Cumulus Media filed for Chapter 11 bankruptcy on March 5, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas, aiming to eliminate approximately $592–600 million in debt through a prepackaged restructuring supported by about 72% of certain lenders. The plan would hand equity control to lenders, significantly deleveraging the company amid declining radio advertising revenue from streaming competition, macroeconomic pressures, and increased costs tied to its ongoing antitrust dispute with Nielsen.
Meanwhile, the Nielsen-Cumulus lawsuit remains active in the U.S. District Court for the Southern District of New York. On Thursday, Nielsen filed its opening brief in the appeal, urging reversal of the district court's December 2025 preliminary injunction that had blocked Nielsen's "Network Policy" of tying national radio ratings access to purchases of local market data. The Second Circuit had stayed that injunction on February 3, 2026, allowing Nielsen to enforce the policy during the appeal, which is fast-tracked.
No settlement or final merits ruling has occurred. The case is in procedural stages, with discovery potentially ahead if motions to dismiss fail, likely extending well into late 2026 or beyond. Cumulus's bankruptcy filings reference the Nielsen litigation as a contributing factor to liquidity strains, noting the stayed injunction's impact on costs and access to essential national ratings data for its Westwood One network.
The dispute centers on Cumulus's antitrust claims that Nielsen abuses its monopoly by forcing bundled purchases, harming competition and alternatives like Eastlan, while Nielsen defends its pricing and accuses Cumulus of misconduct.