Citing declining revenues and ratings, the owner of Metro Detroit news radio stations WJR-AM (760), WDVD-FM (96.3) and NASH-FM (93.1) has filed for bankruptcy, Charlie Ramirez of The Detroit News reports.
WJR is the home for Paul W. Smith, Frank Beckmann, Guy Gordon and The Mitch Albom Show.
Atlanta-based Cumulus Media Inc. -- the third largest operator of FM and AM stations in the U.S. -- says it filed for Chapter 11 bankruptcy protection, which allows the company to continue operating while the company proposes a plan of reorganization to keep its business alive and pay creditors over time.
Mary Berner, the company's president and CEO, said the company has worked to reverse declines in ratings and revenue over the last two years, but "the debt overhang left by previous years of underperformance remains a significant financial challenge that we must overcome for our operational turnaround to proceed.”
Cumulus owns 446 stations in 90 markets.