Cumulus Media Inc. Announces Acquisition of WPKR and WPCK.

Business Editors

ATLANTA--(BUSINESS WIRE)--July 2, 2003

Cumulus Media Inc. (NASDAQ: CMLS) today announced it has signed an Asset Purchase Agreement to purchase two stations from Midwest Dimensions, Inc. and began operating the stations under a Local Marketing Agreement on July 1, 2003. Under the agreement, Cumulus will acquire WPKR-FM and WPCK-FM for $8.1 million and can elect to pay up to approximately 70% of the purchase price in shares of Cumulus Media Inc.'s Class A Common Stock.

Cumulus' Chairman and CEO, Lew Dickey, commented, "This acquisition represents a very attractive and strategic fill-in which solidifies our position in the Appleton-Oshkosh market." Midwest Dimension, Inc. President, Jim Coursolle stated, "We are delighted as this transaction represents a wonderful growth opportunity for both clients and employees of WPKR and WPCK."

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 270 radio stations in 55 mid-size, U.S. media markets. The company's headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com. Midwest Dimensions, Inc. has operated stations in Wisconsin since 1976 and in the Fox Valley since 1990.

Statements in this release may constitute "forward-looking" statements, which are statements that relate to Cumulus Media Inc.'s future plans, revenues, station operating income, 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, 2002. 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.