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CUMULUS NEWS RELEASE DEC 22, 1999 CUMULUS ANNOUNCES CASH DIVIDEND
ON SERIES A PREFERRED STOCK
Milwaukee, WI December 22, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS) announced today that the January 1, 2000 dividend on its Series A Cumulative Exchangeable Redeemable Preferred Stock, payable in arrears for the calendar quarter ended December 31, 1999 to holders of record on December 15, 1999, will be made in cash. The cash dividend will be $34.375 per share, or approximately $3.6 million in total. In accordance with the terms of the Series A Cumulative Exchangeable Redeemable Preferred Stock, on or before July 1, 2003, the Company retains the right, at its option, to make future dividend payments in cash or in additional shares of Series A preferred stock having a liquidation preference equal to the amount of such dividends. The terms of the Company's credit facility and indenture may restrict the payment of cash dividends. The January 1, 2000 cash dividend for shares held as of the record date will be distributed through the Transfer Agent, Firstar Trust Company, 1555 North River Center Drive, Suite 301, Milwaukee, Wisconsin 53202. 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 310 stations clustered in 61 U.S. markets.
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