Management stays, the public shareholders are out, and the funded debt is gone. Cumulus Media has completed its Chapter 11 restructuring and emerged as a privately owned company after clearing its last remaining regulatory hurdles following FCC approval.
Cumulus says the restructuring finished on an accelerated timeline consistent with its original expectations, and that it operated in the ordinary course throughout, with no disruption to operations, audiences, or advertisers.
The broadcaster has appointed a new board of directors upon emerging as a privately owned company and will remain under the leadership of its existing management team.
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