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

Business Editors

ATLANTA--(BUSINESS WIRE)--Jan. 13, 2003

Cumulus Media Inc. (NASDAQ: CMLS) today announced that it has completed the previously announced acquisition of five radio stations in Ft. Walton Beach, Florida (Arbitron market rank #217) from East Mississippi Broadcasters, Inc.

The Ft. Walton Beach stations were acquired for $28.5 million in cash and 95,938 shares of the Company's Class A Common Stock. Cumulus has operated the Ft. Walton Beach cluster under the terms of a local marketing agreement since October 1, 2002.

This transaction provides Cumulus with an attractive market cluster and is an excellent strategic fit with the Company's strong presence in the Southeast. Cumulus CEO Lew Dickey commented, "We are pleased to announce the completion of the Ft. Walton Beach cluster. This well-run cluster is the clear market leader in ratings and revenue and has already proven itself to be a strong performer during our LMA in the fourth quarter."

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 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.