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Click here for access to the stream of CUMULUS MEDIA’s Conference Call that discusses Q3 2020 Operating Results. Please use the password “cumulusmedia” if prompted.

CUMULUS MEDIA Reports Operating Results for the Third Quarter 2020

ATLANTA, GA — November 5, 2020: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “CUMULUS MEDIA,” “we,” “us,” or “our”) today announced operating results for the three and nine months ended September 30, 2020.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “In the third quarter, the Company continued to focus on maximizing revenue performance, executing meaningful expense reductions, protecting cash through efficient working capital management and strengthening our balance sheet. Despite the extraordinary challenges of operating through a pandemic, we have reduced debt by $269 million and increased cash by $316 million since emerging from bankruptcy(1) in 2018 (a net debt reduction of more than $585 million or 46%.) We believe that these actions, along with record-setting political revenues, will allow us to navigate through and emerge from the COVID-19 crisis with considerable ability to support our growth initiatives and capitalize on strategic and operating opportunities in 2021 and beyond.”

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11/22/19 – Gracies Luncheon Honors Cumulus, Entercom, Univision Execs.
11/14/19 – Mary Berner Shares her Vision for 2020
11/14/19 – Kicks 101.5 becomes New Country 101.5
11/13/19 – WVLK Addresses Kentucky’s Opioid Crisis With Daylong Broadcast
11/12/19 – Carrie Underwood Praises Miranda Lambert as ‘Super Supportive’: ‘We Lift Each Other Up
11/12/19 – Carrie Underwood tears up over Miranda Lambert’s praise: ‘We lift each other up’
11/12/19 – Cumulus Digital Revenue Jumps 50%
11/12/19 – A Healthy Jump For Cumulus
11/11/19 – Carrie Underwood on female country music artists: ‘We lift each other up’
11/02/19 – Digital, National, Network Pump Cumulus Up 3% In Third Quarter.
11/08/19 – WDVD/Detroit Comes To the Rescue With Animal Shelter Radiothon
11/07/19 – WWO’s Kevin Harlan’s MNF Black Cat Call Gets National Press
10/01/19 – New Fisher House Special Coming For Veterans Day Weekend
10/28/19 – Interview: Chris Jericho On Why ‘Talk Is Jericho’ Isn’t A Wrestling Podcast
10/28/19 – Westwood One Moves To Megaphone For Podcast Hosting And Monetization
09/26/19 – Industry Leaders Tackle Radio’s Future in Packed Radio Show Luncheon
09/25/19 – Live From the Radio Show
09/23/19 – More Variety On the Way From Westwood One
09/19/19 – Cumulus Refinances $525 Million of Debt at Lower Interest Rate
09/17/19 – Westwood One Using LeadsRX Software for Attribution Platform
09/16/19 – Cable TV Finance Vet John Toohey Joins Cumulus as VP Finance,
09/09/19 – Enough’: WPRO’s Opioid Awareness Day to Air September 13,
09/04/19 – Eric Mastel to Lead Cumulus Charleston as VP/Market Manager
09/04/19 – Gigi South Joins Cumulus Media as VP/Market Manager for Savannah, GA
09/04/19 – Radio Show to Feature iHM, Entercom, Cumulus CEOs
09/04/19 – Pat McAfee’s Move to Westwood One Includes Podcasts Along With Daily Radio Show

6/8/2020 – 92.3 KRST Country to Host Second Annual KRST Country Cares for St. Jude Kids Radiothon Benefiting St. Jude Children’s Research Hospital
4/22/20 – CUMULUS MEDIA to Drive Funds to Local Food Banks Through Feeding America Emergency Radiothon
4/10/20 – 94.9 KCMO Morning Show Host, Kelly Urich To Ride His Bicycle 100 Miles To Benefit Harvesters
3/24/20 – iHeartMedia Stations Joined By Alpha Media, Cox Media Group, Cumulus And Others to Air The National Anthem …
1/06/20 – Cumulus Dallas Radio Stations Raise a Total of $1,282,996 for DFW Charities in 2019
12/31/19 – Cumulus Shreveport Radio Stations Make Holidays Brighter for Over 300 Area Children in Need With First-Ever…
12/20/19 – KNBR and San Francisco 49ers Raise Over $125,000 for Bay Area Youth Sports Initiatives in Third Annual 49ers Foundation…
12/19/19 – Marty McFly, Morning Show Host for Nashville Country Radio Station 95.5 NASH Icon, Joins Sparta YMCA and the Sparta Police….
12/17/19 – Westwood One Talk Host Jim Bohannon as Santa Claus
12/12/19 – WIVK raises over $340,000 during Country Cares for St. Jude Kids Radiothon
12/09/19 – 23^rd Annual Smiley Morning Show/Make-A-Wish Request-A-Thon Raises a Record $839,638 for Central Indiana Kids….
11/22/19 – Local Radio Stations Give Back to Those In Need
11/19/19 – San Francisco’s KNBR partners with the 49ers Foundation to Host Holiday Sports Auction
11/13/19 – Cumulus Lexington News/Talk Radio Station WVLK (97.3FM/590AM) to Broadcast “Enough: Opioid Awareness Day” Today
10/08/19 – WDVD Detroits Blaine Fowler Morning Show Holds Annual Radiothon for Local Animal Shelter
09/30/19 – Cumulus Wilmington Kicks Off Annual “Christmas For Our Troops” Donation Drives and Fundraiser to Bring Holiday Cheer…
09/23/19 – WGRF-97 Rock’s 25th Annual Make-A-Wish Radiothon Raises a Record $300,000 For Children Battling Critical Illnesses…
09/12/19 – Coast 97.3 Wilmington Kicks Off Punt Pass Kick Contest to Benefit Athletic Departments At Four Area High Schools…

PRESENTATIONS

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Corporate Office

3280 Peachtree Road, NW
Suite 2200
Atlanta, Georgia 30305
ContactUs@cumulus.com

Investor Contact

IR@cumulus.com

Corporate Officers

Mary G. Berner
President and Chief Executive Officer

Frank Lopez-Balboa
Executive Vice President, Treasurer and Chief Financial Officer

Richard S. Denning
Executive Vice President, Secretary and General Counsel

Corporate Governance

Audit Committee
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CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 422 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.