Recent Updates — CMLS

Cumulus Media successfully completed its financial restructuring and emerged from Chapter 11 reorganization on October 16, 2026. The company canceled approximately $600 million of existing funded indebtedness in exchange for 100% of the reorganized equity and issued $50 million in aggregate principal amount of 10%/8% Senior Secured PIK Toggle Notes due 2031 to holders of Allowed 2029 Secured Claims. Existing Class A and B common stock was canceled without distribution, and new shares were issued to debt holders, with approximately 95% going to 2029 Secured Claim holders and 5% to Other Funded Debt Claim holders. The company entered into a new $100 million asset-based revolving credit facility and appointed a new board of directors including Heath B. Freeman and Philip A. Hudson from Alden Global Capital. Cumulus intends to deregister its securities with the SEC and operate as a private company. Cumulus Media is an audio-first media company delivering premium content through 377 owned-and-operated radio stations, national syndication via Westwood One, and podcasting.

Cumulus Media Inc. reported operating results for the second quarter and first half of 2026, revealing a net loss of $9.2 million on net revenue of $167.9 million for the three months ended June 30, 2026. Revenue declined 9.7% year-over-year, while Adjusted EBITDA fell to $16.0 million from $22.4 million in the prior year period. For the six-month period, net revenue decreased 11.0% to $332.4 million with a net loss of $26.1 million and Adjusted EBITDA of $18.7 million. The company remains in Chapter 11 proceedings, having confirmed its Plan of Reorganization on April 15, 2026, while awaiting final FCC approval to emerge from bankruptcy. Cumulus Media operates as a radio broadcasting and audio content provider.