YOUNGSTOWN, Ohio (WYTV) – Radio broadcaster Cumulus Media, which owns seven stations in the Youngstown area, has filed for Chapter 11 bankruptcy protection.
The petition was filed by Cumulus Intermediate Holdings, Inc. in the Southern District of New York’s Bankruptcy Court on Wednesday. The Atlanta-based company issued a statement, saying it entered into a restructuring agreement to reduce debt by over $1 billion.
During that time, Cumulus expects operations and programming to continue as usual, according to Mary Berner, president and CEO of Cumulus Media Inc.
Locally, Cumulus Media owns the following stations: WPIC 790A, WHOT 101.1, WQXK 105.1, WWIZ 103.9, WLLF 96.7, WBBW AM 1240 and WYFM 102.9.
Berner issued the following statement on Wednesday:
Over the last two years, we have focused on implementing a business turnaround to reverse the Company’s multi-year ratings, revenue and EBITDA declines, create a culture that fosters motivated and engaged employees, and build an operational foundation to support the kind of performance we believe Cumulus is capable of delivering. 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. However, as we have noted consistently, the debt overhang left by previous years of underperformance remains a significant financial challenge that we must overcome for our operational turnaround to proceed,” she said.