Shares of Cumulus Media surged 9 percent on Tuesday after the nation's second-largest owner-operator of radio stations said quarterly net revenue rose 5 percent to $275.5 million.

Stripping out acquisitions of Townsquare and Westwood One, which Cumulus did not own a year ago, revenue increased 1 percent.

The company said pro forma earnings before interest, taxes, depreciation and amortization rose 6 percent to $96 million despite tough comparisons due to political advertising a year ago.

The earnings results were disclosed Tuesday prior to the opening bell on Wall Street and shares of Cumulus were up 59 cents to $7.33.

Cumulus stock has been on the rise lately as observers speculate it would make a nice acquisition for a larger media company. On Friday, RBC Capital Markets initiated coverage with an "outperform" rating and $9 price target.

Cumulus, which calls itself "the largest pure-play radio company in the U.S.," owns 525 stations in 110 cities and syndicates shows starring Mike Huckabee, Dr. Sanjay Gupta, Mark Levin, Kix Brooks and others.

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