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CUMULUS NEWS RELEASE SEP 17, 1999 CUMULUS TO ACQUIRE KILLEEN-TEMPLE,
TEXAS STATIONS, 4 STATIONS FOR $9 MILLION
MILWAUKEE, WI September 17, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS), the nation’s third-largest owner and operator of radio stations as ranked by the number of stations owned or pending acquisition, today announced its entry into the Killeen-Temple, Texas media market with the acquisition of four FM radio stations from four sellers for a total of $9.0 million in cash. Cumulus’ market group will be formed by the acquisition of radio stations KLTD-FM (101.7), Temple, from KenCannon Communications; KYUL-FM (105.5), Harker Heights, from Stellar Radio Group, Inc.; KOOC-FM (106.3), Belton, from Sheldon Communications, Inc.; and KOOV-FM (103.1), Coppers Cove, from Centroplex Communications. Cumulus will immediately assume programming responsibility of the stations under the terms of Local Marketing Agreements with the sellers. “We’re delighted to announce this classic Cumulus market entry which brings standalone stations together into a unified cluster and positions them to compete for the total media dollar as the leading media platform in the market,” said Richard Weening, Executive Chairman of Cumulus Media Inc. “Their diverse music formats and heritage positions in the market, combined with our plans for further investment in programming, technology, and sales professionals, will enable us to offer innovative media services to Killeen-Temple’s advertiser community.” Home to over 300,000 residents and more than $2.3 billion in annual retail sales, Killeen-Temple is ranked #149 among U.S. radio markets rated by the Arbitron Company. Cumulus currently owns radio clusters in six other Texas markets. Killeen, Texas, the largest city in Bell County, is the home of Central Texas College and the University of Central Texas and has a population of approximately 84,400. The City of Killeen adjoins 217,000 acre Fort Hood, host to the largest installation of military personnel and equipment in the country. Temple, Texas, called the “Wildflower Capital of Texas”, is a retail, trade and agricultural center that is home to more than 54,000 residents. Nationally know for its large medical community, Temple is home to Scott and White Memorial Hospital and the Texas A&M University School of Medicine. Cumulus Media Inc. is the parent company of Cumulus Broadcasting,
Inc., which along with its other subsidiaries, owns and operates radio
station clusters in mid-size media markets. Assuming the completion
of all pending acquisitions, Cumulus Media will own and operate 255 radio
stations in 47 U.S. media markets. The Company commenced operations
May 22, 1997.
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