Cumulus filed for bankruptcy in the fall. As part of its reorganization, all outstanding equity was cancelled. The company reduced its debts from $2.34 billion to $1.3 billion, Cumulus said in a press release.
The company owns and operates 441 radio stations in 90 U.S. markets. In Central New York, Cumulus owns 93Q, WNTQ; 95X, WAQX; Rebel 105.9, WXTL; and The Score 1260, WSKO.
In addition, Cumulus owns Westwood One, which syndicates radio shows to some 8,000 stations, according to the release.
Mary Berner, president and CEO of Cumulus Media, said, “We have been relentlessly focused on our plans to turn the company around, and the completion of our financial restructuring process is a monumental step forward on our turnaround path.”
The company is issuing more than 16 million shares of stock. While Cumulus has applied to have the stock listed on the NASDAQ as CMLS, it has not yet appeared. In the meantime, the company said, the stock will trade over the counter under the symbol CMIA.
Contact McChesney at cmcchesney@cnybj.com
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