Cumulus Media Inc. Announces Acquisition in Macon, GA.

Business Editors

ATLANTA--(BUSINESS WIRE)--May 28, 2002

Cumulus Media Inc. (NASDAQ: CMLS) today announced that it has signed a Purchase Agreement with U.S. Broadcasting Limited Partnership to acquire the broadcasting and related assets of WDDO-AM, WDEN-AM, WMAC-AM, WAYS-FM, WDEN-FM, WPEZ-FM, WMKS-FM and WMGB-FM serving the Macon, Georgia market (Arbitron market rank # 152).

The aggregate purchase price for these assets is approximately $35.5 million, of which $34.0 million will represent cash at closing and $1.5 million will represent shares of Cumulus' Class A Common Stock calculated based upon the average closing price per share for the five trading days ending two business days prior to closing. This transaction provides Cumulus with an attractive market cluster that Cumulus expects will be accretive in 2002.

Cumulus CEO Lew Dickey remarked, "We are pleased to announce the acquisition of this market-leading, eight-station cluster. At market rank # 152, Macon is a solid fit with our stated growth strategy and complements our other thirteen clusters in the rapidly growing Southeast."

Cumulus intends to use approximately $34.0 million of the net proceeds from its recently announced equity offering for the acquisition of the assets of U.S. Broadcasting Limited Partnership.

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 258 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 ended 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.