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 with its lenders in return for giving them equity in the reorganized company, according to court documents obtained by Billboard.
This marks the second time Cumulus has filed for bankruptcy in the past decade, following a…