Cumulus Files Reorganization Plan With FCC; To Divest Four Stations
As part of its bankruptcy restructuring plan Cumulus Media will be forced to divest four stations as it loses its grandfathered status.
Cumulus did not disclose any new details of its restructuring plan with the FCC, rather using it to try to gain pre-approval from the commission to eliminate any delay as it attempts to get out of bankruptcy as quickly as possible. The company states that outside of its officers and directors only one party will have attributable interest in the company with one unnamed company having the right to vote nearly 11% of the Class A Common Stock of the restructured company.
The four stations that will be placed into the Cumulus Reorganization Divestiture Trust for a future sale are: Oldies “Cool 97.5” KJMO Linn/Jefferson City MO, Country “102.1 Nash Icon” WNUQ Sylvester/Albany GA, Country “104.9 Nash-FM” WPCK Denmark/Green Bay WI, and Sports “106.5 The Ticket” WTOD Delta/Toledo OH.