Audio company Cumulus Media Inc. filed for Chapter 11 bankruptcy on Thursday as part of a restructuring, WFMJ reports. The restructuring is aimed
at eliminating about $600 million of debt. “While we have outperformed the market on many of our most important metrics, including share gains in both local and digital revenue, the broader
macroeconomic and industry-wide pressures we have faced remained unrelenting,” said Mary Berner, president and CEO of Cumulus Media.
