Cumulus Media Inc. Announces Acquisition in Ft. Walton Beach, Florida.

Business Editors

ATLANTA--(BUSINESS WIRE)--Sept. 19, 2002

Cumulus Media Inc. (NASDAQ:CMLS) today announced that it has signed a Purchase Agreement with East Mississippi Broadcasters, Inc. to acquire the broadcasting and related assets of WKSM-FM, WNCV-FM, WYZB-FM, WZNS-FM and WFTW-AM serving the Ft. Walton Beach, Florida market (Arbitron market rank # 217).

The aggregate purchase price for these assets is approximately $30.0 million, of which $28.5 million is to be paid in cash and $1.5 million of which may be paid in shares of Cumulus' Class A Common Stock. This transaction provides Cumulus with an attractive market cluster that Cumulus expects will be accretive in 2002.

Cumulus will operate the Ft. Walton Beach cluster under the terms of a local marketing agreement, effective October 1, 2002. Cumulus CEO Lew Dickey remarked, "We are pleased to announce Cumulus' acquisition of the market leading cluster in Ft. Walton Beach. The majority owner, Clay Holladay, and his family are excellent broadcasters and they have assembled a terrific cluster in Ft. Walton Beach. This well-run cluster leads the market in both ratings and revenue and is an excellent strategic fit with our strong presence in the rapidly growing Southeast."

Cumulus intends to use approximately $28.5 million of the net proceeds from its May 2002 equity offering for the acquisition of the assets of East Mississippi Broadcasters, Inc. The transaction was brokered by Jeffery Group, based in Orlando, Florida.

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.

Statements in this release, including statements relating to the integration of acquisitions and any earnings or revenue projections, are "forward-looking" statements, which are statements that relate to Cumulus Media Inc.'s future plans, revenues, broadcast cash flows, earnings, objectives, expectations, performance, and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the radio broadcasting industry, advertising demand in our markets, the possibility that advertisers may cancel or postpone schedules in response to political events, competition for audience share, our success in executing and integrating acquisitions, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations, and other risk factors described from time to time in Cumulus Media Inc.'s filings with the Securities and Exchange Commission, including Cumulus Media Inc.'s Form 10-K for the year ending December 31, 2001. Cumulus Media Inc. assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise.