Cumulus Media Inc today announced that the company has successfully completed its financial restructuring and emerged from Chapter 11 having reduced its debt by more than $1 billion. The company “plans to utilize its enhanced financial flexibility to continue its ongoing business transformation and drive value creation on behalf of all its stakeholders.”
Mary Berner, President/CEO of Cumulus Media said, “Over the last two years, 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. We emerge today as a stronger and more competitive Company, with the financial foundation that we need to move forward decisively with the initiatives that will produce the greatest benefits for the Company. With this financial restructuring now behind us, we are excited about what we will be able to accomplish with all of our resources and energy fully focused on our operating business.”
She continued, “I want to thank our exceptional team at Cumulus Media for their dedication and tremendous efforts through this process. Looking ahead, our employees will remain the true force driving our success as we continue to deliver premium content choices to the 245 million people we reach every week across our collection of stations and Westwood One. We are also grateful for the support of our vendors and affiliates during this process, and
we look forward to working together well into the future.”
Cumulus Media also unveiled a new logo (seen above) as well as a new logo specifically for its Cumulus Radio Station Group (seen to the left).