---
title: "Cumulus Media’s Chapter 11 Restructuring Risks Ownership Change, Threatening Valuable NOL Tax Assets"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282406604.md"
description: "Cumulus Media, Inc. (CMLSQ) is facing risks related to its Chapter 11 restructuring, which may trigger an \"ownership change\" under Section 382 of the Internal Revenue Code. This could limit the company's ability to utilize existing NOL carryforwards, potentially increasing future cash tax payments and straining its financial position. The cumulative impact of prior ownership changes may further constrain the value of its tax attributes, risking the permanent loss of NOLs. Currently, Wall Street holds a consensus rating of Hold on CMLSQ stock."
datetime: "2026-04-11T06:00:19.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282406604.md)
  - [en](https://longbridge.com/en/news/282406604.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282406604.md)
generator: "portal-rs"
---

# Cumulus Media’s Chapter 11 Restructuring Risks Ownership Change, Threatening Valuable NOL Tax Assets

Cumulus Media, Inc. (CMLSQ) has disclosed a new risk, in the Debt & Financing category.

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Cumulus Media, Inc. faces the risk that equity transfers and new issuances tied to its Chapter 11 proceedings trigger an “ownership change” under Section 382 of the Internal Revenue Code. Such a change could severely limit its ability to use existing NOL carryforwards and other tax attributes, potentially increasing future cash tax payments and straining its financial position.

Because the company has already undergone prior ownership changes and expects another upon implementation of its Plan, the cumulative impact may materially constrain the remaining value of its tax attributes. In a downside scenario, some or all NOLs could be permanently lost, removing a key tool for offsetting future taxable income and adding volatility to reported results and cash flows.

Overall, Wall Street has a Hold consensus rating on CMLSQ stock based on 1 Hold.

To learn more about Cumulus Media, Inc.’s risk factors, click here.

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**