CUMULUS MEDIA INC. Announces Dickey Family Increases Holdings of Cumulus Media Common Stock.

Business Editors

ATLANTA--(BUSINESS WIRE)--Oct. 1, 2002

Cumulus Media Inc. (NASDAQ: CMLS) today announced that Lewis W. Dickey, Jr., chairman, president and chief executive officer of Cumulus Media, and members of his family have increased their ownership stake in the radio broadcasting company.

On September 30, 2002, four members of the Dickey family, including Lew Dickey and his brother John W. Dickey, executive vice president of Cumulus Media, exercised warrants to purchase an aggregate of 240,000 shares of the Class A Common Stock of Cumulus Media at an exercise price of $12 per share. As a result of the exercise of the warrants, Cumulus Media received approximately $2.9 million in cash proceeds. The warrants were issued in March 2002 by Cumulus Media in connection with its purchase of three radio stations in Nashville, Tennessee from DBBC, L.L.C., an entity controlled by members of the Dickey family.

Separately, on September 27, 2002, three of Cumulus Media's stockholders, CML Holdings, LLC; DBBC, L.L.C.; and DBBC of Georgia, L.L.C. completed distributions of shares of Cumulus Media common stock to their respective investors, including various members of the Dickey family. As a result of the CML Holdings distribution, Lew Dickey increased his ownership of the Class C Common Stock of Cumulus Media by 225,329 shares. As a result of the distributions by DBBC, L.L.C. and DBBC of Georgia, L.L.C., both closely held entities owned by Lew Dickey and members of his family, the shares of Cumulus Media common stock that were distributed are now held directly by various members of the Dickey family, rather than through a limited liability company.

Lew Dickey, commenting on the transactions, said "Since Cumulus Media's inception, my family and I have continued to increase our stake in the Company, and we remain firmly committed to its strategy. The exercise of the warrants and increase in ownership of Cumulus Media's common stock as a result of the distributions by CML Holdings, DBBC and DBBC of Georgia are clear indications of the Dickey family's strongly held belief in the long-term value of Cumulus Media."

As a result of these transactions, Lew Dickey now owns 1,743,561 shares, or 3.6%, of the outstanding Class A Common Stock and 644,871 shares, or 100%, of the outstanding Class C Common Stock. Collectively, Lew Dickey and the other members of his family, including John Dickey, now hold shares of Class A Common Stock and Class C Common Stock representing approximately 23.2% of the outstanding voting power of Cumulus Media's common stock.

Cumulus Media Inc. is the second largest radio company in the United States based on station count. Giving effect to the completion of all announced pending acquisitions and divestitures, Cumulus Media will own and operate 260 radio stations in 54 mid-size, U.S. media markets. The company's headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.

For any additional information, or to receive future Company news announcements visit our website at www.cumulus.com or contact Wendy Wise at [phone].