Cumulus Media is an audio entertainment company which owns 394 radio stations, a radio syndication business and a podcast network. In the radio sports world they own the syndicated sports network Westwood One. Cumulus has filed for bankruptcy protection in Texas with ​a restructuring deal that would eliminate most of the company’s $697 million in debt.

Here’s the official media statement from the company:

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Cumulus Media Announces Agreement to Eliminate Substantially All Remaining Debt and Significantly Strengthen Financial Position

Debt Reduction to be Executed Through a Streamlined Prepackaged Chapter 11 Process

Cumulus Media Inc. (OTCQB: CMLS) (the “Company,” “Cumulus”, “Cumulus Media,” “we,” “us,” or “our”) today announced that it has entered into a comprehensive restructuring support agreement (the “RSA” or the “Agreement”) with a group of its lenders to eliminate approximately $600 million of debt, substantially deleveraging its balance sheet and enhancing its ability to execute on strategic priorities. The Company will continue operating in the ordinary course throughout the process, with no impact to employees, partners, or listeners.

“While we have outperformed the market on many of our most important metrics, including share gains in both local and digital revenue, the broader macroeconomic and industry-wide pressures we have faced have remained unrelenting,” said Mary G. Berner, President and Chief Executive Officer of Cumulus Media. “Against that backdrop, it became clear that Cumulus’s remaining debt burden limited our ability to fully realize the Company’s potential, and this agreement represents a major step forward.”

Berner continued, “The prepackaged process is intended to address the Company’s debt efficiently with no disruption to our operations, our people, and our strategies. On emergence, a stronger financial foundation will better position Cumulus to continue investing in premium content, enriched audience experiences, advertiser performance enhancements, and the ongoing growth of our digital marketing offerings.”

To implement the Agreement, Cumulus and certain of its subsidiaries commenced prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the “Court”) on March 5, 2026. In conjunction with the Chapter 11 petitions, Cumulus has filed a proposed Plan of Reorganization (the “Plan”) that incorporates the terms of the RSA and is subject to approval by the Court. The requisite majority of debtholders committed to vote in favor of the Plan, which calls for the cancellation of 100% of the Company’s existing funded indebtedness in exchange for 100% of the Company’s reorganized equity and $50 million of new convertible notes, as well as the amendment and restatement of the Company’s asset-based revolving credit facility to provide continued liquidity. Cumulus expects that the Court will hold a hearing to consider the approval of the Plan within 60 days of the filing date and that the Company will emerge from bankruptcy following receipt of required regulatory approvals from the Federal Communications Commission.

Additional information regarding the restructuring is available at www.cumulus.com/restructuring.