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

Core Viewpoint - Cumulus Media Inc. has announced a comprehensive restructuring support agreement to eliminate approximately $600 million of debt through a prepackaged Chapter 11 process, aiming to enhance its financial stability and operational capabilities [1][2]. Group 1: Debt Restructuring - The restructuring agreement will allow Cumulus to substantially deleverage its balance sheet, which is expected to improve its ability to execute strategic priorities [1][2]. - The prepackaged Chapter 11 proceedings were initiated on March 5, 2026, in the United States Bankruptcy Court for the Southern District of Texas [2]. - The proposed Plan of Reorganization includes the cancellation of 100% of the existing funded indebtedness in exchange for 100% of the reorganized equity and $50 million of new convertible notes [2]. Group 2: Operational Impact - Cumulus Media will continue its operations without disruption during the restructuring process, ensuring no impact on employees, partners, or listeners [1][2]. - The restructuring is designed to be efficient, allowing the company to focus on investing in premium content and enhancing audience experiences post-emergence [2]. Group 3: Company Overview - Cumulus Media is an audio-first media company that delivers content to a quarter billion people monthly through 394 owned-and-operated radio stations and a national audio network [4]. - The company provides advertisers with a range of services, including integrated digital marketing and full-service audio solutions, aiming to create personal connections and local impact [4].