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Filings: Alden Global exec likely to emerge as major Cumulus Media stakeholder
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TheDesk.net
(Stock image)The president of Alden Global Capital is poised to become one of the largest owners of Cumulus Media when the radio broadcaster emerges from its restructuring under federal bankruptcy rules, according to documents filed with the Federal Communications Commission (FCC).
Transfer of control amendments filed with the agency show Alden Global Capital President Heath Freeman will hold a 32 percent voting interest in Cumulus Media through a shell company called Next Gen Radio Enterprises LLC, the documents show.
Freeman’s potential role connects Cumulus to one of the most controversial investment firms in American media: Alden Global began as a distressed-debt investor and became a major newspaper owner after acquiring MediaNews Group out of bankruptcy around 2010.
Alden Global fully acquired Tribune Publishing in 2021.
Cumulus operates radio stations, national advertising services and syndicated programming across multiple U.S. markets.