Second Largest Radio Station Operator in US Files for Bankruptcy

Got story updates? Submit your updates here. ›

Cumulus Media, the operator of nearly 400 AM/FM radio stations across the U.S., has filed for Chapter 11 bankruptcy protection in an effort to restructure the company and eliminate approximately $592 million in debt. The Atlanta-based company cites ongoing challenges from digital audio, streaming platforms, changes in the advertising market, and declining radio audiences as contributing factors to its financial struggles.

Why it matters

Cumulus Media is the second-largest radio station operator in the U.S., owning 394 stations in over 80 markets, including 21 stations in Michigan. The bankruptcy filing highlights the broader challenges facing the traditional radio industry as it grapples with the rise of digital audio and streaming alternatives.

The details

Under the proposed restructuring plan, Cumulus's existing equity shares would be eliminated, and the company would come under the ownership of its lenders. The company says the prepackaged bankruptcy process is intended to address its debt efficiently without disrupting operations, employees, or strategies.

• Cumulus Media filed for Chapter 11 bankruptcy protection last week.
• The company reported a net loss of $65.6 million for the nine months preceding September 30, 2025.

What they’re saying

What’s next

The bankruptcy restructuring plan must be approved by the court before it can be implemented.