Cumulus Media Expands Into Arkansas; Acquires 6 Stations in Fast-Growing Fayetteville.

MILWAUKEE--(BUSINESS WIRE)--Oct. 12, 1998--Cumulus Media Inc. (NASDAQ:CMLS), today announced it would enter the Fayetteville, Arkansas radio market. The Company is acquiring four FM stations and two AM stations, namely, KMCK-FM, KAMO-FM, KBRS-FM, KREB-AM/FM and KZRA-AM, from Hochmann Communications for a purchase price of $6.15 million cash. As a result of this newest acquisition, Cumulus now serves markets in every contiguous state from North Carolina south to Florida and west to Texas.

Ranked 155th in the nation by Arbitron, the Fayetteville market has more than doubled in population in the past seven years, and per capita income has grown 75 percent since 1982. Fayetteville is home to several internationally-recognized companies, including Wal-Mart, Tyson Foods and J. B. Hunt Transport, as well as The University of Arkansas, which attracts an average of 14,700 students annually.

Today, Cumulus operates 179 stations in 35 markets. Following FCC approval and completion of all pending acquisitions, Cumulus will own and operate 200 stations in 38 markets.

"The Fayetteville market fits the Cumulus profile ideally and expands our coverage area in the South-Central U.S.," explained Lew Dickey, Cumulus Executive Vice Chairman. "It increases our already-strong presence in the area and, together with the markets in Mississippi and Louisiana, further allows national and regional advertisers to take advantage of the Company's regional coverage."

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