Atlanta-based Cumulus Media, owner of six radio stations in Atlanta - including Top 40 station Q100 - and more than 400 other radio stations across the nation, has emerged from bankruptcy protection as a much leaner company than it was when it filed in 2017.
The company was started by Atlanta radio consultant Lewis Dickey Jr. and entrepreneur Richard Weening in 1998. Over the years, it grew, and acquired stations in mid-sized markets, eventually purchasing Citadel Broadcasting in 2011. It also acquired content syndicator Dial Global in 2013.
By 2017, the company's total debt balance had ballooned to $2.34 million. After emerging from bankruptcy protection on Monday, it had slashed its debt to $1.30 billion.
In a statement released Monday, Cumulus CEO Mary Berner 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.”
Cumulus owns 441 radio stations in 90 markets across the United States. The Cumulus portfolio also includes Westwood One, which provides syndicated news, music, talk and sports programming to more than 9,000 radio stations.
In Georgia, Cumulus owns stations in Albany, Macon and Savannah as well as Atlanta. In Atlanta, the company owns WKHX-FM (Kicks 101.5), WNNX (Rock 100.5), WWWQ (Q100), WWWQ-HD2 (99X), WWWQ-HD3 (OG 97.9), and WYAY (Talk 106.7).
