false0001058623 0001058623 2020-08-10 2020-08-10


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 10, 2020
____________________________
CUMULUS MEDIA INC.
(Exact name of registrant as specified in its charter)
____________________________


Delaware
 
000-24525
 
82-5134717
 
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS employer
Identification No.)
 
 
 
 
 
 
 
 
3280 Peachtree Road, N.W., Suite 2200
Atlanta
GA
 
30305
 
 
   (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 class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock
CMLS
Nasdaq Global Market
Class A common stock purchase rights
N/A
Nasdaq Global Market
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 1.01.     Entry into a Material Definitive Agreement.
 
On August 10, 2020, Cumulus Media Inc. (the "Company") announced that Cumulus Media New Holdings Inc. ("Holdings"), an indirect wholly-owned subsidiary of the Company, had entered into an agreement, dated August 7, 2020, with Vertical Bridge REIT, LLC (the “Buyer”) and VB Nimbus, LLC, each an affiliate of Vertical Bridge Holdings, LLC (“Vertical Bridge”), for the sale of substantially all of the Company’s broadcast communications tower sites and certain other related assets for approximately $213 million.

The transaction may occur in one or more closings. Simultaneously with each closing, the Company would enter into lease agreements for the continued use of the towers. The Company will not enter into lease agreements for certain other assets being sold, including excess land and certain intangible rights. The initial term of each lease would be ten (10) years, followed by five (5) option periods of five (5) years each, subject to various exclusions and limitations. If the Buyer acquires all of the tower sites that are subject to the transaction, the Company would have annual lease payment obligations of approximately $13.5 million subject to customary escalators, which would be accounted for as a reduction of the financial lease liability and interest expense, a loss of annual tenant revenues of approximately $2.3 million and an approximate $2.3 million annual reduction of operating expenses of which approximately $1.5 million is non-cash intangible amortization. The Company will also record non-cash imputed rental income for certain tower sites where the Company will continue to use a portion of the tower along with other existing and future tenants. The transaction will not have any effect on the Company’s current broadcast operations.

The first closing of the transaction is expected to occur in the fourth quarter of 2020 following a 45-day diligence period, during which the Buyer and/or the Company may exclude certain sites from the transaction based upon customary grounds for exclusion. Notwithstanding the foregoing and subject to satisfaction of customary closing conditions, the Buyer is required to acquire at least 85% of the tower sites (based on value and irrespective of any defects identified with respect to such tower sites during the diligence period), and the Company is not required to consummate the transaction unless the Buyer agrees to acquire at least 92.5% of the tower sites (based on value) at the first closing. Subsequent closings would occur as and to the extent defects are cured with respect to any excluded tower sites.

The Company expects that the net proceeds of the sale related to assets that are not being leased would be used to pay down debt on a pro rata basis between the Company’s Term Loan Credit Facility due 2026 (the “Term Loan”) and its 6.75% Senior Secured First Lien Notes (the “6.75% Senior Notes”), subject to a 12-month reinvestment right. The Company expects that the net proceeds of the sale related to assets that are being leased will be applied to pay down the Term Loan and the 6.75% Senior Notes on a pro rata basis.

Item 2.02 - Results of Operations and Financial Condition.
On August 10, 2020, Cumulus Media Inc. ("we") issued a press release announcing operating results for the three and six months ended June 30, 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information is furnished pursuant to Item 2.02 of Form 8-K and 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, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 9.01 - Financial Statements and Exhibits.
Exhibits.
Number
  
Exhibit
 
 
  
Press release, dated August 10, 2020




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 10, 2020
 
 
 







EARNINGSRELEASELOGOA18.JPG

CUMULUS MEDIA Reports Operating Results for the Second Quarter 2020 and Announces Definitive Agreement to Monetize Tower Portfolio for $213 Million
 

ATLANTA, GA — August 10, 2020: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” "CUMULUS MEDIA," “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2020.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, "Despite the COVID-19 pandemic’s material impact on revenue, the Company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD. Ending the quarter with nearly $200 million of cash, we have also entered into an agreement to monetize our tower portfolio for more than $210 million, proceeds which will further add to our liquidity and contribute to significant incremental debt paydown. Our demonstrated ability to rise to a challenge, strong liquidity position and resilient balance sheet are critical assets as we operate through this uncertain environment, and we believe we remain very well-positioned to drive long-term shareholder value through continued aggressive debt reduction and the execution of our growth initiatives."

