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CUMULUS NEWS RELEASE APR 6, 1999 CUMULUS MEDIA EXPANDS OPERATIONS IN WISCONSIN, Agrees to Acquire Six Station Cluster in Eau Claire for $14.8 Million MILWAUKEE, April 6, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS) today announced that it plans to enter the Eau Claire, Wisconsin radio market through the purchase of four FMs and two AM radio stations. The Company plans to purchase WQRB-FM, WATQ-FM, WBIZ-AM/FM and WMEQ-AM/FM from Phillips Broadcasting for a total purchase price of $14.8 million. Cumulus will begin operating these stations immediately under the terms of Local Marketing Agreement (LMA). “We believe this acquisition will immediately add to shareholder value,” said Richard Weening, Cumulus Executive Chairman. “Mike Phillips has painstakingly built Eau Claire’s leading media organization. We are proud to be the new owners and to expand our presence in our home state of Wisconsin.” Phillips, who’s operated stations in western Wisconsin since 1975, added, “Now is the right time for this decision. The industry continues to evolve and a company like Cumulus offers enormous resources to our group in Eau Claire.” Ranked as the 231st largest market in the U.S. by Arbitron, the Eau Claire area has a population of more than 144,000 people, and annual retail sales in excess of $1.1 billion. Eau Claire is home to Silicon Graphics and Johnson Matthey, as well as several other nationally recognized companies such as Hutchinson Technology Inc., Menards, Eau Claire Press Company, and Phillips Plastics Corp. The market also houses The University of Wisconsin-Eau Claire, which attracts more than 10,250 students annually. Including the stations in this announcement, as well as acquisitions pending FCC approval, Cumulus will own and operate a total of 227 radio stations in 43 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 U.S. cities.
Contact: Suzanne Duecker, 414-615-2800
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