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CUMULUS NEWS RELEASE JUNE 7, 2000 Lewis W. Dickey, Jr. Appointed
CEO of Cumulus Media, John W. Dickey Appointed Executive Vice President,
Headquarters to be Consolidated in Atlanta
MILWAUKEE, WI June 7, 2000 – Cumulus Media Inc. (NASDAQ: CMLS), the nation’s third largest owner and operator of radio stations, today announced the appointment of Lewis W. Dickey, Jr. as President and Chief Executive Officer of Cumulus Media. Mr. Dickey was previously Executive Vice Chairman of Cumulus Media, a Director and President of Cumulus Broadcasting Inc., the Company’s primary operating subsidiary. The Company also announced the promotion of John W. Dickey to Executive Vice President of Cumulus Media. He was previously Director of Programming of Cumulus Media and Executive Vice President of Cumulus Broadcasting. Additionally, the Company announced it would consolidate its headquarters and finance operations in Atlanta by October 1, 2000. As President and CEO, Lew Dickey will have responsibility for all operational aspects of the Company. John Dickey, who will report to the President and CEO, will continue to have responsibility for programming and will assume responsibility for Engineering, Facilities, the Company’s software activities and Information Technology. Martin R. Gausvik, who joined the Company on May 29, 2000, continues his responsibilities as Executive Vice President, Chief Financial Officer and Treasurer, reporting to the Company’s Board of Directors. Cumulus founder Richard Weening continues as Executive Chairman and a member of the Board. “Since stepping in to take over radio operations in March, Lew has done an excellent job of driving the company forward,” said Weening. “We have moved from our acquisition-intensive start-up stage in which I played the lead role to focus almost exclusively on radio operations. Lew is a first class leader and radio operator. I believe it is critical that he now take the lead role in running the business.” “Through more than 100 acquisitions since 1997, Richard and I have assembled leading clusters in 60 markets throughout the United States,” said Mr. Dickey. “These management changes allow us to more effectively focus on operating these markets. While much remains to be done, Marty, John and I look forward to devoting all of our energies toward making Cumulus a premier operating company in the industry.” Cumulus Media Inc. is the parent Company of Cumulus Broadcasting Inc.,
which along with its other subsidiaries, owns and operates station clusters
in mid-size markets. The Company commenced operations May 22, 1997.
Pro forma for the completion of all pending acquisitions and divestitures,
Cumulus Media will own and operate 304 radio stations in 60 mid-size and
smaller U.S. media markets. After giving pro forma effect for the
pending acquisitions, the Company will own, on average, over 5 radio stations
per market. In addition, the Company owns and operates 5 stations
in the English-speaking Caribbean.
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