ATLANTA, Oct. 16, 2026 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (the "Company," "Cumulus," "Cumulus Media," "we," or "our") today announced that it has successfully completed its financial restructuring and emerged from the 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 Chief Executive Officer of Cumulus Media said, "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. 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."
Upon completing its restructuring and emerging from Chapter 11 as a privately owned company, Cumulus has appointed a new Board of Directors and will remain under the leadership of its existing management team.
As previously announced, Cumulus and certain of its subsidiaries commenced a prepackaged Chapter 11 process in the United States Bankruptcy Court for the Southern District of Texas on March 4, 2026, pursuant to a comprehensive restructuring support agreement with a group of its lenders. Under the terms of the Company's confirmed plan of reorganization, Cumulus has 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.
About Cumulus Media
Cumulus Media is an audio-first media company delivering premium content to a quarter billion people every month — wherever and whenever they want it. Cumulus Media 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. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are predictive in nature and are identified generally by the use of the terms “intended”, “expected”, “will”, and “anticipates”, and similar words or expressions indicating possible future expectations, events or actions. Forward-looking statements 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. Such risks and uncertainties include, among other things, general economic or business conditions affecting the radio broadcasting industry which may be less favorable than expected, decreasing spending by advertisers; changes in market conditions which could impair the Company’s intangible assets and the effects of any material impairment of its intangible assets; the Company’s ability to execute its business plan and strategy; the ability to attract, motivate, and/or retain key executives and associates; increased competition in and with the media industry and the Company’s ability to respond to changes in technology, including artificial intelligence, in order to remain competitive; shifts in population, demographics, audience tastes, and listening preferences; and other factors described in the “Risk Factors” sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
