Cumulus Media Inc. has voluntarily initiated a prepackaged Chapter 11 bankruptcy process supported by a group of its lenders. The Atlanta company aims to restructure its debt under court supervision. Case records show that 40 affiliates of the audio media company have also made their individual bankruptcy filings.
Cumulus Media Inc. Files for Chapter 11
Cumulus Media Inc. made its Chapter 11 filing on March 5, the case details on PACER. The proceeding is underway in the U.S. Bankruptcy Court for the Southern District of Texas.
Right before this, some of the affiliates of the audio media company also submitted their Chapter 11 petitions on March 4. Some of these affiliated entities included Cumulus Texas, LLC, Atlanta Radio, LLC, Chicago Radio Assets, LLC, and Cumulus Network Holdings LLC.
Operations To Continue As Usual
In an official announcement, Cumulus Media Inc. stated that it has made its way into a restructuring support agreement with some of its lenders. The Atlanta company plans to cut roughly $600 million in debt through the restructuring support agreement (RSA).
As bankruptcy proceedings move forward, the audio media company expects to function as normal with no impact on employees, listeners or partners.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, explained why the company filed for Chapter 11.
“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 Berner. “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.”
Court filings also state that Cumulus Media Inc. has submitted a reorganization plan along with its petition. Pursuant to 11 U.S.C. § 1126(b), the Atlanta company submitted the plan to some creditors prior to the filing. A majority of them have agreed to the plan, which is expected to remove all of its existing funded debt.
In return, the creditors would receive ownership of the reorganized audio media company alongside $50 million in new convertible notes. In addition, the plan calls for updating and revising its credit facility for continued funding access.
Filing details further state that the audio media company must submit periodic reports, such as 10K and 10Q, to the Securities and Exchange Commission. Following this step would help it maintain the requirements of the Securities Exchange Act of 1934.
Company Background
As an audio media company, Cumulus Media Inc. serves around 250 million listeners monthly through several broadcast and digital channels. The Atlanta-based company currently owns and operates 395 radio stations spanning 84 nationwide markets, its website states. These feature local music, talk, sports, and news programs.
The media company’s Cumulus Podcast Network produces and distributes original podcast programming.
In addition, Cumulus Media Inc. combines news, sports, and entertainment through its national audio network, Westwood One. This offers the audience spread across 7,800 affiliated stations in the country with NFL, Masters Tournament, and NCAA coverage.
Case Related Details
Attorney John F. Higgins of Porter Hedges LLP is legally representing Cumulus Media Inc. in the latest case, court records state. In addition, Richard Denning, the company’s Executive Vice President, Secretary & General Counsel, is mentioned as the authorized representative in the petition. Further information listed in the Chapter 11 petition is:
- Filing Date: March 5, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Southern District of Texas
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-90346
- Estimated Assets: $1,000,000,001-$10 billion
- Estimated Liabilities: $1,000,000,001-$10 billion
- Reason for Filing: Restructure business under court supervision
As of now, Cumulus Media Inc. owes roughly 10,001-25,000 creditors in total. Court filings indicate that funds will be available for distribution to the unsecured creditors.
The documents listed in the petition of Cumulus Media Inc. were a resolution of the authorizing body of each company and a list of creditors who have the 30 largest unsecured claims and are not insiders. A consolidated corporate ownership statement and list of equity interest holders pursuant to federal bankruptcy law 1007(a)(1) and 7007.1 was also submitted.
Cumulus Media Inc.’s bankruptcy filing marks a notable step as it moves to restructure billions of dollars in assets and liabilities. The proceedings in the coming weeks are expected to shape the audio media company’s financial restructuring.
