Filing Alert: Cumulus Media Chapter 11

Update (Mar. 5, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Cumulus Media Inc.

Cumulus Media Inc. and its debtor affiliates⁽¹⁾, an Atlanta, GA-based audio-first media company owning and operating radio stations and the Westwood One network, filed for Chapter 11 protection on Mar. 5 in the U.S. Bankruptcy Court for the Southern District of Texas.

The company, which previously reorganized in 2018, attributes the filing to secular structural declines in the broadcast radio industry, characterized by audience migration to digital streaming and the persistence of hybrid work patterns that have eroded critical drivetime listenership. These headwinds were compounded by an inflationary cost structure and a secular shift in advertising budgets toward programmatic digital channels, rendering the capital structure unsustainable despite a May 2024 liability management exercise that exchanged roughly $630 million in near-term maturities. Liquidity was further strained by litigation with Nielsen regarding a new network "tying" policy, which threatened to drastically increase data costs or sever access to national ratings essential for revenue generation following a stay of the company's preliminary injunction.

The prepackaged Plan, supported by a Restructuring Support Agreement (RSA) with holders of approximately 72% of the 2029 Debt Claims, contemplates a comprehensive recapitalization that will deleverage the balance sheet by approximately $592 million and reduce annual cash interest expense by nearly $49 million. The restructuring involves the equitization of the 2029 Secured Term Loans and Notes, with holders receiving 95% of the New Common Stock and $50 million in new Exit Convertible Notes, while remaining funded debt claims receive the residual 5% of the new equity. The debtors intend to fund the cases through approximately $46 million in cash on hand and the consensual use of cash collateral, and have secured a $100 million Exit ABL commitment to refinance the prepetition revolving facility, leaving general unsecured creditors unimpaired.

Cumulus Media Inc. reports $1.1 billion in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-90346.

⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.

Chapter 11 Debtors

Top Unsecured Claims

Key Parties

Counsel:

• John F. Higgins
  Porter Hedges LLP
  Email: [email protected]

Bankruptcy Co-counsel:

• Paul, Weiss, Rifkind, Wharton & Garrison LLP

Restructuring Advisor:

• Alvarez & Marsal North America, LLC

Financial Advisor:

• Moelis & Company

Signatories:

• Richard Denning – Executive Vice President, Secretary & General Counsel

Claims Agent:

• Kurtzman Carson Consultants, LLC d/b/a Verita Global

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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