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CUMULUS NEWS RELEASE SEP 29, 1999 CUMULUS MEDIA COMPLETES LEXINGTON,
KY AND EAU CLAIRE, WI ACQUISITIONS, Closes Deals in 2 Markets for $59 Million
MILWAUKEE, September 29, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS), the Milwaukee-based radio broadcasting group, today announced the closing of two acquisitions involving 11 radio stations in Eau Claire, Wisconsin and Lexington, Kentucky. The total purchase price was $59.3 million. In Eau Claire, Cumulus acquired six stations from Phillips Broadcasting for a total purchase price of $14.8 million. Ranked as the 231st largest metropolitan area, Eau Claire is home to hardware retailing giant Menards. Silicon Graphics, Johnson Matthey, Hutchinson Technology, Inc. are also significant employers in the community of nearly 200,000 people. Cumulus radio stations in this market are WATQ-FM (106.7), WBIZ-FM (100.7), WMEQ-FM (92.1), WQRB-FM (95.1), WMEQ-AM (880) and WBIZ-AM (1400). In Lexington, Cumulus closed on five stations including WVLK-AM (590 which has broadcast rights to University of Kentucky sports), WVLK-FM (92.9), WLRO-FM (101.5), WLTO-FM (102.5), and WXZZ-FM (106.3). The group was purchased from HMH Broadcasting for a price of $44.5 million. Lexington is ranked the 107th largest radio market in the U.S. with a population of 425,000. The area’s economy is supported by several internationally recognized businesses, including James River-Dixie Company, Toyota Motor Manufacturing, U.S.A., and The Trane Company. Lexington, and the surrounding area, is also home to 15 colleges/universities, including the University of Kentucky with a student body of over 30,000. 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 261 radio stations
in 48 U.S. media markets. The Company commenced operations May 22,
1997.
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