Cumulus Media

What the company does

Cumulus Media is an audio-first media company that delivers content across radio, podcasts and national networks. Its operations include:

• 393 owned-and-operated radio stations in 84 markets.
• Westwood One, a national syndicator providing sports, news, talk and entertainment programming to over 7,800 affiliated stations.
• The Cumulus Podcast Network featuring original podcasts.
• Advertising and marketing solutions spanning local broadcast and national on-demand digital, mobile, social and voice-activated platforms, plus integrated digital marketing services, influencers, full-service audio production, research and live events.

Reach and platforms

• Monthly audience: approximately a quarter of a billion people.
• Radio footprint: 393 owned-and-operated stations across 84 markets.
• National/affiliate reach: more than 7,800 affiliated stations via Westwood One.
• Content ecosystems: local radio, national networks, and podcasts (Cumulus Podcast Network).

Content brands and partnerships

Cumulus distributes nationally syndicated programming from major sports and news brands, including the NFL, the NCAA, the Masters, U.S. Soccer, AP News, and the Academy of Country Music Awards. Its podcast and digital platforms complement the core radio and network offerings.

Corporate structure and recent history

• Corporate form: Delaware corporation, organized in 2018 as the successor to a predecessor corporation that completed a 2017 bankruptcy reorganization and emerged on June 4, 2018.
• On March 4, 2026, Cumulus Media and substantially all subsidiaries commenced voluntary Chapter 11 cases in the Southern District of Texas to implement a joint prepackaged plan of reorganization under a Restructuring Support Agreement (RSA) and an ABL commitment letter.
• The cases are jointly administered under In re Cumulus Media Inc., et al., Case No. 26-90346 (ARP). The debtors are operating as debtors-in-possession during the restructuring.

Key restructuring terms (high-level)

• Equity: All existing Class A and Class B common stock will be canceled with no recovery to holders.
• ABL facility: Holders of claims under the existing ABL Credit Facility will receive their pro rata share of new loans under an amended and restated ABL facility.
• 2029 secured claims: Holders will receive a pro rata share of $50 million in newly issued convertible notes (Exit Convertible Notes) and a pro rata share of new Class A and Class B common stock and/or Special Warrants for New Common Stock. The New Common Stock (including shares issuable on exercise of Special Warrants) will constitute 95% of the New Common Stock issued on the Plan Effective Date, subject to dilution for the Management Incentive Plan (MIP).
• 2026 secured and deficiency claims: Holders will receive a pro rata share of New Common Stock and/or Special Warrants that together will constitute 5% of the New Common Stock issued on the Plan Effective Date, subject to MIP dilution.
• General unsecured claims: To be paid in the ordinary course in connection with the underlying transactions that gave rise to the claims.
• MIP: 10% of the New Common Stock reserved for a management incentive plan.
• Listing/reporting: The reorganized company does not intend to list the New Common Stock on a major securities exchange or be subject to certain Exchange Act reporting obligations, to the extent permitted by law.
• Regulatory condition: Plan consummation is subject to FCC approval for the company’s emergence from Chapter 11, among other conditions.

Milestones and current status

• Solicitation launched: March 4, 2026 (filing date).
• Scheduling order entered: March 5, 2026.
• Final Cash Collateral Order entered: March 25, 2026.
• Confirmation hearing scheduled: April 15, 2026.
• Potential Plan Effective Date: within 75 days after confirmation, with a possible extension to 120 days under specified conditions.

Operational posture during restructuring

• The debtors expect to continue operating in the ordinary course and to pay vendors and employees.
• First-day motions were granted to support ongoing operations, including employee wages, vendor payments, tax authorities and other prepetition obligations.
• Rejection of certain unexpired leases was approved; further lease rejections remain possible.