Key Highlights:

•
Meaningfully mitigated pandemic’s Q2 impacts through significant fixed cost expense reductions
◦
Nearly $36 million realized in Q2
◦
Total reductions of more than $85 million expected in 2020

•
Delivered sequential monthly revenue and EBITDA improvement through the quarter
◦
Continued to deliver profitable growth in digital
◦
Posted positive EBITDA in June

•
Substantially increased liquidity and strengthened balance sheet
◦
Grew cash balance to $197 million, up $91 million from Q1
◦
Achieved net debt reduction of approximately 10% since March
◦
Generated $28 million of cash from operations and netted $66 million of additional cash from completion of the sale of land in Bethesda, MD in Q2
◦
Maintained balance sheet flexibility with no funded debt maturity prior to 2026 or financial maintenance covenants

•
Executed agreement to monetize tower portfolio and related assets for $213 million
◦
Expect funds from deal completion to permit substantial debt paydown and provide additional liquidity
◦
Anticipate first closing for 85% or more of proceeds in Q4

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

For the three months ended June 30, 2020, the Company reported net revenue of $146.0 million, a decrease of 47.8% from the three months ended June 30, 2019, net loss of $36.3 million and Adjusted EBITDA of $(6.4) million.


1



For the three months ended June 30, 2020, the Company reported same station net revenue of $146.0 million, a decrease of 46.6% from the three months ended June 30, 2019, and same station Adjusted EBITDA of $(6.3) million.

For the six months ended June 30, 2020, the Company reported net revenue of $373.9 million, a decrease of 31.7% from the six months ended June 30, 2019, net loss of $43.7 million and Adjusted EBITDA of $21.4 million.

For the six months ended June 30, 2020, the Company reported same station net revenue of $372.5 million, a decrease of 29.5% from the six months ended June 30, 2019, and same station Adjusted EBITDA of $22.2 million, a decrease of 78.3% from the six months ended June 30, 2019.

As Reported
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
 
% Change
Net revenue
$
146,022

 
$
279,673

 
(47.8
)%
Net (loss) income
$
(36,316
)
 
$
42,861

 
N/A

Adjusted EBITDA (1)
$
(6,375
)
 
$
61,819

 
N/A

Basic (loss) income per share
$
(1.79
)
 
2.13

 
N/A

Diluted (loss) income per share
$
(1.79
)
 
2.11

 
N/A


Same Station (2)
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
 
% Change
Net revenue
$
146,012

 
$
273,451

 
(46.6
)%
Adjusted EBITDA (1)
$
(6,274
)
 
$
62,496

 
N/A


As Reported
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
 
% Change
Net revenue
$
373,936

 
$
547,169

 
(31.7
)%
Net (loss) income
$
(43,667
)
 
$
43,312

 
N/A

Adjusted EBITDA (1)
$
21,350

 
$
103,623

 
(79.4
)%
Basic (loss) income per share
$
(2.15
)
 
2.16

 
N/A

Diluted (loss) income per share
$
(2.15
)
 
2.14

 
N/A


Same Station (2)
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
 
% Change
Net revenue
$
372,485

 
$
528,511

 
(29.5
)%
Adjusted EBITDA (1)
$
22,155

 
$
102,266

 
(78.3
)%



2



Revenue Detail Summary (dollars in thousands):
As Reported
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
 
% Change
  Broadcast radio revenue:
 
 
 
 
 
            Spot
$
72,437

 
$
163,111

 
(55.6
)%
            Network
41,767

 
72,877

 
(42.7
)%
Total broadcast radio revenue
114,204

 
235,988

 
(51.6
)%
Digital
20,341

 
20,208

 
0.7
 %
Other
11,477

 
23,477

 
(51.1
)%
 Net revenue
$
146,022

 
$
279,673

 
(47.8
)%

Same Station (2)
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
 
% Change
  Broadcast radio revenue:
 
 
 
 
 
            Spot
$
72,466

 
$
158,741

 
(54.3
)%
            Network
41,767

 
72,504

 
(42.4
)%
Total broadcast radio revenue
114,233

 
231,245

 
(50.6
)%
Digital
20,341

 
19,636

 
3.6
 %
Other
11,438

 
22,570

 
(49.3
)%
Net revenue
$
146,012

 
$
273,451

 
(46.6
)%

As Reported
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
 
% Change
  Broadcast radio revenue:
 
 
 
 
 
