Cumulus Media Inc. Signs Agreements to Acquire 15 Stations in Three Separate Transactions for $78.0 Million.

Business Editors

ATLANTA--(BUSINESS WIRE)--Dec. 2, 2003

Cumulus Media Inc. (NASDAQ: CMLS) today announced it has signed agreements to purchase nine stations serving Rochester, MN (metro rank 220) and six stations serving Sioux Falls, SD (metro rank 210) through three separate transactions for $78.0 million. The Company plans to pay for the acquisitions in shares of Cumulus Media Inc. Class A common stock.

The Company has signed agreements to purchase nine stations from Southern Minnesota Broadcasting Co. (KROC-AM, KROC-FM and KYBA-FM serving Rochester, MN and KYBB-FM, KIKN-FM, KKLS-FM, KMXC-FM, KSOO-AM and KXRB-AM serving Sioux Falls, SD), three stations from Olmsted County Broadcasting Co., Howard G. Bill and Lucille S. Bill (KOLM-AM KWWK-FM and KLCX-FM serving Rochester, MN) and three stations from KFIL, Inc. and KVGO, Inc. (KFIL-FM, KFIL-AM and KVGO-FM serving Rochester, MN). The aggregate purchase price for the 15 stations is $78.0 million and is payable, at the option of Cumulus, in cash or shares of Cumulus Media Class A common stock. The number of shares to be delivered at closing in each transaction will be determined based upon the closing price of the stock on the closing date. The closing of these transactions is expected to occur during the first or second quarter of 2004.

Cumulus' Chairman and CEO, Lew Dickey, commented, "We are extremely pleased to announce our entry into two new cities with leading clusters in both markets. Furthermore, by using our common stock as currency, we should be able to further deleverage our balance sheet and increase our free cash flow."

Patrick Communications was the sole broker in the Southern Minnesota Broadcasting Co. acquisition and Kalil & Co. was the sole broker in the Olmsted County Broadcasting Co., Howard G. Bill and Lucille S. Bill transaction and the KFIL, Inc. and KVGO, Inc. transactions.

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 287 radio stations in 58 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 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.