Cumulus exits Chapter 11 with lenders owning all equity

Cumulus Media said it completed its financial restructuring and emerged from Chapter 11 on Oct. 16, 2026, with former lenders receiving all of the reorganized company’s equity. Under the confirmed plan, the company canceled about $600 million in existing funded debt and issued the lenders $50 million in new convertible notes.

Cumulus characterized the resulting debt reduction as $550 million. That is the company’s description of the restructuring, not a reported post-reorganization total-debt balance. The company also said it amended and restated its asset-based revolving credit facility.

Cumulus emerged as a privately owned company, appointed a new board and retained its existing management team, according to its announcement. The equity transfer changed who owns the reorganized company; the new notes were a separate part of the plan’s consideration for former lenders.

Bankruptcy and FCC steps preceded the exit

Cumulus and certain subsidiaries began their Chapter 11 cases on March 4, 2026. On April 15, the bankruptcy court confirmed a modified reorganization plan. Confirmation approved the plan in the bankruptcy case, but it was not the same step as completing the restructuring and emerging from bankruptcy.

The Federal Communications Commission separately considered transfers of control for Cumulus radio licenses to the reorganized ownership. FCC transaction data includes entries dated Aug. 25, 2026, and Radio Ink and Radio World reported that the commission granted the transfer applications. Cumulus said it received the required approvals, including FCC approval, before announcing completion in October.

The court and licensing actions addressed separate parts of the transition: the bankruptcy court confirmed the plan, while the FCC reviewed control of the radio licenses. The October announcement marked the company’s implementation of the plan, including the transfer of equity and issuance of notes.

Staffing pledge and August layoff reports

In an Aug. 14 letter to FCC Chairman Brendan Carr, Cumulus CEO Mary Berner pledged to maintain existing newsroom staffing levels for at least two years after approval of the requested applications. The letter records a company pledge; it does not establish that the FCC made the pledge a formal or binding approval condition.

Separately, Radio World reported that multi-week nationwide employee layoffs had begun earlier in August, citing RadioInsight. Radio Ink reported an early-August round affecting sales and programming positions. The pledge addressed newsroom staffing, not every job at the company. The reports did not establish a total number of employees affected.

The two developments describe different aspects of staffing: reported companywide cuts and a pledge limited to existing newsroom staffing levels. Neither establishes the number of newsroom employees after the pledge or the staffing levels at individual stations following the restructuring.

Cumulus says it operates 377 owned-and-operated radio stations in 84 markets. Its Westwood One network distributes programming to more than 7,800 affiliated stations, according to the company. These figures describe the reach of the business under its reorganized ownership; they do not establish a particular effect on any station, employee, listener, advertiser or affiliate.