Cumulus Media is on the brink of a total collapse

At radio giant Cumulus Media, things have gone from bad to worse. A Nasdaq delisting looms — as does a possible bankruptcy. Cumulus owns hundreds of radio stations and syndication company Westwood One, and competes with the likes of iHeart and CBS Radio, now in the hands of Entercom. Now private equity firm Crestview Partners has adopted a poison pill to stop an activist from coming in as it staves off bankruptcy. For the year 2016 (a presidential election year), Cumulus reported that net revenue fell 2.3 percent while adjusted Ebitda — earnings before interest, tax, depreciation and amortization — was off 20.6 percent from a year earlier.