Cumulus Media Amends Results for the Quarter ended September 30, 1998.

Records One Time Non-Cash Charge of $2.9 Million in Third Quarter;

Accelerates Discount Related to Exchange of Preferred Stock

Cumulus Media Inc. (NASDAQ: CMLS), today announced that its consolidated financial statements for the quarter ended September 30, 1998 (included in its Quarterly Report on Form 10-Q) includes a one-time non-cash charge of $2.9 million for acceleration of the discount associated with the exchange of its pre-IPO preferred stock for shares of its 13 3/4% Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009.

"This non-cash charge is associated with the Company's recent capital raising," stated Daniel O'Donnell, Vice President of Finance. "It is a non-operational charge and does not result in any change to the revenue and cash flow performance previously announced." Earlier this month, Cumulus reported same store revenue and broadcast cash flow growth of 25.5% and 43.1% respectively for the quarter. In the previous quarter, same store revenue increased 21% and broadcast cash flow grew 37%.

As a result of the $ 2.9 million third quarter non-cash charge ($ .16 per share), the Company's net loss attributable to common shareholders increased to $ 10.2 million, versus the previously reported $ 7.3 million for the three months ending September 30, 1998. Loss per share for the three months ending September 30, 1998 becomes $ .53 per share, versus the previously reported $ .37 per share. Additionally, after the charge the Company's net loss attributable to common shareholders increased to $ 19.9 million, versus the previously reported $ 17.0 million for the nine months ending September 30, 1998. Loss per share for the nine months ending September 30, 1998 becomes $ 1.02 per share, versus the previously reported $ .86 per share.

On July 1, 1998, the Company completed an initial public offering of its common stock, raising $109.4 million in net proceeds, including proceeds from the July 31, 1998 exercise of the underwriters' over allotment options. Concurrently, the Company also sold $125,000,000 of 13 3/4% Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009; and $160,000,000 10.375% Senior Subordinated Notes due 2008. The third quarter charge reflects the acceleration of the discount associated with previously issued preferred stock that was exchanged for the 13 3/4% Series A Cumulative Exchangeable Redeemable Preferred Stock due 2009 described above.

                          CUMULUS MEDIA INC.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                 (in thousands, except per share data)
                              (Unaudited)


                           Three Months Ended       Nine Months Ended
                           September 30, 1998      September 30, 1998
                           -------------------------------------------
Gross broadcast revenues       $31,495                 $69,432
 Less:  Agency commissions      (2,752)                 (6,307)
                                -------                 -------
  Net broadcast revenues       $28,743                 $63,125
Station operating expenses      19,961                  47,236
Corporate G.& A. expense         1,664                   3,895
 Depreciation and
  amortization                   6,075                  12,976
                                 -----                  ------
Operating income (loss)         $1,043                   $(982)
Other (income) expenses:
  Interest expense               5,500                   9,749
  Interest income               (1,434)                 (1,789)
  Other income (expense),
   net                              -                        2
Loss before income taxes       $(3,023)                $(8,944)
Income tax expense                   1                      22
Loss before extraordinary
 item                          $(3,024)                 (8,966)
Extraordinary loss on
 early extinguishment of
  debt                              -                    1,837
Net loss                        (3,024)                (10,803)
 Preferred stock dividends
  and accretion of
   discount                      7,220                   9,146
Net loss attributable to
 common stock                 $(10,244)               $(19,949)
Basic and diluted loss
 per common share:
  Before extraordinary
   loss                          $(.16)                  $(.46)
  Extraordinary loss                --                   $(.09)
  Net loss attributable
   to common stock               $(.53)                 $(1.02)
Average Shares Outstanding      19,467                  19,467

Pro Forma weighted average
  common shares
   outstanding (1)
                                19,737                  19,737


(1) Pro forma for the shares issued in connection with the Company's
Initial Public Offering, which was completed on July 1, 1998, and
including the exercise of the underwriters' over allotment of 800,000
shares on July 31, 1998.