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CUMULUS NEWS RELEASE
JAN 25, 1999 CUMULUS MEDIA STARTS NEW YEAR BY COMPLETING SEVERAL ACQUISITIONS - Closes on Stations in Mississippi, Georgia, Tennessee and Maine MILWAUKEE, January, 25 -- Cumulus Media Inc. (NASDAQ:CMLS), today announced it has completed the acquisition of 10 new radio stations in four markets. The Company closed on WWZD-FM, WESE-FM, WNRX-AM and WTUP-AM in Tupelo, Mississippi; WKAK-FM, WGPC-AM/FM and WALG-AM in Albany, Georgia; WKXJ-FM in Chattanooga, Tennessee; and WTOS-FM in Augusta-Waterville, Maine. The total purchase price for the six FM and four AM stations was $12.325 million. Including these recent closings, combined with acquisitions pending FCC approval, Cumulus will now own and operate 212 radio stations in 39 markets. Ranked by Arbitron as the 177th largest market in the country, Tupelo has been recognized nationally for its economic development pace. With a population of 32,000 Tupelo has added an average of 1,000 new manufacturing jobs each year over the past 15 years. The city and county have become home to more than 40 Fortune 500 or internationally recognized companies, including divisions of Cooper Tire and Rubber, Sara Lee, Delta International and Furniture Brands International. North Mississippi Medical Center, located in Tupelo, is Mississippi’s largest hospital as well as the nation’s largest non-metropolitan healthcare facility. Albany, Georgia, the 246th largest market in the U.S., according to Arbitron, is home to several nationally- and internationally-recognized companies, including Ayres Corporation, Bob’s Candies and divisions of Cooper Tire, M&M Mars, Miller Brewing and Proctor & Gamble. In addition, several higher education institutions, including Albany State University are located in Albany. Ranked 101st in the U.S., Chattanooga is a transportation hub for interstate highways, rivers, airline, rail and bus service. Chattanooga leads the state of Tennessee in job growth and houses well-known companies such as McKee Foods Corp., Covenant Transport and a division of Blue Cross/Blue Shield. It is also the home of The University of Tennessee – Chattanooga. Augusta-Waterville, Maine is the 245th largest radio market. Augusta is the state capital of Maine, and the market is home to internationally-known companies such as Chinet, LL Bean, C.F. Hathaway Co., and Avian Farms. The University of Maine is also located in Augusta. Cumulus Media Inc. is a radio broadcasting company focused on the acquisition,
operation, and development of radio stations in mid-sized and smaller radio
markets in the U.S.
Contact: Suzanne Duecker, 414-615-2800
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