Cumulus files bankruptcy

Staff report

BOARDMAN

Cumulus Media Inc., an operator of several local radio stations, has filed for bankruptcy.

The Atlanta-based company said it filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York to reduce its debt by more than $1 billion.

The Atlanta-based company said in the bankruptcy filing it has $1 billion to $10 billion in assets and liabilities.

Local Cumulus stations are 101.1 FM; 102.9 FM; 103.9 FM; 105.1 FM; 600 AM; 1240 AM; 96.7 FM; and 790 AM. Cumulus has offices on Simon Road in Boardman and an office in Hermitage, Pa.

Overall, Cumulus has 446 stations in 90 cities.

Cumulus expects all operations, programming and sales to continue as normal throughout the restructuring process, according to a news release. The company says it has ample cash on hand, combined with funds generated from ongoing operations, to support the business during the financial restructuring process, and as a result, it does not intend to seek debtor-in-possession financing.

“The actions we are taking today to address our balance sheet are a critical step forward for Cumulus,” said Mary Berner, president and chief executive officer of Cumulus Media Inc. in a statement. “We will use this restructuring process to relieve the financial constraints on our continued progress, allowing us to focus our resources on investing in our business and people to strengthen our competitiveness and ultimately drive growth.”