            Spot
$
194,380

 
$
302,690

 
(35.8
)%
            Network
107,450

 
158,041

 
(32.0
)%
Total broadcast radio revenue
301,830

 
460,731

 
(34.5
)%
Digital
42,227

 
37,049

 
14.0
 %
Other
29,879

 
49,389

 
(39.5
)%
 Net revenue
$
373,936

 
$
547,169

 
(31.7
)%

Same Station (2)
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
 
% Change
  Broadcast radio revenue:
 
 
 
 
 
            Spot
$
193,280

 
$
289,565

 
(33.3
)%
            Network
107,450

 
156,800

 
(31.5
)%
Total broadcast radio revenue
300,730

 
446,365

 
(32.6
)%
Digital
42,156

 
35,703

 
18.1
 %
Other
29,599

 
46,443

 
(36.3
)%
Net revenue
$
372,485

 
$
528,511

 
(29.5
)%



3



Balance Sheet Summary (dollars in thousands):
 
 
June 30, 2020
 
December 31, 2019
Cash and cash equivalents
 
$
196,914

 
$
15,142

Term loan due 2026 (3)
 
$
521,063

 
$
523,688

6.75% Senior notes (3)
 
$
500,000

 
$
500,000

2020 Revolving credit facility
 
$
60,000

 
$
—


 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
Capital expenditures
$
5,575

 
$
10,715



(1)
Adjusted EBITDA is not a financial measure calculated or presented in accordance with GAAP. For additional information, see “Non-GAAP Financial Measures.”
(2)
Adjusted for all merger and acquisition activity occurring in 2019 and 2020 as if such activity had occurred as of January 1, 2019. Same Station financial measures are not financial measures 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.”
(3)
Excludes unamortized debt issuance costs.







4



Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM EDT to discuss its second quarter 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 3379889. 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 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. 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 the implementation of our strategic operating plans, the evolving and uncertain nature of the COVID-19 pandemic and its impact on the Company, the media industry, and the economy in general 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 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 (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 424 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 as 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.



5



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 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.

Because of 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, both 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 period in the prior year, as indicated. 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, 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, both with and excluding the impact of political advertising, 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

6



Supplemental Financial Data and Reconciliations

CUMULUS MEDIA INC.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)
 
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Net revenue
 
$
146,022

 
$
279,673

 
$
373,936

 
$
547,169

Operating expenses:
 
 
 
 
 
 
 
 
Content costs
 
65,725

 
93,844

 
154,291

 
197,596

Selling, general & administrative expenses
 
79,904

 
115,817

 
183,531

 
229,320

Depreciation and amortization
 
13,122

 
13,545

 
25,912

 
28,135

Local marketing agreement fees
 
1,006

 
438

 
2,053

 
1,481

Corporate expenses
 
7,003

 
8,545

 
15,172

 
17,077

Stock-based compensation expense
 
985

 
1,106

 
1,704

 
2,314

Restructuring costs
 
2,343

 
13,024

 
5,263

 
15,801

Loss (gain) on sale of assets or stations
 
3,767

 
(47,750
)
 
5,583

 
(47,724
)
Impairment of intangible assets
 
4,509

 
—

 
4,509

 
—

Total operating expenses
 
178,364

 
198,569

 
398,018

 
444,000

Operating (loss) income
 
(32,342
)
 
81,104

 
(24,082
)
 
103,169

Non-operating expense:
 

 
 
 
 
 
 
Interest expense
 
(15,888
)
 
(21,191
)
 
(33,047
)
 
(43,347
)
Interest income
 
2

 
8

 
4

 
12

Gain on early extinguishment of debt
 
—

 
—

 
—

 
381

Other expense, net
 
(61
)
 
(34
)
 
(64
)
 
(62
)
Total non-operating expense, net
 
(15,947
)
 
(21,217
)
 
(33,107
)
 
(43,016
)
(Loss) income before income taxes
 
(48,289
)
 
59,887

 
(57,189
)
 
60,153

Income tax benefit (expense)
 
11,973

 
(17,026
)
 
13,522

 
(16,841
)
Net (loss) income
 
$
(36,316
)
 
$
42,861

 
$
(43,667
)
 
$
43,312




    



7



The following tables reconcile net (loss) income, 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 June 30, 2020
 
Three Months Ended June 30, 2019
GAAP net (loss) income
 
$
(36,316
)
 
$
42,861

Income tax (benefit) expense
 
(11,973
)
 
