ATLANTA, GA — Cumulus Media, the national radio chain that owns three Syracuse stations, says it has “successfully” emerged from Chapter 11 bankruptcy.
Cumulus owns top-40 station 93Q (WNTQ), rocker 95X (WAQX) and sports station The Score 1260 (WSKO). The company announced plans for a “pre-packaged” Chapter 11 in March.
In a press release, the Atlanta-based company said its “financial restructuring” was “completed on an accelerated timeline consistent with the Company’s original expectations, and Cumulus continued to operate in the ordinary course throughout the process, with no disruption to operations, audiences, or advertisers.”
Unfortunately, the process did result in some disruption for staff — at the very least, we know longtime 95X (WAQX) personality and assistant program director Scott “dXn” Dixon was let go in August.
Under the terms of the plan, Cumulus erased about $600 million in debt, but in exchange, 100% of the company’s reorganized equity (and $50 million in new convertible notes) was issued to former lenders. A new Board of Directors will control the company, though the old leadership team — including President and CEO Mary G. Berner — remain in place.
Including its three stations in Syracuse, Cumulus Media says it owns 377 radio stations in 84 markets across the United States. The company also owns syndicator Westwood One, providing programming to more than 7,800 radio stations.
Covering the happenings at dozens of TV and radio stations in two markets is no easy task! We always appreciate your official station announcements as well as your unofficial insider tips or listener/viewer observations.
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