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CUMULUS NEWS RELEASE JUN 21, 1999 CUMULUS MEDIA FILES OFFERING FOR 8.2 MILLION SHARES OF CLASS A COMMON STOCK MILWAUKEE, WI June 21, 1999 – Cumulus Media Inc. (NASDAQ: CMLS), the nation’s third largest owner and operator of radio stations (based upon the number of stations owned or to be acquired pursuant to pending acquisition agreements), today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed offering of approximately 8.2 million shares of its Class A Common Stock. The Company intends to use the net proceeds from the offering to redeem 35% of its 13 ¾% Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009 and to reduce amounts outstanding under its existing senior credit facility. The Company also intends to use borrowings under a new $225 million senior credit facility being negotiated with its existing lenders to repay the remaining principal amount outstanding under its existing senior credit facility, to finance acquisitions and for general corporate purposes. There are no selling shareholders. The Company will receive 100% of the net proceeds from the offering. The underwriters of the offering are Morgan Stanley & Co. Incorporated, Lehman Brothers Inc., Bear, Stearns & Co. Inc. and Prudential Securities Incorporated. Cumulus Media is a radio broadcasting company that, upon completion of its pending acquisitions, will own or operate 244 radio stations concentrated in 45 mid-sized U.S. markets. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The offering of these securities shall be made only by means of the prospectus contained in such effective registration statement. This release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such State. When available, a preliminary prospectus relating to these securities
may be obtained from Morgan Stanley & Co. Incorporated, 1585 Broadway,
New York, New York 10036.
Contact: Richard Weening, 414-615-2800
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