The key word is "acquisition". I don't think Cumulus can do a pure purchase - they don't have available cash and can't get new credit. But as a swap of assets of some kind it could possibly pass the muster of the bankruptcy court. iHeart was able to swap some sticks with Entercom but they aren't as deep into their bankruptcy as Cumulus (yet).
The vultures are circling. Merlin, Cumulus, iHeart, Scripps... supply of radio stations is greater than demand.