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Click here for access to the stream of CUMULUS MEDIA’s Conference Call that discusses Q2 2020 Operating Results. Please use the password “cumulusmedia” if prompted.

CUMULUS MEDIA Reports Operating Results for the Second Quarter 2020 and Announces Definitive Agreement to Monetize Tower Portfolio for $213 Million

ATLANTA, GA — August 10, 2020: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “CUMULUS MEDIA,” “we,” “us,” or “our”) today announced operating results for the three and six months ended June 30, 2020.

Mary G. Berner, President and Chief Executive Officer of CUMULUS MEDIA, said, “Despite the COVID-19 pandemic’s material impact on revenue, the Company generated over $90 million of cash in the quarter through quick and decisive expense actions, strong working capital management and the completion of the sale of land in Bethesda, MD. Ending the quarter with nearly $200 million of cash, we have also entered into an agreement to monetize our tower portfolio for more than $210 million, proceeds which will further add to our liquidity and contribute to significant incremental debt pay-down. Our demonstrated ability to rise to a challenge, strong liquidity position and resilient balance sheet are critical assets as we operate through this uncertain environment, and we believe we remain very well-positioned to drive long-term shareholder value through continued aggressive debt reduction and the execution of our growth initiatives.”

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FINANCIAL RELEASES
COMPANY RELEASES
IN THE NEWS
SOCIAL RESPONSIBILITY

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

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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 424 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, 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.