Cumulus Media Inc. Announces CFO Resignation

ATLANTA--(BUSINESS WIRE)--Cumulus Media Inc. (NASDAQ: CMLS)(the “Company”) announced that effective today Martin R. Gausvik, Executive Vice President and Chief Financial Officer, has resigned from the Company to pursue other opportunities. J.P. Hannan, currently Vice President and Controller of the Company, will serve as the Company’s Interim CFO. Mr. Hannan previously served as CFO of Lincoln National Corp.’s radio division, was a member of the Board of Directors of Regent Communications, Inc. where he served on the audit and compensation committees, was COO/CFO of Lambert Television, Inc., and is currently on the Board of Directors of Asian Media Group, a portfolio company of Leonard Green Partners.

Lewis W. Dickey, Jr., Chairman and CEO of the Company, commented, “We appreciate Marty’s contribution to Company and wish him well in his future endeavors.”

The Company is the second largest radio broadcaster in the United States based on station count, and combined with its affiliate, CMP Media Partners, LLC, the Company is the fourth largest radio broadcast company in the United States based on net revenues, controlling approximately 350 radio stations in 68 U.S. media markets (www.cumulus.com).

Statements in this release may constitute “forward-looking” statements, which are statements that relate to the Company’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 national or world 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 the Company’s filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2008. The Company assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise.