Cumulus Media Announces Agreement to Eliminate Substantially All Remaining Debt and Significantly Strengthen Financial Position

Debt Reduction to be Executed Through a Streamlined Prepackaged Chapter 11 Process

ATLANTA, GA, March 5, 2026 — Cumulus Media Inc. (OTCQB: CMLS) (the “Company,” “Cumulus”, “Cumulus Media,” “we,” “us,” or “our”) today announced that it has entered into a comprehensive restructuring support agreement (the “RSA” or the “Agreement”) with a group of its lenders to eliminate approximately $600 million of debt, substantially deleveraging its balance sheet and enhancing its ability to execute on strategic priorities. The Company will continue operating in the ordinary course throughout the process, with no impact to employees, partners, or listeners.

“While we have outperformed the market on many of our most important metrics, including share gains in both local and digital revenue, the broader macroeconomic and industry-wide pressures we have faced have remained unrelenting,” said Mary G. Berner, President and Chief Executive Officer of Cumulus Media. “Against that backdrop, it became clear that Cumulus’s remaining debt burden limited our ability to fully realize the Company’s potential, and this agreement represents a major step forward.”

Berner continued, “The prepackaged process is intended to address the Company’s debt efficiently with no disruption to our operations, our people, and our strategies. On emergence, a stronger financial foundation will better position Cumulus to continue investing in premium content, enriched audience experiences, advertiser performance enhancements, and the ongoing growth of our digital marketing offerings.”