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Cumulus Reports Third Quarter 2011 Results

Direct Operating Expenses, Excluding Depreciation, Amortization and LMA Fees

Excluding the impact of direct operating expenses as a result of the CMP Acquisition and the Citadel Acquisition, direct operating expenses for the three months ended September 30, 2011 decreased $2.2 million, or 5.3%, to $38.3 million, from $40.5 million for the three months ended September 30, 2010. This decrease was primarily due to decreases in fixed sales expenses and other operating costs.

Corporate, General and Administrative Expenses, Including Non-cash Stock-based Compensation Expenses

Corporate, general and administrative expenses, including non-cash stock-based compensation expenses, for the three months ended September 30, 2011, increased $40.0 million, or 854.1%, to $44.7 million, from $4.7 million for the three months ended September 30, 2010. This increase was primarily due to an increase of $38.3 million in one-time costs associated with the CMP Acquisition and the Citadel Acquisition, including additional stock-based compensation expenses of $1.0 million and $0.8 million in corporate salaries, as well as related expenses and an increase of $0.2 million in legal and other professional fees, which were partially offset by a decrease of $0.4 million in remaining overall corporate expenses.

Interest Expense, net

Total interest expense, net of interest income, for the three months ended September 30, 2011 increased $11.9 million, or 157.1%, to $19.5 million compared to $7.6 million for the three months ended September 30, 2010. Interest expense associated with outstanding debt increased by $13.5 million to $19.9 million as compared to $6.4 million in the prior year’s period. Interest expense increased as a result of a higher average amount of indebtedness outstanding, as a result of the completion of the CMP Acquisition and the Citadel Acquisition, and the related Global Refinancing, in the third quarter of 2011.

Capital Expenditures

Capital expenditures for the three months ended September 30, 2011 totaled $1.4 million.

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

Net Revenues

Excluding the impact of net revenues as a result of the CMP Acquisition and the Citadel Acquisition, net revenues increased $0.5 million, or 0.3%, to $194.1 million compared to $193.6 million for the nine months ended September 30, 2010. This was primarily due to increased core advertising sales that were partially offset by reduced political advertising of $1.8 million following the 2010 mid-term elections.

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