Cumulus Media Inc. filed for Chapter 11 bankruptcy protection on March 5, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas, announcing a prepackaged restructuring support agreement with lenders to eliminate approximately $600 million of its $697 million debt. The company, which operates 394 radio stations across 84 markets, the Westwood One national syndication network serving over 7,800 affiliates, and the Cumulus Podcast Network, stated operations would continue normally with no impact on its 3,000 employees, listeners, or partners.

The restructuring plan cancels all existing funded indebtedness in exchange for 100% of the reorganized company's equity and $50 million in new convertible notes, while amending its asset-based revolving credit facility for ongoing liquidity. Cumulus anticipates court approval of the plan within 60 days, followed by emergence pending Federal Communications Commission approvals, after which it will operate as a private company.

President and CEO Mary G. Berner said, "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." She added that the debt burden had limited the company's potential and the prepackaged process would position it to invest further in premium content, audience experiences, and digital marketing without disruption.

Court filings cited unsustainable debt amid competition from digital streaming, advertising market shifts, annual audience declines, and hybrid work reducing drivetime listenership, exacerbated by a dispute with Nielsen Audio over ratings data costs. For the nine months ended September 30, 2025, Cumulus reported $553.6 million in net revenue and a $65.6 million net loss. Liabilities range from $1 billion to $10 billion, with over 10,000 potential creditors; top unsecured creditors include Bank of America at $321 million and U.S. Bank Trust at $318 million.

This marks Cumulus's second Chapter 11 filing in a decade. In 2017, it restructured, cutting debt from over $2.3 billion to $1.3 billion by mid-2018. Peers like Audacy and iHeartMedia have similarly used bankruptcy to manage debt amid radio's challenges.

Cumulus reaches a quarter billion people monthly through broadcast, digital, podcasts, and events, providing advertisers local and national reach.