended Three Months Ended Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 - ------------------ - ------------------ - ------------------ Broadcast Radio Revenue: Spot $ 161,211 $ 163,111 $ 139,579 Network 78,404 72,877 85,164 - ------------------ - ------------------ - ------------------ Total Broadcast Radio Revenue 239,615 235,988 224,743 Digital 19,935 20,208 16,841 Other 21,258 23,477 25,912 - ------------------ - ------------------ - ------------------ Net Revenue $ 280,808 $ 279,673 $ 267,496 - ------------------ - ------------------ - ------------------

Same Station Three Months Ended Three Months Ended Three Months Ended September 30, 2019 June 30, 2019 March 31, 2019 - ------------------ - ------------------ - ------------------ Broadcast Radio Revenue: Spot $ 161,211 $ 160,510 $ 139,579 Network 78,404 72,421 85,164 - ------------------ - ------------------ - ------------------ Total Broadcast Radio Revenue 239,615 232,931 224,743 Digital 19,935 20,120 16,841 Other 21,258 22,890 25,912 - ------------------ - ------------------ - ------------------ Net Revenue $ 280,808 $ 275,941 $ 267,496 - ------------------ - ------------------ - ------------------

Non-GAAP Successor Company Combined Predecessor Company Predecessor and Successor Company ------------------------------------------ - ------------------ - ------------------- As Reported Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 - ------------------ - ------------------ - ------------------ - ------------------- Broadcast Radio Revenue: Spot $ 180,169 $ 168,554 $ 174,502 $ 145,221 Network 85,101 75,716 72,389 82,844 - ------------------ - ------------------ - ------------------ - ------------------- Total Broadcast Radio 265,270 244,270 246,891 228,065 Revenue Digital 15,638 13,459 11,929 9,239 Other 28,270 24,525 26,429 26,375 - ------------------ - ------------------ - ------------------ - ------------------- Net Revenue $ 309,178 $ 282,254 $ 285,249 $ 263,679 - ------------------ - ------------------ - ------------------ - -------------------

Non-GAAP Successor Company Combined Predecessor Company Predecessor and Successor Company - - ------------------ - ------------------- Same Station Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 - ------------------ - ------------------ - ------------------ - ------------------- Broadcast Radio Revenue: Spot $ 173,854 $ 161,306 $ 167,617 $ 145,135 Network 82,493 74,715 70,326 82,844 - ------------------ - ------------------ - ------------------ - ------------------- Total Broadcast Radio 256,347 236,021 237,943 227,979 Revenue Digital 15,407 13,171 11,669 9,290 Other 26,818 22,997 24,493 26,274 - ------------------ - ------------------ - ------------------ - ------------------- Net Revenue $ 298,572 $ 272,189 $ 274,105 $ 263,543 - ------------------ - ------------------ - ------------------ - -------------------

The following table discloses net revenue for each of the Predecessor and Successor Company periods presented herein. When combined, these periods present the Company’s non-GAAP combined Predecessor and Successor net revenue for the nine months ended September 30, 2018 (dollars in thousands):

Successor Company Predecessor Company -------------------------- - --------------------------- Period from June 4, 2018 Period from January 1, 2018 through September 30, 2018 through June 3, 2018 - -------------------------- - --------------------------- Net revenue $ 377,258 $ 453,924

The following table discloses capital expenditures for each of the Predecessor and Successor Company periods presented below. When combined, these periods present the Company’s non-GAAP combined Predecessor and Successor capital expenditures for the nine months ended September 30, 2018 (dollars in thousands):

Successor Company Predecessor Company - - --------------------------- Period from June 4, 2018 Period from January 1, 2018 through September 30, 2018 through June 3, 2018 -------------------------- - --------------------------- Capital expenditures $ 7,866 $ 14,019