Cumulus Media Emerges from Chapter 11 Reorganization

ATLANTA, Oct. 16, 2026 /CourierPR/ -- Cumulus Media Inc. has emerged from a Chapter 11 reorganization process, following receipt of all required approvals, including from the Federal Communications Commission. The restructuring was completed on an accelerated timeline, consistent with the company's original expectations, and Cumulus continued to operate in the ordinary course throughout the process, with no disruption to operations, audiences, or advertisers.

Mary G. Berner, President and CEO of Cumulus Media, expressed gratitude to the company's lenders and noteholders for their collaboration.

The reorganization process was initiated on March 4, 2026, in the United States Bankruptcy Court for the Southern District of Texas, pursuant to a comprehensive restructuring support agreement with a group of lenders. Under the terms of the confirmed plan of reorganization, Cumulus canceled 100% of its existing funded indebtedness, approximately $600 million, in exchange for 100% of the company's reorganized equity and $50 million of new convertible notes issued to former lenders. The company also amended and restated its asset-based revolving credit facility to provide continued liquidity going forward.

Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month, wherever and whenever they want it. The company engages listeners with high-quality local programming through 377 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, US Soccer, and AP News, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining, and thought-provoking.

Forward-looking statements in the release are based on current expectations, assumptions, estimates, and projections about the company’s business and its industry, and are not guarantees of future performance. These statements are subject to a number of known and unknown risks, uncertainties, and other factors, many of which are beyond the company’s ability to control or predict, which may cause actual events to be materially different from those expressed or implied herein.