Cumulus Reaches Agreement to Acquire WKQX-FM in Chicago

ATLANTA, April 03, 2018 -- Cumulus Media Inc. (PINK:CMLSQ) (the “Company,” “Cumulus,” “we,” “us,” or “our”) today announced that it has entered into a definitive agreement with Merlin Media (“Merlin”) to acquire the Chicago-area alternative rock station, WKQX-FM, as well as the WLUP-FM call signal and all related intellectual property.

The long-running alternative rock station WKQX-FM 101.1 has served the greater Chicago metropolitan area since 1977, offering, over the years, a range of modern, alternative, hard and classic rock from the 1970s, 1980s and 1990s. Today, the station not only provides Chicagoans the best alternative rock programming but it also brings fans closer to the music through unique and innovative experiences, ranging from exclusive, up-close performances in the Sound Lounge to the “Bad Ass 48” – a once in a lifetime opportunity for a fan to spend 48 hours straight with their favorite artist.

“After operating the station for the past four years, we are delighted to be able to bring this beloved station under Cumulus’s ownership on economic terms that make sense for our business,” said Mary G. Berner, President and Chief Executive Officer of Cumulus Media Inc. “We look forward to continuing to deliver the best alternative rock programming to our devoted listeners in the Chicago area for years to come.”

“I am truly pleased that we have reached an agreement to bring WKQX into the Cumulus family and fully focus on driving growth in the Chicago market,” said Marv Nyren, Vice President and Market Manager of Cumulus Chicago. “We have lots of great programming planned for WKQX and our other stations in the Chicago market, and we look forward to growing these legendary stations and providing great content to our listeners and effective marketing strategies for our advertisers in and around Chicago.”

Cumulus will continue to program WKQX under a Local Marketing Agreement until the closing, which is subject to customary conditions such as regulatory and court approval, occurs.

About Cumulus Media
A leader in the radio broadcasting industry, Cumulus Media (PINK:CMLSQ) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands to deliver premium content choices to the 245 million people reached each week through its 445 owned-and-operated stations broadcasting in 90 U.S. media markets (including eight of the top 10), approximately 8,000 broadcast radio stations affiliated with its Westwood One network and numerous digital channels. Together, the Cumulus/Westwood One platforms make Cumulus Media one of the few media companies that can provide advertisers with national reach and local impact. Cumulus/Westwood One is the exclusive radio broadcast partner to some of the largest brands in sports, entertainment, news, and talk, including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYs, the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, Westwood One News, and more. Additionally, it is the nation's leading provider of country music and lifestyle content through its NASH brand, which serves country fans nationwide through radio programming, exclusive digital content, and live events. For more information, visit www.cumulus.com.

Contact Information

Investor Relations
Collin Jones
Cumulus Media, Inc.
404-260-6600

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Michael Freitag / Aaron Palash / Andrew Squire 
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449