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CUMULUS NEWS RELEASE AUG 31, 1999 CUMULUS ANNOUNCES REDEMPTION OF PREFERRED STOCK Cumulus Media Inc. announced today the redemption of certain shares of its Series A Cumulative Exchangeable Redeemable Preferred Stock as of October 1, 1999, in accordance with the terms of its Series A Preferred Stock. The Company is using a portion of the proceeds of its equity offering consummated on July 26, 1999 to redeem 43,750 shares of its 143,050 outstanding shares of Series A Preferred Stock at a redemption price of $1,137.50 per share, plus accumulated and unpaid dividends up to but not including the date of redemption. Shares redeemed are to be surrendered to the Redemption Agent, Firstar Trust Company, 1555 North RiverCenter Drive, Suite 301, Milwaukee, Wisconsin 53202, (414) 905-5009. Cumulus Media Inc. is a radio broadcasting company focused on the acquisition,
operation and development of radio stations in Arbitron-rated mid-sized
U.S. cities. The Company’s portfolio of currently owned stations
and pending acquisitions includes 171 FM stations and 75 AM stations clustered
in 45 U.S. markets.
Contact: Richard Weening, 414-615-2800
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