Cumulus Media Inc. today announced that it has made a $50 million voluntary debt prepayment, continuing its commitment to reducing leverage.
The debt prepayment was funded by the net proceeds from the previously announced sale of KLOS-FM to Meruelo Media, which closed on July 17, 2019, as well as cash on hand generated from operations. With this prepayment, the Company has reduced its debt by approximately $250 million since emerging from Chapter 11 on June 4, 2018, bringing the Company’s total debt to approximately $1.05 billion.
