Cumulus Media Acquires First Stations in Maine; Completes Myrtle Beach Cluster.

MILWAUKEE--(BUSINESS WIRE)--July 17, 1998--Cumulus Media Inc. (NASDAQ:CMLS), the Milwaukee-based radio broadcasting group, today announced that it has completed its first radio station acquisition in the New England region, by buying two FM radio stations in the Bangor, Maine radio market, WQCB(FM) and WBZN(FM), from Castle Broadcasting L.P. for $6.4 million. In addition, the Company filled out its position in the Myrtle Beach, South Carolina radio market with the completed acquisition of WSEA(FM) from WSEA, Inc. for $1.3 million. Cumulus now owns or operates under LMA agreement 5 FM stations and 1 AM station in Myrtle Beach.

"Myrtle Beach is a prime example of the Cumulus strategy," stated Richard Weening, Executive Chairman of Cumulus Media. "We originally acquired an anchor position in Myrtle Beach and now have since added to our distribution with additional FM signals. This allows us to use our talents and resources effectively, both within the market and regionally. With the Maine acquisition, and others pending, we will apply the same strategy in the Northeast where we see tremendous opportunity."

According to BIA, a leading publisher of radio market data, the Bangor market is ranked #1 in the U.S. in terms of radio market revenue per capita and #6 in radio market revenue per dollar of retail sales. Bangor is the 263rd ranked radio market in the U.S. in terms of 12+ population. Located 30 miles from the coast in central Maine's Penobscot River Valley, the Greater Bangor area is the economic, educational, recreational, transportation, and service hub; for coastal, central, and northern Maine. Bangor is also northern New England's economic link to the Canadian Maritime, and eastern Quebec provinces.

With the acquisition of WSEA(FM), and the pending acquisition of WXJY(FM), Cumulus will be one of the leading media outlets in the Myrtle Beach, SC market, ranked 175th in the U.S. BIA projects a rapid 6.7% radio market revenue growth rate from 1997 to 2001 for the market. Myrtle Beach lies adjacent to Florence, SC, and Wilmington, NC, both radio markets in which Cumulus also owns several stations.

Cumulus Media Inc. is a radio broadcasting company focused on the acquisition, operation, and development of radio stations in mid-sized and smaller radio markets in the U.S. The Company currently owns or operates 116 radio stations in 24 U.S. radio markets. Including all stations owned and pending, Cumulus controls 176 stations in 34 markets making it the nation's 4th largest radio broadcaster in terms of stations. Cumulus recently completed an initial public offering and the sale of public preferred stock and bonds for total gross proceeds of $391 million. Lew Dickey is Executive Vice Chairman of Cumulus. William Bungeroth is President of Cumulus' operating subsidiary, Cumulus Broadcasting Inc.

    CONTACT:  Goff & Associates
               Mark Goff, 414/277-0606
                 or
               Cumulus Media Inc.
               Linda Fischer, 414/615-2800