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CUMULUS NEWS RELEASE MAY 18, 2000 CUMULUS COMPLETES ACQUISITIONS
IN TWO MARKETS, Closes on Stations in Augusta, Georgia and Jonesboro, Arkansas
Milwaukee, WI May 18, 2000 -- Cumulus Media Inc. (NASDAQ:CMLS) announced today that it has completed the acquisition of WZNY(FM) serving Augusta, Georgia and KFIN(FM), KIYS(FM) and KBTM(AM) serving Jonesboro, Arkansas. Known as “Today’s Hits”, WZNY 105.7 in Augusta, Georgia was acquired from the estate of George Weiss for $3.8 million. The proceeds from the transaction will benefit the Medical College of Georgia as a result of Mr. Weiss' bequest. The transaction had been pending since 1997 while the parties awaited clearance by the FCC. The Augusta, Georgia market is ranked the 114th largest radio market in the U.S. by the Arbitron Company. According to Places Rated Almanac, Augusta was ranked the second-best place to live in Georgia. Augusta is famous worldwide for serving as host city to the prestigious Masters Golf Tournament, held each April at Augusta National Golf Club. Cumulus also closed on its acquisition of stations KFIN, KIYS and KBTM from Duke Broadcasting for $26.5 million. Jonesboro, one of the fastest growing areas in the state of Arkansas, is a newly rated Arbitron market located just northwest of Memphis. The community is home to Arkansas State University, with over 10,000 students. Jonesboro also supports several large industrial enterprises, including Riceland Foods, the largest rice mill in the world, Hytrol Conveyor Company, and the Post Division of Kraft Foods. 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 the completion of all pending acquisitions,
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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