Cumulus Media Files for Bankruptcy, Rejects Leases in Major Markets

Radio group plans to transition to private ownership, reduce debt by $600 million

Published on Mar. 9, 2026

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Cumulus Media, the third-largest commercial U.S. radio group, has filed for Chapter 11 bankruptcy as part of a plan to restructure its debt and transition to private ownership. The move involves rejecting several leases for studio, office, and tower facilities in New York City, San Francisco, and other markets, as the company aims to consolidate operations and adapt to industry challenges.

Why it matters

Cumulus's bankruptcy filing highlights the broader financial pressures facing the traditional radio industry, which is grappling with competition from digital audio platforms, changing listener habits, and the need to adapt to new revenue models. The shift to private ownership allows Cumulus to operate with greater flexibility as it seeks to streamline operations and focus on its core strengths, including its Cumulus Podcast Network and Westwood One.

The details

As part of the restructuring, Cumulus plans to eliminate approximately $600 million in debt. The company will see its existing equity interests cancelled and will be deregistered from the SEC, reducing reporting requirements and limiting access to corporate information for shareholders. A key component of the plan involves shedding assets, including seven leases for studio, office, and tower facilities in New York City, New Orleans, San Francisco, and other locations.

  • Cumulus Media filed for a prepackaged Chapter 11 bankruptcy on March 5, 2026.
  • The confirmation hearing for the restructuring plan is scheduled for April 15, 2026, with a certification deadline for lenders on April 7.
  • Cumulus anticipates emerging from bankruptcy in a mid-April 2026 window.

The players

Cumulus Media

The third-largest commercial U.S. radio group by revenue, which is navigating Chapter 11 bankruptcy proceedings as part of a plan to transition to private ownership and reduce its debt by approximately $600 million.

Mary Berner

The current CEO of Cumulus Media, whose position is not guaranteed long-term as the new board appointed by the lending institutions will have significant authority, including the ability to replace existing management.

Frank Lopez-Balboa

The current CFO of Cumulus Media, whose position is also not guaranteed long-term as the new board appointed by the lending institutions will have significant authority, including the ability to replace existing management.

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What’s next

The confirmation hearing for the restructuring plan is scheduled for April 15, 2026, with a certification deadline for lenders on April 7. If approved, Cumulus anticipates emerging from bankruptcy in a mid-April 2026 window.

The takeaway

Cumulus's bankruptcy filing reflects a broader trend toward consolidation within the radio industry as companies seek to achieve economies of scale and improve profitability in a challenging environment. The move to private ownership also allows Cumulus to focus on its digital audio offerings, including the Cumulus Podcast Network and Westwood One, as the industry continues to adapt to changing listener habits and the rise of digital platforms.