Cumulus Media Inc. Extends Exchange Offer and Consent Solicitation Deadline Amid Overall Industry Challenges
ATLANTA, April 17, 2024 - Cumulus Media Inc. (NASDAQ: CMLS) announced today that its subsidiary, Cumulus Media New Holdings Inc. has extended the Expiration Time in its Exchange Offer and Consent Solicitation relating to its 6.750% Senior Secured First-Lien Notes due 2026. This extension comes as Cumulus Media Inc. recorded a cumulative net loss of $-118 million during the 12 months ending in the fourth quarter of 2023.
The Broadcasting Media & Cable TV industry has faced challenges, with employees of 17 other companies in the industry reaching higher income per employee. This has placed additional pressure on Cumulus Media Inc. as their overall ranking has deteriorated compared to the third quarter of 2023.
Despite these industry challenges, Cumulus Media Inc. continues to navigate the landscape by extending the deadline for its Exchange Offer and Consent Solicitation. The company aims to exchange its outstanding Old Notes for new 8.750% Senior Secured First-Lien Notes due 2029, in an effort to strengthen its financial position and overcome the obstacles in the industry.
With the continued uncertainty in the Broadcasting Media & Cable TV industry, Cumulus Media Inc.’s decision to extend the Expiration Time in the Exchange Offer and Consent Solicitation demonstrates their commitment to addressing financial concerns and navigating the current market conditions.
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