Cumulus Media, Inc., and Investor Group to Acquire Susquehanna Radio.

Publication: Business Wire

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COPYRIGHT 2005 Business Wire

ATLANTA -- Cumulus Media, Inc., (NASDAQ: CMLS), the second largest radio operator in the United States based on station count, today announced the formation of Cumulus Media Partners, LLC, a newly formed private partnership created by Cumulus Media, Inc., Bain Capital, The Blackstone Group and Thomas H. Lee Partners, to acquire the radio broadcasting business of Susquehanna Pfaltzgraff Co. Cumulus Media Partners has entered into a definitive agreement to acquire Susquehanna Radio for approximately $1.2 billion. Cumulus Media, Inc., will provide management services to the partnership. The transaction is expected to be completed in the first half of 2006.

Susquehanna Radio is the largest privately owned radio broadcasting company in the United States and the 11th largest radio station operator in terms of revenue. The group consists of 33 radio stations in 8 markets including: San Francisco, Dallas, Houston, Atlanta, Cincinnati, Kansas City, Indianapolis and York, Pennsylvania.

Cumulus Media, Inc.,...

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