CEO Mary Berner said the company is focused on maximizing the value of Cumulus’ great collection of assets, however, she added the company’s massive debt continue to be a problem. “Our heavy debt load continues to constrain both our ability to do business in the short-term and achieve our full potential in the long term. So we continue to explore options which we hope will allow us to reduce our leverage with minimal disruption to our operation and the progress we continue to make.”
Cumulus currently has $140 million in cash which was bolstered by the proceeds from the sale of Cumulus’ Los Angeles real estate during Q3 of 2016. As of June 30th the company had $2.4 Billion in debt.