Up Quarter
ENTERCOM COMMUNICATIONS CORP. second quarter 2019 net revenues rose 2.3% year-to-year to $380.7 million, with operating income more than doubling from $27.6 million to $64.8 million and net income per diluted share up from 1 cent to 19 cents. Adjusted EBITDA also increased 7% to $87.6 million.
Pres./CEO DAVID J. FIELD said, “Second quarter revenues and EBITDA were up 2.3% and 7%, respectively, driven by strong growth in national, network and digital, partially offset by declines in political and events. This morning, we announced the acquisition of PINEAPPLE STREET MEDIA, and an agreement in principle to acquire CADENCE13, which combined will make ENTERCOM one of the country’s three largest podcast enterprises. We also announced the launch of the RADIO.COM SPORTS DIGITAL NETWORK, which will debut later this month with a compelling lineup of daily radio shows and weekly podcasts available exclusively on RADIO.COM. These moves highlight a series of strategic investments that are positioning ENTERCOM to capitalize on the exciting growth opportunities in the audio space fueled by rapidly emerging catalysts, including podcasting, smart speakers, audio search, enhanced analytics and attribution.”
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