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CUMULUS NEWS RELEASE MAY 11, 2000 CUMULUS AND CONNOISSEUR REACH
AGREEMENT ON CLOSING EXTENSION
(New York, NY) Cumulus Media Inc. (NASDAQ: CMLS) today announced that it had reached agreement to extend the closing of the $242 million acquisition of 37 radio stations in 9 markets from Connoisseur Communications. Speaking to shareholders at the Prudential Securities Small Cap Investor Conference in New York, Cumulus Executive Chairman Richard Weening said “the extension preserves the original terms of the deal but give us much more flexibility.” A company spokesman said the transaction is now expected to close in late third or early fourth quarter. Cumulus currently operates all the Connoisseur stations under a Local Marketing Agreement. 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 completion of all pending acquisitions
and divestitures, Cumulus Media will own and operate 304 radio stations
in 60 U.S. media markets. The Company commenced operations May 22,
1997.
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