Cumulus Media Blames Streaming, Nielsen for Fueling Bankruptcy

Broadcaster Cumulus Media Inc. filed bankruptcy to implement a lender-backed debt-cutting deal as it faces a steady decline in radio listeners and a court fight with ratings firm Nielsen Co.

Cumulus said Thursday that its restructuring would cut about $592 million in debt in exchange for handing a key lender group equity in the reorganized company. The transaction must be approved by a bankruptcy judge and is subject to regulatory approvals from the Federal Communications Commission, the company said.

The prearranged bankruptcy filing for Atlanta-based Cumulus follows an earlier 2024 restructuring that extended debt maturities and other cost-cutting initiatives.

Despite ...