Cumulus Media's Chapter 11 plan confirmed; eliminates ~$600M debt, existing equity cancelled

CUMULUS MEDIA INC

Bankruptcy Court confirmed Plan of Reorganization on April 15, 2026; FCC approval required before emergence.
Plan eliminates approximately $600 million in debt; existing common stock cancelled with no distribution.
New common stock to be issued but not listed on any exchange; company to deregister and suspend SEC reporting.
CEO Mary Berner (base salary reduced to $1.25M) and CFO Frank Lopez-Balboa ($700K) signed amended employment agreements.
10% of new common stock reserved for Management Incentive Plan (MIP Pool) for employees and directors.

item 1.03 item 5.02 item 7.01 item 8.01 item 9.01

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accession 0001104659-26-044909

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