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CUMULUS NEWS RELEASE APR 13, 2000 CUMULUS COMPLETES ACQUISITION,
Closes on Radio Station KRUZ(FM) in Santa Barbara Market
Milwaukee, WI April 13, 2000 – Cumulus Media Inc. (NASDAQ:CMLS) announced that it has completed the acquisition of KRUZ(FM), Santa Barbara, California. The Company acquired the station from Pacific Coast Communications for $10 million. Known as “Cruise”, KRUZ is licensed by the FCC to broadcast an exceptionally powerful 105 kW signal that extends well beyond Santa Barbara, with coverage up and down the Southern California coast including the Oxnard-Ventura market. It is ranked the 185th largest market in the U.S. by The Arbitron Company. “We are delighted to add KRUZ to our Santa Barbara cluster, thus completing our consolidation in the market.” said Lew Dickey, Executive Vice Chairman and President for Cumulus. “It’s one of the most powerful signals in Southern California that will solidify not only our Santa Barbara cluster, but our Oxnard-Ventura cluster as well. Strategically—it’s a perfect fit.” Santa Barbara’s crystal-clear air, stunning scenery, and glistening palm-line beaches attract life-long residents and visitors alike. Santa Barbara County’s economic growth has been driven by the expansion of local telecommunications, computers and software, medical devices, and electronics firms. Major employers include the University of California, Vandenburg Air Force Base, Lockheed Martin, Vons/Williams Brothers Stores and Raytheon Systems. Cumulus Media owns and operates radio station clusters in mid-size markets.
Assuming the completion of all pending acquisitions, Cumulus Media will
own and operate 321 radio stations in 64 U.S. media markets. The
Company commenced operations May 22, 1997.
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