This post was originally published at music3point0.com
I’ve reported on the bankruptcy status of the top corporate radio group, iHeartRadio, for some time now. It’s bad enough when the biggest station owner is in deep financial trouble, but did you know that the #2 station group now has a similar problem? Yep, Cumulus Media has filed for Chapter 11 and is around $2 billion in debt.
Cumulus was delisted from the NASDAQ stock exchange earlier this month and was about to default on a big interest payment when it filed to restructure its debt.