17,026

Non-operating expense, including net interest expense
 
15,947

 
21,217

Local marketing agreement fees
 
1,006

 
438

Depreciation and amortization
 
13,122

 
13,545

Stock-based compensation expense
 
985

 
1,106

Loss (gain) on sale of assets or stations
 
3,767

 
(47,750
)
Impairment of intangible assets
 
4,509

 
—

Restructuring costs
 
2,343

 
13,024

Franchise taxes
 
235

 
352

Adjusted EBITDA
 
$
(6,375
)

$
61,819


Same Station (1)
 
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
Net (loss) income
 
$
(36,454
)
 
$
45,703

Income tax (benefit) expense
 
(11,973
)
 
17,026

Non-operating expense, including net interest expense
 
15,947

 
21,217

Local marketing agreement fees
 
1,006

 
438

Depreciation and amortization
 
13,108

 
13,471

Stock-based compensation expense
 
985

 
1,106

Loss (gain) on sale of assets or stations
 
4,076

 
(49,841
)
Impairment of intangible assets
 
4,509

 
—

Restructuring costs
 
2,287

 
13,024

Franchise taxes
 
235

 
352

Adjusted EBITDA
 
$
(6,274
)
 
$
62,496


As Reported
 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
GAAP net loss
 
$
(43,667
)
 
$
43,312

Income tax (benefit) expense
 
(13,522
)
 
16,841

Non-operating expense, including net interest expense
 
33,107

 
43,397

Local marketing agreement fees
 
2,053

 
1,481

Depreciation and amortization
 
25,912

 
28,135

Stock-based compensation expense
 
1,704

 
2,314

Loss (gain) on sale of assets or stations
 
5,583

 
(47,724
)
Impairment of intangible assets
 
4,509

 
—

Restructuring costs
 
5,263

 
15,801

Franchise taxes
 
408

 
447

Gain on early extinguishment of debt
 
—

 
(381
)
Adjusted EBITDA
 
$
21,350

 
$
103,623




8



Same Station (1)
 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
Net (loss) income
 
$
(41,706
)
 
$
44,361

Income tax (benefit) expense
 
(13,522
)
 
16,841

Non-operating expense, including net interest expense
 
33,107

 
43,397

Local marketing agreement fees
 
2,053

 
1,481

Depreciation and amortization
 
25,738

 
27,828

Stock-based compensation expense
 
1,704

 
2,314

Loss (gain) on sale of assets or stations
 
4,690

 
(49,823
)
Impairment of intangible assets
 
4,509

 
—

Restructuring costs
 
5,174

 
15,801

Franchise taxes
 
408

 
447

  Gain on early extinguishment of debt
 
—

 
(381
)
Adjusted EBITDA
 
$
22,155

 
$
102,266


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 June 30, 2020
 
Three Months Ended June 30, 2019
As reported net revenue
 
$
146,022

 
$
279,673

Station dispositions and swaps
 
(10
)
 
(6,222
)
Same station net revenue
 
$
146,012

 
$
273,451

Political revenue
 
(1,183
)
 
(810
)
Same station net revenue, excluding impact of political revenue
 
$
144,829

 
$
272,641


 
 
Three Months Ended June 30, 2020
 
Three Months Ended June 30, 2019
As reported Adjusted EBITDA
 
$
(6,375
)
 
$
61,819

Station dispositions and swaps
 
101

 
677

Same station Adjusted EBITDA
 
$
(6,274
)
 
$
62,496

Political EBITDA
 
(1,065
)
 
(729
)
Same station Adjusted EBITDA, excluding impact of political EBITDA
 
$
(7,339
)
 
$
61,767


 
 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
As reported net revenue
 
$
373,936

 
$
547,169

Station dispositions and swaps
 
(1,451
)
 
(18,658
)
Same station net revenue
 
$
372,485

 
$
528,511

Political revenue
 
(6,109
)
 
(1,693
)
Same station net revenue, excluding impact of political revenue
 
$
366,376

 
$
526,818



9



 
 
Six Months Ended June 30, 2020
 
Six Months Ended June 30, 2019
As reported Adjusted EBITDA
 
$
21,350

 
$
103,623

Station dispositions and swaps
 
805

 
(1,357
)
Same station Adjusted EBITDA
 
$
22,155

 
$
102,266

Political EBITDA
 
(5,498
)
 
(1,524
)
Same station Adjusted EBITDA, excluding impact of political EBITDA
 
$
16,657

 
$
100,742




10