By Josh BeckermanShares of Cumulus Media were recently down 13% after it said fourth-quarter revenue fell 12% to $221.3 million and announced a debt exchange offer. Shares were recently at $3.90 on Tuesday and are down about 27% this year. Cumulus said its Cumulus Media New Holdings is offering to exchange outstanding 6.75% senior secured first-lien notes due 2026 for new 8.75% notes due 2029, and is also offering to exchange term loans under its credit agreement for new term loans. It views the proposed debt restructuring as "distressed" and said the company has "elevated" leverage. Write to Josh Beckerman at josh.beckerman@wsj.com(END) Dow Jones NewswiresFebruary 27, 2024 16:13 ET (21:13 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal February 28, 2024 03:21 UTC