Atlanta-based Cumulus Media has emerged from chapter 11 protection, the Atlanta Journal-Constitution reported. The deal with creditors will allow it to cut its debt by more than $1 billion. Its debt balance is now $1.3 billion, down from $2.34 billion, according to Cumulus. Cumulus, the second largest radio company in the U.S. behind IHeartMedia, filed for bankruptcy protection in November, 2017 with a pre-packaged deal. The company owns 446 radio stations nationwide in 90 markets. Cumulus was weighed down by debt since it purchased Citadel Broadcasting in 2011 valued at the time for $2.5 billion. The Dickey family — which launched and ran the company for two decades — didn't invest properly in programming and labor. As a result, both radio ratings and revenues suffered. Its financial problems led to Lew and John Dickey losing control of the company in 2015.
