Cumulus Media Emerges from Chapter 11 Bankruptcy

RADIO ONLINE | Friday, October 16, 2026 | 12:10pm CT

Cumulus Media

Cumulus Media has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection as a privately held company, eliminating approximately $550 million in debt and significantly strengthening its balance sheet.

The company announced that it received all required approvals, including authorization from the FCC, allowing it to complete the restructuring on an accelerated timeline consistent with its original expectations.

Cumulus and certain subsidiaries filed for prepackaged Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on March 4, 2026, under a restructuring support agreement negotiated with a group of lenders.

Under the confirmed reorganization plan, Cumulus canceled approximately $600 million in existing funded indebtedness in exchange for 100% of the reorganized company's equity and $50 million in new convertible notes issued to former lenders. The transaction resulted in a net reduction of approximately $550 million in debt.

The company also amended and restated its asset-based revolving credit facility to provide continued liquidity and greater financial flexibility.

Cumulus said it maintained normal operations throughout the bankruptcy process, with no disruptions to its radio stations, audiences, advertisers or other business activities.

"I am grateful to our lenders and noteholders for their collaboration throughout this process, and to our employees, vendors, affiliates, customers, and partners for their continued trust and support," said Cumulus Media President and CEO Mary G. Berner.

"Emerging with a significantly stronger balance sheet, we are more committed than ever to providing engaging content across our national footprint, serving as a lifeline and voice for the local communities we serve, driving meaningful growth for our advertising partners, and delivering value for our new shareholders," Berner added.

As part of the restructuring, Cumulus has appointed a new Board of Directors representing its reorganized ownership structure. The company's existing executive management team, led by Berner, will remain in place.