Cumulus Reports Third Quarter 2011 Results

Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today reported financial results for the three and nine months ended September 30, 2011.

Lew Dickey, Chairman & CEO stated, “In third quarter, we closed two major acquisitions for a total of $3.1 billion. Acquiring both CMP and Citadel was truly transformative for our company. We now own and operate approximately 570 stations in 120 cities in addition to a fully-distributed content network serving over 4500 affiliates nationwide. The attendant financings associated with these transactions enabled us to accretively increase our equity capital base six-fold while extending the maturities of our credit agreements. We now have a true national platform with a large and liquid market capitalization and a flexible, covenant-light debt complex that is designed to optimize free cash flow and de-risk the equity. Our team is making excellent progress on the Citadel integration and is energized by the upside potential of our newly transformed platform.”

Financial highlights are as follows (in thousands, except per share data and percentages) (footnotes follow):

			Three Months Ended September 30,								% Change						Nine Months Ended September 30,							% Change
	Pro Forma (1)		2011				2010										2011			2010
	Net revenues		$	297,005			$	302,707				-1.9	%				$	851,310		$	873,223				-2.5	%
	Adjusted EBITDA (2) (3)		$	98,392			$	107,366				-8.4	%				$	280,039		$	300,195				-6.7	%
	Free cash flow (4)		$	43,410			$	57,386				-24.4	%				$	126,531		$	153,099				-17.4	%
	Free cash flow per common share (4)		$	0.59			$	1.42				-58.5	%				$	2.39		$	3.80				-37.1	%
			Three Months Ended September 30,														Nine Months Ended September 30,
	Actual		2011				2010										2011			2010
	Net revenues		$	132,303			$	67,455									$	259,340		$	193,552
	Adjusted EBITDA (2) (5)		$	10,732			$	22,845									$	44,973		$	59,914
	Net income (5)		$	59,538			$	9,731									$	76,998		$	21,891
	Income per common share:
	Basic income per common share		$	0.64			$	0.23									$	1.27		$	0.52
	Diluted income per common share		$	0.60			$	0.23									$	1.21		$	0.51
	Free cash flow (4)		$	(15,678	)		$	14,915									$	306		$	36,320
	Free cash flow per common share (4)		$	(0.21	)		$	0.37									$	0.01		$	0.90

Three Months Ended September 30, 2011 Compared to Three Months Ended September 30, 2010

Net Revenues

Excluding the impact of net revenues as a result of the CMP Acquisition and the Citadel Acquisition (both defined below), net revenues decreased $0.5 million, or 0.6%, to $67.0 million for the three months ended September 30, 2011 from $67.5 million for the three months ended September 30, 2010. This decrease was primarily attributable to reduced political advertising of $1.2 million and a decrease in management fee income of $0.7 million, partially offset by an increase in core revenues.

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