Cumulus Media says it has secured approval for its reorganization plan from the United States Bankruptcy Court for the Southern District of Texas, marking a key step in its Chapter 11 process.
The U.S.-based radio broadcaster says the plan is expected to eliminate approximately $600 million in debt, subject to approval from the Federal Communications Commission. The company says it continues to operate as normal during the restructuring.
Mary G. Berner, president and CEO of Cumulus Media, said, “When we initiated this prepackaged restructuring in March, we did so with a clear objective to right-size our balance sheet to support long-term success. The court’s prompt approval of our plan keeps us firmly on track to eliminate approximately $600 million in debt and positions us to emerge with a significantly stronger financial foundation. We look forward to completing the restructuring and emerging as a well-capitalized company, better equipped to compete in the evolving audio landscape.”
Cumulus Media says it will move to complete the process following FCC approval.
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