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CUMULUS NEWS RELEASE FEB 5, 1999 CUMULUS MEDIA EXPANDS OPERATIONS IN FLORIDA - Agrees to Acquire Two Stations in Pensacola for $9 Million MILWAUKEE, February 5, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS) today announced that it is entering the Pensacola, Florida radio market through an option to purchase WWRO-FM and WCOA-AM from Coast Radio. "We’re thrilled to be acquiring two excellent radio stations in this important new market,” stated Lew Dickey, Cumulus Executive Vice Chairman. “The Pensacola market represents tremendous opportunity and, combined with our stations in Tallahassee, FL, Montgomery, AL, and Columbus and Albany, GA, further adds to Cumulus’ extensive presence in the Southeast.” Located in the panhandle of northwest Florida, and ranked as the 122nd largest market in the U.S. by Arbitron, Pensacola has an overall population that exceeds 300,000 people. Numerous nationally- and internationally-recognized companies, such as the Solutia Company (Monsanto), Champion International and First Data Corporation, are located in Pensacola, contributing to the robust and diversified economy. In addition, Pensacola is known as “The Cradle of Naval Aviation,” housing not only Naval Air Station Pensacola, home of the Navy’s Blue Angels and the National Museum of Naval Aviation, but Saufley Field, Corry Station and NAS Whiting Fields as well. Pensacola is also home to several colleges and universities, including the University of West Florida with more than 8,100 students and Pensacola Junior College with more than 32,000 students. Including the stations in this announcement, as well as acquisitions pending FCC approval, Cumulus will own and operate a total of 214 stations in 40 cities across the U.S. Cumulus Media Inc. is a radio broadcasting company focused on the acquisition,
operation, and development of radio stations in mid-sized and smaller U.S.
cities.
Contact: Suzanne Duecker, 414-615-2800
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