Cumulus Media files Chapter 11, enters restructuring deal

01 Décembre, 2017, 02:50 | Auteur: Auguste Feret
  • Cumulus Media files Chapter 11, enters restructuring deal

US radio broadcaster Cumulus Media Inc filed for Chapter 11 bankruptcy protection and said it has entered into a restructuring agreement with certain of its lenders to reduce more than $1 billion in debt.

Cumulus Media, America's second-largest radio station owner, has filed bankruptcy to relieve a debt burden it accumulated during an acquisition spree and that it has struggled to service amid declining ratings and advertising revenue. If the agreed to the restructuring will reduce its debt load by more than $1 billion.

Cumulus owns and operates 446 radio stations across the country, putting it behind only iHeartMedia, which itself has been experiencing financial duress as advertisers and listeners migrate away from radio to other formats including digital streaming.

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Cumulus is the second-largest radio station owner in America behind iHeartMedia, formerly known as Clear Channel, which owns more than 30 stations across NY state. 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.

Operations should continue normally with "ample" cash on hand, it says, and so it won't seek debtor-in-possession financing.

"The actions we are taking today to address our balance sheet are a critical step forward for Cumulus", Mary Berner, president and CEO of Cumulus, said in a statement.

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