Cumulus Media Completes Bangor Cluster; Acquires 3 Stations in Bangor, Maine for $4 Million.

MILWAUKEE--(BUSINESS WIRE)--Dec. 16, 1998--Cumulus Media Inc. (NASDAQ:CMLS) today announced that it has completed its cluster of radio stations in Bangor, Maine by buying two FM radio stations and one AM station. The Company is purchasing WWMJ-FM, WEZQ-FM and WDEA-AM from Dudman Communications Corp. for $4 million and will begin operating the new stations immediately under the terms of a Local Marketing Agreement. Cumulus already owns WQCB-FM and WBZN-FM in Bangor, as well as WCME-FM, WKCG-FM, WIGY-FM, WABK-FM and WFAU-AM in Augusta-Waterville, Maine.

"Martha Dudman is an excellent broadcaster whose deep commitment to her community is reflected in the quality of the stations she and her family have operated for many years. We are proud to succeed the Dudmans as owners and delighted to add these fine properties to our Bangor group," stated Richard Weening, Cumulus Executive Chairman. "With the Dudman stations we will be better able to serve the full range of listeners and compete more effectively with newspaper and television for advertising revenue."

Including this announcement, as well as pending acquisitions, Cumulus now operates 192 stations in 36 markets. Following FCC approval and completion of all pending acquisitions, Cumulus will own and operate 207 stations in 39 markets.

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.

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. In July 1998, Cumulus completed an initial public offering of common stock and the sale of preferred stock and bonds for total gross proceeds of $402 million.