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CUMULUS MEDIA INC. - Settles a series of shareholder class action lawsuits Atlanta, GA June 12, 2001 -- Cumulus Media Inc. (NASDAQ: CMLS) announced today that it has reached an agreement in principle to settle a series of shareholder class action lawsuits arising out of the company’s announcement on March 16, 2000 of the restatement of certain revenues and expenses for the first, second, and third quarters of 1999. Pursuant to the terms of the agreement, which is subject to negotiation of a final Stipulation of Settlement and court approval, the lawsuits will be dismissed in exchange for $13 million in cash and 240,000 shares of common stock. Of the cash portion, $7,250,000 will be provided by preexisting insurance. Cumulus Chairman and CEO Lew Dickey commented, “These lawsuits were the remaining vestige of an old problem, and it was time to put them behind us. Their resolution constitutes still another step forward in our plan to make the new Cumulus the premier company in our industry.” Certain statements within this release constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to numerous known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements in light of future decisions by the Company, and by market, economic, competitive, regulatory and technological developments beyond the Company’s control. ### For further information please contact:
Marty Gausvik (404) 949-0700 RETURN TO TOP
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