Cumulus Media cancels common shares, exits Chapter 11
The reorganization plan became effective as Cumulus Media emerged from Chapter 11 and canceled all issued and outstanding common shares.
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Form Type
4
Rhea-AI Filing Summary
Richard Denning, Cumulus Media Inc. (CMLS)’s EVP, General Counsel & Secretary, reported a disposition to the issuer of 181,723 directly held Class A common shares on October 16, 2026; his reported direct holdings afterward were 0 shares. Cumulus Media stated that on the plan’s effective date, all issued and outstanding common shares, including Class A, were canceled and extinguished, and the company emerged from Chapter 11.
Insider Trade Summary
Disposition: 181,723 shares
Disposition
1 txn
Insider
Denning Richard
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A Common Stock, par value $0.0000001 per share F1, F2, F3 | 181,723 | -- | -- |
Holdings After Transaction:
Class A Common Stock, par value $0.0000001 per share — 0 shares (Direct)
Footnotes (3)
- F1. On March 4, 2026, the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the "Company Parties") commenced filing voluntary petitions (the "Chapter 11 Cases") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") seeking relief under Chapter 11 of Title 11 of the United States Code. On March 5, 2026, the Company Parties filed the Disclosure Statement for the Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its Debtor Affiliates and the Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its Debtor Affiliates in the Chapter 11 Cases in the Bankruptcy Court. On April 13, 2026, the Company Parties filed the Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its Debtor Affiliates (as may be amended or supplemented from time to time in accordance with its terms, the "Plan").
- F2. On April 15, 2026, the Bankruptcy Court entered an order confirming the Plan (the "Confirmation Order"). On October 16, 2026 (the "Effective Date"), the Company Parties satisfied the conditions to effectiveness of the Plan set forth in the Confirmation Order and the Plan, the Plan became effective in accordance with its terms and the Company Parties emerged from Chapter 11.
- F3. On the Effective Date, all of the Company's issued and outstanding shares of common stock, including the Company's Class A Common Stock, par value $0.0000001 per share, were cancelled and extinguished pursuant to the Plan.
Key Figures
Class A shares disposed to issuer: 181,723 shares
Reported direct holdings after transaction: 0 shares
Class A Common Stock par value: $0.0000001 per share
3 metrics
Class A shares disposed to issuer
181,723 shares
Direct transaction on October 16, 2026
Reported direct holdings after transaction
0 shares
After the October 16, 2026 transaction
Class A Common Stock par value
$0.0000001 per share
Class A Common Stock
Key Terms
Chapter 11, Plan of Reorganization, Confirmation Order, Effective Date
4 terms
Chapter 11 regulatory
"seeking relief under Chapter 11 of Title 11"
Chapter 11 is a U.S. bankruptcy process that lets a financially distressed company keep operating while it reorganizes its debts and business plan under court supervision. Think of it as a formal pause that allows the company to renegotiate payments, shed contracts or assets, and seek a path to profitability instead of being liquidated; investors watch it because it can change the value and priority of claims, equity dilution, or the likelihood of recovery.
Plan of Reorganization regulatory
"Modified Joint Prepackaged Chapter 11 Plan of Reorganization"
A plan of reorganization is a formal blueprint used during bankruptcy to rearrange a company’s debts, assets and ownership so it can keep operating. It lays out who gets paid, what creditors and shareholders receive, and how the business will change going forward; think of it as a court-approved debt and recovery roadmap that decides whether investors keep value, receive new securities or cash, or lose their stake.
Confirmation Order regulatory
"entered an order confirming the Plan (the "Confirmation Order")"
Effective Date regulatory
"On October 16, 2026 (the "Effective Date")"
The effective date is the specific calendar day when a contract, regulatory action, corporate change, or financial disclosure officially begins to apply and take legal or operational effect. For investors, it marks the moment rules, obligations, ownership, pricing, or reporting change—similar to the exact minute a light switch is flipped—so it determines when rights, liabilities, or market impacts start and which periods or transactions are affected.
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