Cumulus Media Inc. Completes Tender Offer and Refinancing.

Business Editors

ATLANTA--(BUSINESS WIRE)--April 30, 2003

Cumulus Media Inc. (the "Company") (NASDAQ: CMLS) announced today the successful completion of the tender offer and consent solicitation relating to its outstanding 10 3/8% Senior Subordinated Notes Due 2008 (the "Notes").

The Company accepted and paid for all validly tendered Notes pursuant to the offer. The offer expired at 12:01 a.m., New York City time, on April 30, 2003 (the "Tender Offer Expiration Date").

The offer was made pursuant to the Offer to Purchase and Consent Solicitation Statement dated April 2, 2003. As of the Tender Offer Expiration Date, $88,786,000 in principal amount of the Notes had been tendered (and not withdrawn). As previously announced, the requisite consents to the proposed amendments to the indenture relating to the Notes were received by 5:00 p.m., New York City time, on April 15, 2003 (the "Consent Expiration Date"). After completing the tender offer, $13.7 million in principal amount of the Notes remain outstanding. The outstanding Notes may be called for redemption by the Company at any time after July 1, 2003.

Holders who validly tendered (and did not withdraw) their Notes at or prior to the Tender Offer Expiration Date received $1,081.80 per $1,000 in principal amount of Notes, which included accrued and unpaid interest on the Notes to, but not including, April 30, 2003. In addition, those holders who validly consented to the proposed amendments to the indenture at or prior to the Consent Expiration Date received a consent payment of $20.00 per $1,000 in principal amount of Notes, for a total tender offer consideration of $1,101.80 per $1,000 in principal amount of Notes.

J.P. Morgan Securities Inc. served as the dealer manager for the offer and the solicitation agent for the solicitation. MacKenzie Partners, Inc. served as the information agent.

Concurrently with the completion of the offer and solicitation, Cumulus announced today that it had received financing in the form of a new $325 million Tranche C term loan under its existing credit agreement. Cumulus used the proceeds from the Tranche C term loan to pay the consideration for the tendered Notes and the consents that were delivered, and to repay the $175 million Tranche B term loan outstanding, and $15 million of the $30 million in currently outstanding revolving loan borrowings, under its existing credit agreement. The remaining proceeds, after paying related expenses, are approximately $34 million, and remain available to Cumulus for general corporate purposes, including repayment of indebtedness and potential future acquisitions. The Tranche C term loan was arranged by JPMorgan Chase Bank, an affiliate of J.P. Morgan Securities Inc.

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 268 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.

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, 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.