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CUMULUS NEWS RELEASE SEP 1, 1999 CUMULUS TO ACQUIRE DEVELOPER OF DIGITAL AUDIO SOFTWARE, BROADCAST SOFTWARE INTERNATIONAL INC. SERVES OVER 1,500 BROADCASTERS ORLANDO, FL September 1, 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 had agreed to acquire Broadcast Software International (BSI), a Eugene, Oregon-based developer of digital audio software. Milwaukee-based Cumulus made the announcement at a press conference in Orlando held in conjunction with the National Association of Broadcasters radio convention. Terms of the acquisition were not disclosed. BSI is a software development company specializing in digital audio applications for broadcast radio and television as well as for Internet broadcasters. More than 1500 broadcasters worldwide currently use BSI’s core product, the WaveStation? digital studio system. WaveStation software allows a PC to store music and advertisements and manage all aspects of radio station audio operations, replacing record, tape and CD players, cart machines and other analog and electro-mechanical devices. In July, Cumulus announced it would standardize its radio station group on BSI’s products. “BSI is a dynamic young company with a track record of positive revenues, cash flow and consistent growth,” said Richard Weening, Executive Chairman of Cumulus. “As we learned more and more about them, it became clear that their non-proprietary approach to audio management could revolutionize broadcast station operations and automation provided they could access the resources to supply and support more stations, Weening continued. “Cumulus can provide those resources and in the bargain we also get a gifted development team capable of creating new products that will help the industry and enhance our own efficiency and profitability.” BSI President Ron Burley said, “Our new relationship with Cumulus will provide this company with the resources needed to implement many projects that were previously beyond our reach. They are a great organization and everyone at BSI is excited about joining the Cumulus team.” BSI has championed a non-proprietary software approach that reduces total system costs and allows customers to make their own decisions about what PC hardware to use. The company’s automation and other digital audio products run on any 32-bit Microsoft Windows? operating system (95, 98, NT or 2000) and are compliant with any Microsoft Windows? compatible audio hardware. BSI is also noted in the broadcast industry for a software pricing model which does not rely upon recurring maintenance and support charges. BSI will operate as a subsidiary of Cumulus with operations remaining in their current Eugene, Oregon headquarters. Cumulus Media is the parent company of Cumulus Broadcasting, Inc., which
along with its other subsidiaries owns and operates radio station clusters
in mid-size markets. Assuming the completion of all pending acquisitions,
Cumulus Media will own and operate 246 radio stations in 45 U.S. media
markets. The Company commenced operations May 22, 1997.
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