Cumulus Media, which owns 7 FM and 4 AM radio stations in central Pennsylvania, has filed for Chapter 11 bankruptcy protection.
The Atlanta-based company said Wednesday in a news release that it entered into a Restructuring Support Agreement with some of its secured lenders to reduce the Company’s debt by more than $1 billion. The company filed petitions to reorganize under Chapter 11 in U.S. Bankruptcy Court in the Southern District of New York as part of the restructuring support agreement.
Cumulus says the process shouldn’t affect local programming, sales or operations.
“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,” Mary Berner, president and chief executive officer of Cumulus Media Inc., said in a news release.
Cumulus owns and operates 446 stations in 90 media markets, with a reach of 245 million people each week, Central Penn Business Journal reported. Here are its central Pennsylvania stations:
- WQXA-FM 105.7
- WWKL-FM 93.5
- WZCY-FM 106.7
- WHGB-AM, 96.5 FM / 95.3 FM & 1400 AM
- WNNK-FM 104.1
- WGLD-AM 1440 AM
- WSOX-FM 96.1
- WARM-FM 103.3
- WSBA-AM 910 AM