Cumulus Media Inc. (NASDAQ: CMLS) today announced that its Board
of Directors has authorized the purchase, from time to time, of up to
$75 million of its shares of Class A Common Stock.
Repurchases may be made in the open market or through block
trades, in compliance with Securities and Exchange Commission
guidelines, subject to market conditions, applicable legal
requirements and various other factors, including the requirements of
Cumulus' credit facility. Cumulus has no obligation to repurchase
shares under the repurchase program, and the timing, actual number and
value of shares to be purchased will depend on the performance of
Cumulus' stock price, general market conditions, and various other
factors within the discretion of management.
Lew Dickey, Chairman, President and Chief Executive Officer,
commented, "This new repurchase program once again demonstrates the
confidence of the Board of Directors in the future of Cumulus and our
belief that, based upon our assessment of the future prospects of
Cumulus, our shares are currently undervalued. The Board feels
strongly that further repurchases of our shares offers an excellent
opportunity to enhance the long-term interests of Cumulus and our
shareholders."