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CUMULUS NEWS RELEASE APR 7, 1999 CUMULUS MEDIA MOVES INTO KENTUCKY,
Acquires Five Stations in Lexington for $44.5 Million
MILWAUKEE, April 7, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS) today announced that it has acquired five radio stations in Lexington, Kentucky. The Company is purchasing WLRO-FM, WLTO-FM, WXZZ-FM, WVLK-FM and WVLK-AM from HMH Broadcasting Inc. for $44.5 million. Cumulus will begin operating the stations today, under the terms of a Local Marketing Agreement (LMA). “Lexington is a big win for our shareholders,” said Richard Weening, Cumulus’ Executive Chairman. “This is an outstanding and much sought after cluster of market-leading radio stations which my partner, Lew Dickey, negotiated and won for Cumulus at a price which adds significantly to shareholder value.” Ranked as the 107th largest market in the U.S. by Arbitron, Lexington is home to nearly 425,000 people. The area’s economy is supported by several internationally recognized businesses, including James River-Dixie Company, Toyota Motor Manufacturing, U.S.A., The Trane Company, United Parcel Service and The Valvoline Company. Lexington, and the surrounding area, is also home to 15 colleges/universities, including the University of Kentucky, which attracts an average 30,300 students annually, and Kentucky State University, with more than 2,300 students enrolled. Including the stations in this announcement, as well as acquisitions pending FCC approval, Cumulus will own and operate a total of 232 radio stations in 44 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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