Cumulus Media files for bankruptcy

Cumulus Media, one of the largest U.S. radio broadcasters, filed for bankruptcy protection, according to Reuters. The company says it has entered an agreement with lenders to restructure its business to reduce more than $1 million in debt.

Why it matters: The announcement comes amid a wave of media consolidation in all sectors, driven mostly by tech companies that have been able to drive users and revenue with their ability to move at the speed of 21st century consumer demands. In April, Cumulus rival, iHeartMedia — the holding company of IHeartRadio, which is the biggest operator of radio stations in U.S. — said it expected bankruptcy within a year.