FOR IMMEDIATE RELEASE
CUMULUS MEDIA INC. COMPLETES ACQUISITION IN MACON, GA
Monday February 3, 5:20 pm ET
ATLANTA–(BUSINESS WIRE)–Feb. 3, 2003–Cumulus Media Inc. (NASDAQ: CMLS – News) today announced that it has completed the previously announced acquisition of WDDO-AM, WDEN-AM, WAYS-FM, WMAC-AM, WDEN-FM, WPEZ-FM, WMKS-FM and WMGB-FM serving Macon, Georgia (Arbitron market rank #154) from U.S. Broadcasting Limited Partnership.
The Macon stations were acquired for $35.5 million in cash. Cumulus has operated the Macon cluster under the terms of a local marketing agreement since October 1, 2002.
This transaction provides Cumulus with a market-leading eight-station cluster and complements the Company’s other fourteen clusters in the Southeast. Cumulus CEO Lew Dickey commented, “This cluster is a great strategic fit with our group. Our management team is already in place and the cluster was fully integrated into our platform during our four months of operation under the LMA.”
Cumulus Media Inc. is the second largest radio company in the United States based on station count. Giving effect to the completion of all announced pending acquisitions and divestitures; Cumulus Media Inc. will own and operate 260 radio stations in 54 mid-sized, U.S. media markets. The Company’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.
Statements in this release, including statements relating to the integration of acquisitions and any earnings or revenue projections, are “forward-looking” statements, which are statements that relate to Cumulus Media Inc.’s future plans, revenues, broadcast cash flows, earnings, objectives, expectations, performance, and similar projections, as well as any facts or assumptions underlying these statements or projections. Actual results may differ materially from the results expressed or implied in these forward-looking statements, due to various risks, uncertainties or other factors. These factors include competition within the radio broadcasting industry, advertising demand in our markets, the possibility that advertisers may cancel or postpone schedules in response to political events, competition for audience share, our success in executing and integrating acquisitions, our ability to generate sufficient cash flow to meet our debt service obligations and finance operations, and other risk factors described from time to time in Cumulus Media Inc.’s filings with the Securities and Exchange Commission. Cumulus Media Inc. assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise.
George R. Reed and R. Thomas McKinley of Media Services Group represented the Seller in this transaction.