• ABOUT
    • Contact
    • The Team
    • FAQ
    • Use & Privacy Policy
  • ADVERTISE
  • JOB LISTINGS
MusicRow.com
  • CALENDARS
    • Album Releases
    • Single Releases
    • Industry Events
  • EVENTS
  • OBITS
  • REVIEWS
  • CHARTS
    • CountryBreakout Radio Chart
      • Current CountryBreakout Chart
      • CountryBreakout Chart Archives
    • No. 1 Challenge Coin
    • Top Songwriter Chart
      • Current Top Songwriter Chart
      • Top Songwriter Chart Archive
  • ROWFAX
  • NEWSLETTER
  • SIGN UP
  • STORE
  • Search
  • Menu

Cumulus Files For Chapter 11

November 30, 2017/0 Comments/in Featured, Radio /by Jessica Nicholson

Cumulus Media has filed to reorganize in Chapter 11 bankruptcy, with $2.4 billion in debt. The radio giant has reached an agreement with 69 percent of its term loan holders. The company’s pre-packaged restructuring agreement will reduce the company’s debt by more than $1 billion.

Cumulus expects all operations, programming and sales to continue as normal throughout the restructuring process. A release from the company notes that Cumulus has ample cash on hand, as well as funds generated from ongoing operations, to support the business during the financial restructuring.

Mary Berner, President and Chief Executive Officer of Cumulus Media Inc., said, “Over the last two years, we have focused on implementing a business turnaround to reverse the company’s multi-year ratings, revenue and EBITDA declines, create a culture that fosters motivated and engaged employees, and build an operational foundation to support the kind of performance we believe Cumulus is capable of delivering. As we have demonstrated in many measurable ways – including increased ratings, revenue market share gains, improved employee satisfaction, reduced employee turnover and, over the last several quarters, our return to year-over-year EBITDA and revenue growth – that turnaround has not only been successful but is continuing. However, as we have noted consistently, the debt overhang left by previous years of underperformance remains a significant financial challenge that we must overcome for our operational turnaround to proceed.

“The actions we are taking today to address our balance sheet are a critical step forward for Cumulus. We will use this restructuring process to relieve the financial constraints on our continued progress, allowing us to focus our resources on investing in our business and people to strengthen our competitiveness and ultimately drive growth. We have ample cash to support our operations and service our advertisers, vendors and affiliates during this period, and we look forward to becoming an even stronger partner to all of them when we complete this important phase of our turnaround strategy.

“We appreciate the tremendous efforts of the Cumulus team throughout the business turnaround and thank our employees for continuing to be the true force driving our success.”

  • Author
  • Recent Posts
Jessica Nicholson
Jessica Nicholson
Jessica Nicholson serves as the Managing Editor for MusicRow magazine. Her previous music journalism experience includes work with Country Weekly magazine and Contemporary Christian Music (CCM) magazine. She holds a BBA degree in Music Business and Marketing from Belmont University. She welcomes your feedback at [email protected]
Jessica Nicholson
Latest posts by Jessica Nicholson (see all)
  • CMA Honors Robert Deaton With Chairman’s Award - December 4, 2020
  • Nashville Symphony, Nashville Musicians Association Reach Agreement - December 4, 2020
  • Zach Williams’ “Chain Breaker” Is Most-Added On ‘MusicRow’ CountryBreakout Radio Chart - December 4, 2020
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
https://musicrow.com/wp-content/uploads/2017/09/cumulus-logo.jpg 264 470 Jessica Nicholson https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png Jessica Nicholson2017-11-30 09:54:072017-11-30 09:54:07Cumulus Files For Chapter 11
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply Cancel reply

You must be logged in to post a comment.

RECENT NEWS

  • Dierks Bentley’s Whiskey Row Breaks Ground In Denver February 24, 2021
  • SmithField Puts On ‘Sunday Best’ Ahead Of Upcoming EP February 24, 2021
  • Industry Ink: Queue Records, Sister Sadie, YEP February 24, 2021
  • ACM Nominations To Be Revealed On ‘CBS This Morning’ February 24, 2021
  • Saturday’s Grand Ole Opry To Benefit Feeding America February 24, 2021
  • Triple Tigers Records Promotes Laura Hostelley To VP, Marketing February 24, 2021
  • Mumford & Sons’ Ben Lovett Announces Timeline For New Huntsville Venue Opening February 24, 2021
  • Blackberry Smoke Marks 20 Years As A Band With New Album ‘You Hear Georgia’ February 24, 2021
  • Travis Tritt Announces First Full-Length Studio Album In Over A Decade February 24, 2021
  • Payton Smith To Play Virtual Benefit Show For East Tennessee Children’s Hospital February 24, 2021
  • Lily Rose Signs With Fusion Music February 24, 2021
  • CMA Partners With Touring Professionals Alliance Kitchen February 23, 2021
  • On The Row: Dallas Remington Has Kept Busy During Pandemic February 23, 2021
  • Nashville Music Equality To Feature The Black CMA On Panel Tonight February 23, 2021
  • FGL’s Amazon Global Livestream Event Set For Thursday February 23, 2021

Like Us on Facebook

Follow Us on Twitter

Tweets by MusicRow
© 2021 Music Row Enterprises, LLC – All rights reserved.
  • Facebook
  • Twitter
  • Instagram
Scroll to top