Radio broadcasting company Cumulus Media has filed for Chapter 11 bankruptcy protection and entered into a restructuring agreement with some of its lenders to reduce its debt by $1 billion.
Atlanta-based Cumulus says its programming, operations and sales will continue normally throughout the process. It says it has enough cash on hand and doesn't need to seek debtor-in-possession financing.
Cumulus owns and operates 446 radio stations nationwide. Its radio network segment, Westwood One, provides syndicated content across 8,000 affiliated broadcast radio stations and partners. It is also the lead provider of country music through its NASH brand.
CEO Mary Berner says the company has reversed years of declining ratings and revenue, but is burdened by debt it accumulated in previous years.