Revitalizing Cumulus Media

In July 2017 Cumulus Media, owner of a nationwide network of 447 radio stations and a syndicated content provider to another 8,200 radio stations, was carrying over $2 billion of debt due to recent acquisitions and shifts in the radio broadcasting industry. Operating cash flow had shrunk by about a third for the 12 months ending March 31, 2017 versus the same period in 2016, following an additional two years of significant declines. Led by Mary Berner, an experienced media executive, Cumulus had established programs to improve employee satisfaction, attempted to refinance Cumulus's term loan, and revamped the company's sales strategy. But at the end of June 2017, it was not clear whether Berner's efforts would be enough to turn Cumulus around.