Cumulus Media Inc. Announces Acquisition in Nashville, TN.

Business Editors

ATLANTA--(BUSINESS WIRE)--March 25, 2003

Cumulus Media Inc. (Nasdaq:CMLS) today announced it has signed an Asset Purchase Agreement to acquire stations from Gaylord Entertainment in Nashville, TN.

Cumulus will purchase WWTN-FM and WSM-FM and will enter into a long-term Joint Service Agreement ("JSA") with respect to a third station, WSM-AM, to handle that station's advertising sales. The aggregate purchase price for the transaction is $65.0 million, and Cumulus will operate WWTN-FM and WSM-FM prior to closing under a Local Marketing Agreement ("LMA"). The acquisition of WWTN-FM, WSM-FM(1) and JSA of WSM-AM, will complement Cumulus' existing Nashville cluster, which consists of WQQK-FM, WRQQ-FM and WNPL-FM.

The two companies have also entered into a long-term marketing partnership to leverage the synergies between Gaylord's world-class hospitality and entertainment assets, including its three Gaylord Hotels and the Grand Ole Opry, and Cumulus' second-largest radio platform of 262 stations in 54 U.S. cities. Cumulus Media has agreed to carry America's Grand Ole Opry Weekend on the Cumulus country network beginning this April.

Cumulus' Chairman and CEO, Lew Dickey, commented, "We are extremely pleased to announce this acquisition as well as our long-term partnership with the quality people at Gaylord Entertainment. This acquisition is the most important strategic fill-in that our company could make because it completes our Nashville cluster and solidifies our position in our largest market. The stations have great signals, heritage brands and will put us in a position to challenge for market leadership with broad demographic coverage including: men and women, youth and adults and ethnic as well as general market. In addition, Gaylord Entertainment has a terrific collection of entertainment and hospitality assets that will benefit our platform and we look forward to a long and mutually beneficial relationship between our two companies."

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 264 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.

(1) "WSM-FM" will remain a registered trademark of Gaylord, but

will be licensed to Cumulus on a long-term, royalty-free basis.