Lamont & Tonelli's exit from 107.7 The Bone after 37 years is being told as a farewell. The paperwork tells a harder story: Cumulus Media's second bankruptcy in a decade, and a hedge fund taking control.

Lamont Hollywood, half of the "Lamont & Tonelli" morning show on hard-rock station 107.7 The Bone, announced on Facebook Monday that he'd been laid off after 37 years, KRON4 reported. His signoff was not gracious. He blamed "the tragic consequences of debt-fueled media consolidation" — corporate owners who "spend the next decade slashing real human talent" and "replacing live voices with syndicated feeds and automated voice-tracking just to pay down interest on executive balance sheets."

It reads like a grievance. It's closer to a reading of the filings.

The Bone's parent, Cumulus Media Inc., filed for Chapter 11 bankruptcy on March 5 in the Southern District of Texas (Case No. 26-90346) — its second trip through bankruptcy court in less than a decade, after a 2017 filing that shed more than $1 billion. The new prepackaged plan, approved April 15, cancels roughly $592 million of Cumulus's debt. That debt was real: the company's 10-K reported $694.8 million in long-term borrowings as of December 31, plus $23.9 million due within the year, against a 2025 net loss of $200.7 million on revenue of $741.7 million, down about 10%.

Under the plan, existing shareholders get nothing — the stock was pushed off Nasdaq to over-the-counter as CMLSQ — and control of the reorganized company passes to its lenders. Alden Global Capital, the hedge fund best known for gutting local newspapers, is set to hold roughly a 32% voting stake, per court filings.

The layoffs Hollywood described are documented too. Cumulus cut sales, programming and podcasting roles across at least eight states starting the week of August 6; in the Bay Area, KNBR laid off 49ers voice Greg Papa the same week. In March, CEO Mary Berner said the bankruptcy would mean "no impact to employees, partners, or listeners." Emergence still awaits FCC approval. The next filing will show who's left.