Due to its recent deals with Citadel and Townsquare Media, Cumulus' second quarter financial report for 2012 is a bit more complex than usual. The broadcaster reported net revenue of $281 million, a whopping 351.5 percent increase over $62.2 million in Q2 2011. However, this jump includes the impact of net revenue from Cumulus Media Partners and Citadel, along with a $2.7 million increase in political ad revenue.

The company's actual net revenue (including discounted operations, meaning the stations recently sold to Townsquare) was down 2.7 percent in Q2 to $292 million, down from $300 million a year ago. Excluding these discounted operations, net revenue was off by 4.1 percent to $281 million from $293.1 million in 2011.

Direct operating expenses for the quarter increased $133.4 million, or 378.3 percent, to $168.7 million, compared to $35.3 million for the second quarter of 2011.

Lew Dickey, Cumulus Chairman/CEO stated, "The Integration of Citadel, investment in growth and de-leveraging are our top priorities. We are making excellent progress on all three fronts."