As we reported earlier, Cumulus has turned to the U.S. Bankruptcy Court in New York for relief from “extremely unprofitable contracts” it holds in Chicago. Now we learn that iHeartMedia is seeking to cash in its marker with the troubled company.
Last week, iHeart filed a claim with the U.S. Bankruptcy Court in New York for almost $186,000 for services provided to Cumulus. The company says Cumulus owes for commercial spots placed by Westwood One Radio Network (which is owned by Cumulus).
In addition, iHeartMedia subsidiary Premiere Networks is seeking “ratings bonus money” for The Steve Harvey Show and Brooke & Jubal in the Morning, which are distributed by Premiere and broadcast on Cumulus stations.
This latest claim is one of nearly 100 against Cumulus, which had $2.3 billion in debt at the time it filed for Chapter 11 bankruptcy in November 2017. The company is hoping the filing will trim its debt by approximately $1 billion.
