One of the largest radio station operators on the South Carolina airwaves has been cleared to dial back its debt load — by $592 million.
It’s also relinquishing control of its broadcasting, podcasting and Westwood One syndication business as it emerges from its second court-supervised financial restructuring in less than a decade.
Cumulus Media owns more than 20 signals in four markets around the Palmetto State — Charleston, Columbia Florence and Myrtle Beach — and another 374 stations across 80 cities nationwide.
Cumulus filed for bankruptcy protection last month, brought down by falling advertising revenue, declining listenership, rising expenses, a fast-approaching loan repayment deadline and mounting competition from digital…