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Cumulus Media Inc. files Amendment No. 1 to its Form 10‑K to add Part III information on directors, executive compensation, ownership, related‑party transactions and auditor fees. The filing notes that Cumulus and subsidiaries commenced prepackaged Chapter 11 cases on March 5, 2026, with a modified reorganization plan confirmed by the Bankruptcy Court on April 15, 2026, pending regulatory approvals.
For 2025, CEO Mary Berner received total compensation of about $2.3 million, including salary of $1.45 million and a short‑term incentive payout at 53.2% of target based on Adjusted EBITDA of roughly $57.8 million. The board added restructuring‑focused directors, created a Transaction Committee for the Chapter 11 cases, and discloses that non‑employee directors were paid primarily in cash. As of April 3, 2026, Cumulus had 17,668,032 common shares outstanding and a public float market value of about $1.6 million as of June 30, 2025.
Cumulus Media Inc. (CMLSQ) reported another quarterly loss while operating under Chapter 11 protection and preparing to cancel all existing equity. For the three months ended March 31, 2026, net revenue was $164,447,000 versus $187,349,000 a year earlier, reflecting weaker broadcast and digital advertising.
The company posted a net loss of $16,862,000, improved from a $32,367,000 loss, helped by $22,012,000 of reorganization gains, including lease rejections and debt claim adjustments. Cash fell to $57,607,000, and $1,071,727,000 of prepetition obligations are classified as liabilities subject to compromise.
Under the confirmed reorganization plan, all current Class A and Class B common stock will be canceled with no recovery to shareholders, and new equity and $50,000,000 of exit convertible notes will go to creditors. Management concludes there is substantial doubt about the company’s ability to continue as a going concern until the restructuring is completed.
Cumulus Media reported first quarter 2026 results showing continued losses while progressing through its Chapter 11 restructuring. Net revenue was $164.4 million, down 12.2% from the same period in 2025, reflecting lower broadcast radio and digital revenue partly offset by growth in other revenue.
The Company posted a net loss of $16.9 million, an improvement from a $32.4 million net loss a year earlier, and generated Adjusted EBITDA of $2.7 million, down 23.6%. Broadcast radio revenue declined 19.3%, while digital revenue fell 8.3% and other revenue rose 16.5%.
Cash and cash equivalents were $57.6 million as of March 31, 2026, compared with $82.0 million at December 31, 2025. The Company is operating as a debtor-in-possession, with all debt reclassified to liabilities subject to compromise after its Chapter 11 filing.
The Bankruptcy Court has confirmed Cumulus Media’s Modified Joint Prepackaged Chapter 11 Plan of Reorganization. The Company expects the plan to become effective once conditions precedent, including FCC approval and other required regulatory approvals, have been satisfied or waived.
Cumulus Media Inc. reports that the U.S. Bankruptcy Court has confirmed its joint prepackaged Chapter 11 reorganization plan. The company expects the plan to become effective after Federal Communications Commission and other regulatory approvals.
As of April 3, 2026, Cumulus had 17,668,032 shares of common stock outstanding. Under the plan, all existing common shares and related equity interests will be cancelled on the effective date with no distribution, while new common stock, Special Warrants and Exit Convertible Notes will be issued to creditors. The new common stock is not expected to be listed on any securities exchange or registered under the Securities Act.
A company press release states the plan is expected to eliminate approximately $600 million of debt and strengthen the balance sheet. On the effective date, Cumulus intends to file Form 15 to deregister its common stock and immediately suspend SEC periodic reporting. The filing also details amended employment agreements for the CEO and CFO, reduced base salaries, revised severance multiples, and a new management incentive plan reserving 10% of the new common stock for awards.
Cumulus Media Inc. reports that the U.S. Bankruptcy Court has confirmed its joint prepackaged Chapter 11 reorganization plan. The company expects the plan to become effective after Federal Communications Commission and other regulatory approvals.
As of April 3, 2026, Cumulus had 17,668,032 shares of common stock outstanding. Under the plan, all existing common shares and related equity interests will be cancelled on the effective date with no distribution, while new common stock, Special Warrants and Exit Convertible Notes will be issued to creditors. The new common stock is not expected to be listed on any securities exchange or registered under the Securities Act.
A company press release states the plan is expected to eliminate approximately $600 million of debt and strengthen the balance sheet. On the effective date, Cumulus intends to file Form 15 to deregister its common stock and immediately suspend SEC periodic reporting. The filing also details amended employment agreements for the CEO and CFO, reduced base salaries, revised severance multiples, and a new management incentive plan reserving 10% of the new common stock for awards.
Cumulus Media Inc. reports in its Form 10-K that it is operating under Chapter 11 protection to implement a comprehensive debt restructuring. The proposed plan would cancel all existing Class A and Class B common stock, with no recovery for current shareholders, and exchange secured 2029 debt for $50 million of new convertible notes plus most of the new equity. The reorganized company does not intend to list its new shares on a national exchange or maintain SEC reporting, while continuing to run 393 stations in 84 markets and a large podcast and network business as debtors-in-possession.
Cumulus Media Inc. reports in its Form 10-K that it is operating under Chapter 11 protection to implement a comprehensive debt restructuring. The proposed plan would cancel all existing Class A and Class B common stock, with no recovery for current shareholders, and exchange secured 2029 debt for $50 million of new convertible notes plus most of the new equity. The reorganized company does not intend to list its new shares on a national exchange or maintain SEC reporting, while continuing to run 393 stations in 84 markets and a large podcast and network business as debtors-in-possession.
Cumulus Media Inc. reported weaker results for the three months and year ended December 31, 2025, while pursuing a prepackaged Chapter 11 restructuring begun on March 5, 2026. Full-year net revenue was $741.7M, down 10.3%, with a net loss of $200.7M and Adjusted EBITDA of $52.0M versus $82.7M in 2024.
In the fourth quarter, net revenue was $188.1M, down 14.0%, with a net loss of $135.1M and Adjusted EBITDA of $9.5M. Broadcast radio, especially network, declined, while digital and “other” revenue were more resilient. The company recorded $109.8M of intangible asset impairments in 2025, contributing to losses, but ended the year with $82.0M in cash and access to its 2020 revolving credit facility.
Cumulus Media Inc. reported weaker results for the three months and year ended December 31, 2025, while pursuing a prepackaged Chapter 11 restructuring begun on March 5, 2026. Full-year net revenue was $741.7M, down 10.3%, with a net loss of $200.7M and Adjusted EBITDA of $52.0M versus $82.7M in 2024.
In the fourth quarter, net revenue was $188.1M, down 14.0%, with a net loss of $135.1M and Adjusted EBITDA of $9.5M. Broadcast radio, especially network, declined, while digital and “other” revenue were more resilient. The company recorded $109.8M of intangible asset impairments in 2025, contributing to losses, but ended the year with $82.0M in cash and access to its 2020 revolving credit facility.