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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, excluding depreciation and amortization for the nine months ended September 30, 2011 decreased $5.8 million, or 4.8%, to $115.0 million, compared to $120.8 million for the nine months ended September 30, 2010. This decrease was primarily due to a reduction in fixed sales expenses resulting from the restructuring of a major vendor contract in December 2010.

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

Corporate, general and administrative expenses, including non-cash stock-based compensation expenses, for the nine months ended September 30, 2011, increased $48.2 million, or 348.9%, to $62.1 million, compared to $13.8 million for the nine months ended September 30, 2010. This increase was due to $43.7 million in costs associated with the CMP Acquisition and the Citadel Acquisition, $0.5 million in legal and other professional fees, $1.7 million in corporate salaries and related expenses and $1.8 million in non-cash stock-based compensation expenses, and a $0.6 million increase in various other expenses.

Interest Expense, net

Total interest expense, net of interest income, for the nine months ended September 30, 2011 increased $11.3 million, or 47.5%, to $35.0 million compared to $23.7 million for the nine months ended September 30, 2010. Interest expense associated with outstanding debt increased by $14.8 million to $34.7 million as compared to $19.9 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 repayment of existing term loan borrowings and subsequent issuance of longer term, fixed rate financing in the second quarter of 2011 and the completion of the CMP Acquisition and the Citadel Acquisition, and the related Global Refinancing, in the third quarter of 2011.

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