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Company Cites Rise of Streaming, $600M Debt

Radio giant Cumulus Media filed for bankruptcy Thursday (March 5) to eliminate $600 million in debt, citing “persistent industry-wide declines” in revenue and listeners moving to digital streaming services like Spotify. The company, which owns 394 stations in 84 markets across the country, filed the Chapter 11 case as part of a so-called pre-packaged deal…

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