FCC Approves Cumulus Post-Bankruptcy Ownership Transfer

RADIO ONLINE | Thursday, August 20, 2026 | 11:37am CT

Cumulus Media

Cumulus Media has cleared a major regulatory hurdle toward emerging from Chapter 11 bankruptcy, with FCC records showing the broadcaster's applications to transfer control of its licenses to its post-reorganization shareholders have been granted.

The approval follows an August 14 letter from Cumulus President and CEO Mary Berner to FCC Chairman Brendan Carr reaffirming the company's public-interest commitments and pledging to maintain existing newsroom staffing levels for at least two years following approval of the applications.

Cumulus filed a prepackaged Chapter 11 bankruptcy proceeding in March, with its reorganization plan confirmed by a federal bankruptcy court in April. The restructuring will cancel the company's existing stock and distribute new securities primarily to holders of Cumulus debt.

The broadcaster filed several FCC Form 315 applications seeking approval to transfer control of its license subsidiaries from Cumulus's current shareholders to its post-reorganization shareholders. The licensee subsidiaries themselves will remain unchanged.

Under the new ownership structure, Alden Global Capital President Heath Freeman is expected to hold a 31.86% voting interest in reorganized Cumulus through Next Gen Radio Enterprises LLC. Alden has drawn criticism in the newspaper industry for significant staffing reductions at publications under its ownership.

Berner's August 14 letter appeared to address concerns about what the ownership change could mean for Cumulus's local operations. v "I take this opportunity to reaffirm Cumulus Media's longstanding commitment to operating its broadcast radio stations in a manner that serves the public interest, advances localism, supports public safety and responds to the needs and interests of the communities it is privileged to serve," Berner wrote.

Cumulus specifically committed to maintaining its existing newsroom staffing levels for a minimum of two years following FCC approval. The commitment applies to newsroom staffing and does not include a similar pledge covering programming, sales or other departments.

Berner also highlighted Cumulus's public-service activities, saying the broadcaster has worked with nearly 2,000 local organizations during the past three years. The company said its stations helped raise more than $75 million through fundraising drives, radiothons and community campaigns and provided nearly $50 million in support through public service announcements, interviews and other on-air exposure.

Cumulus said those efforts included more than 400,000 on-air mentions of local causes and nearly 200,000 digital posts, generating more than $123 million in direct donations and other support during the three-year period.

"The reorganization is designed to strengthen Cumulus Media's financial foundation and enhance its ability to continue serving listeners, employees, advertisers, community partners and public-safety stakeholders across the country," Berner wrote.

The FCC approvals allow Cumulus to move forward with implementing its court-approved reorganization and emerging from Chapter 11 under its new shareholder structure.