Cumulus Reports Pro Forma Cash Revenue and Adjusted EBITDA Increases of 2.0% and 12.7%

Cumulus Media Inc. (NASDAQ: CMLS) today reported financial results for the three months ended March 31, 2008.

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

Results of Operations

Three Months Ended March 31, 2008 Compared to the Three Months Ended March 31, 2007

Net revenues for the first quarter increased from $72.4 million to $72.9 million, an increase of 0.7% versus the first quarter of 2007, primarily due to increased local advertising partially offset by a decline in national advertising. Cash revenues for the first quarter increased from $68.8 million to $69.7 million, an increase of 1.3% versus the first quarter of 2007, for the reasons discussed above. Barter revenues for the first quarter decreased 10.9%, from $3.6 million, versus the first quarter of 2007.

Station operating expenses decreased from $51.6 million to $51.1 million, a decrease of 1.0% from the first quarter of 2007. This decrease was primarily attributable to general expense decreases across our station platform.

Station operating income (defined as operating income before LMA fees, depreciation and amortization, non-cash stock compensation, costs associated with the pending merger and corporate general and administrative expenses) increased from $20.8 million to $21.8 million, an increase of 4.8% from the first quarter of 2007, for the reasons discussed above.

On a pro forma basis, which excludes the results of the Company’s Caribbean stations (sold in November 2007), for the period January 1, 2007 through March 31, 2007, net revenues for the three months ended March 31, 2008 increased $1.0 million to $72.9 million, an increase of 1.4% from the same period in 2007. This increase is primarily due to increased local advertising partially offset by a decline in national advertising. Pro forma cash revenues for the first quarter increased from $68.3 million to $69.7 million, an increase of 2.0% versus the first quarter of 2007, for the reasons discussed above. Barter revenues for the first quarter decreased 10.9%, from $3.6 million, versus the first quarter of 2007. Pro forma station operating income increased $1.2 million, an increase of 5.4% from the same period in 2007 primarily due to increased cash revenues.

Corporate expenses (excluding non-cash stock compensation and costs associated with the pending merger) for the three months ended March 31, 2008 decreased $0.9 million over the comparative period in 2007, due primarily to the reduction and timing of certain expenses.

In accordance with SFAS No. 123R, Share Based Payment, effective January 1, 2006, non-cash stock compensation expense was $2.0 million for the three months ended March 31, 2008, as compared with $2.3 million non-cash stock compensation expense in the prior year three month period.

Interest expense, net of interest income, increased by $6.0 million to $20.5 million for the three months ended March 31, 2008 as compared with $14.5 million in the prior year’s period. Net interest expense associated with outstanding debt decreased by $2.3 million to $10.1 million as compared to $12.4 million in the prior year’s period. This decrease was due to a lower average cost of bank debt and decreased levels of bank debt outstanding during the current quarter. The net $8.3 million increase was primarily due to the change in the fair value, amortization and interest rate yield of certain derivative instruments.

For the three months ended March 31, 2008, the Company recorded an income tax benefit of $3.7 million, as compared to a $3.6 million benefit for the first quarter of 2007.

Cumulus Media Partners

For the three months ended March 31, 2008, the Company recorded approximately $0.2 million as equity losses of affiliate attributable to its investment in Cumulus Media Partners, LLC (“CMP”).

For the three months ended March 31, 2008, the Company recorded as net revenues approximately $1.0 million in management fees from CMP.

Leverage and Financial Position

Net leverage was 6.79 times at March 31, 2008.

Capital expenditures for the three months ended March 31, 2008 totaled $2.8 million. Capital expenditures during the quarter were comprised of $2.6 million of expenditures related to leasehold improvements and the purchase of equipment related to studio facilities and tower structures, and $0.2 million of maintenance capital expenditures.

Proposed Merger

As previously disclosed, on July 23, 2007, the Company issued a press release announcing that it had entered into a merger agreement with an investment group led by Lewis W. Dickey, Jr., the Company’s Chairman, President and Chief Executive Officer, and an affiliate of Merrill Lynch Global Private Equity. Consummation of the merger is subject to various conditions, including approval of the merger by the stockholders of the Company, FCC approval, and other customary closing conditions.

As a result of the Company's pending merger transaction described above, the Company will not be hosting a teleconference or webcast to discuss the first quarter 2008 results.

Outlook

The following data is based on current expectations. This data is forward looking and actual results may differ materially.

Revenue for the second quarter of 2008 is currently pacing slightly down as compared to the second quarter of 2007. The Company expects station operating expenses will be down slightly when compared to the same three month period in 2007.