Cumulus Media is one of the largest radio broadcasting companies in the U.S., owning 393 radio stations across 84 markets and operating the Westwood One national radio network, which distributes syndicated programming to over 7,800 affiliated third-party stations. Cumulus's core business is selling advertising time — locally through embedded sales staff in each market, regionally and nationally through Katz Media and its own sales teams, and across its network through an internal network sales team. Westwood One aggregates advertising inventory from affiliates into national packages sold to regional and national advertisers. Beyond broadcast, Cumulus operates a Digital Marketing Services business, selling geo-targeted display ads, search engine marketing, social media management, and related products to local advertisers by leveraging existing radio client relationships. Cumulus also runs a podcast network and streams its radio stations online, monetizing both through advertising. Cumulus's cost structure is predominantly fixed, creating significant operating leverage. Broadcast radio remains the large majority of revenue, with advertiser categories including professional services, automotive, entertainment, and financial services. Political advertising provides a cyclical revenue boost in even-numbered years, and Q4 is seasonally the strongest quarter. Cumulus filed for Chapter 11 bankruptcy in March 2026, its second filing, driven by prolonged declines in broadcast advertising revenue and roughly $700M of debt. Under the restructuring plan, existing equity will be canceled and secured creditors will receive new equity; the reorganized company does not plan to be publicly listed.