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Cumulus Reports Third Quarter 2011 Results

About Cumulus Media Inc.

Cumulus Media Inc. is the largest pure-play radio broadcast company in the United States based on station count, controlling approximately 570 radio stations in 120 U.S. media markets. The Company’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com. Cumulus shares are traded on NASDAQ under the symbol CMLS.

Footnotes to Financial Highlights Table

The following are footnotes to the Financial Highlights table:

(1) References to “pro forma” in this press release give effect to the completion of the acquisitions by the Company of each of CMP and Citadel and include the results of operations for each of the Company, Citadel and CMP for all periods presented. For additional information about the pro forma financial information presented herein, including the material assumptions related thereto, see “Supplemental Pro Forma Financial Information.”

(2) Adjusted EBITDA is not a financial measure calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures and Definitions” and “Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures.”

(3) Excludes acquisition-related costs of $79.7 million and $93.8 million for the three and nine months ended September 30, 2011, respectively, including $20.0 million in each period incurred by Citadel due to the acceleration of vesting of certain outstanding equity awards in connection with our acquisition of Citadel.

(4) Free Cash Flow is not a financial measure calculated or presented in accordance with GAAP. For additional information, see “Non-GAAP Financial Measures and Definitions” and “Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures.”

(5) Includes acquisition-related costs of $38.3 million and $43.7 million for the three and nine months ended September 30, 2011, respectively.

Non-GAAP Financial Measures and Definitions

The Company utilizes certain financial measures that are not prepared or calculated in accordance with GAAP to assess its financial performance and profitability. The non-GAAP financial measures used in this release are Adjusted EBITDA and free cash flow. Please see the attached tables for a qualitative reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

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