Cumulus Media

Cumulus Media's November 2017 bankruptcy made it the second-largest radio bankruptcy after iHeartMedia. The company had assembled 400+ stations through aggressive acquisition, financing growth with debt. When radio advertising declined, Cumulus couldn't service its $2.4 billion debt load. The company emerged from bankruptcy in 2018 with debt reduced to $1.3 billion but faces the same secular decline as all terrestrial radio - podcasts and streaming have captured the audience that once listened in cars.