Overview

Cumulus Media Inc. is the second-largest radio company in the United States based on station count. Following the completion of all pending acquisitions and divestitures, Cumulus, directly and through its investment in Cumulus Media Partners, will own or operate 347 radio stations in 68 U.S. media markets.

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Investment Highlights

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Profile

Cumulus Media Inc. owns and operates FM and AM radio station clusters serving mid-size markets throughout the United States. The Company is the second largest radio broadcasting company in the United States based on the number of stations owned or operated. According to Arbitron’s Market Report and data published by Miller Kaplan, the Company has assembled market-leading groups or clusters of radio stations that rank first or second in terms of revenue share or audience share in substantially all of their markets. As of March 31, 2004, The Company owned and operated 306 radio stations in 61 mid-sized U.S. media markets. In addition, they own and operate a multi-market network of five radio stations in the English-speaking Caribbean. Under The Company's LMAs, they provide sales and marketing services for two radio stations in two U.S. markets in exchange for a management or consulting fee, pending FCC approval of their acquisitions of these stations. Including all pending acquisitions announced through March 31, 2005, the Company will own and operate a total of 310 stations in 61 U.S. markets upon FCC approval and consummation of all of their pending acquisitions.

Relative to the 50 largest markets in the United States, The Company believes that the mid-size markets represent attractive operating environments and generally are characterized by:

• A greater use of radio advertising as evidenced by the greater percentage of total media revenues captured by radio than the national average;
• Rising advertising revenues, as the larger national and regional retailers expand into these markets;
• Small independent operators, many of whom lack the capital to produce high-quality locally originated programming or to employ more sophisticated research, marketing, management and sales techniques;
• Lower overall susceptibility to economic downturns.

The Company believes that the attractive operating characteristics of mid-size markets, together with the relaxation of radio station ownership limits under the Telecommunications Act of 1996 (“the Telecom Act”) and FCC rules, create significant opportunities for growth from the formation of groups of radio stations within these markets. The Company believes that mid-size radio markets provide an excellent opportunity to acquire attractive properties at favorable purchase prices due to the size and fragmented nature of ownership in these markets and to the greater attention historically given to the larger markets by radio station acquirers. According to the FCC’s records, as of December 31, 2004 there were 8,751 FM and 4,774 AM stations in the United States.

To maximize the advertising revenues and Station Operating Income of the Company's stations, they seek to enhance the quality of radio programs for listeners and the attractiveness of their radio stations to advertisers in a given market. The Company also seeks to increase the amount of locally originated programming content that airs on each station. Within each market, the Company's stations are diversified in terms of format, target audience and geographic location, enabling the Company to attract larger and broader listener audiences and thereby a wider range of advertisers. This diversification, coupled with their competitive advertising pricing, also has provided them with the ability to compete successfully for advertising revenue against other radio, print and television media competitors.

The Company believes that they are in a position to generate revenue growth, increase audience and revenue shares within these markets and, by capitalizing on economies of scale and by competing against other media for incremental advertising revenue, increase their Station Operating Income growth rates and margins to those levels found in large markets. Many of The Company's markets are still in the development stage with the potential for substantial growth as they implement their operating strategy.

Revenues have been decreasing for the Company over the last few quarters due to a huge slowdown in advertising revenues, however as the Company continues to cut costs and expand their reach into new markets, longer term investors may see this as an opportune moment to capitalize on the Company's current hardships and may find the Company's stock trading at attractive prices.

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Recent News and Press Releases

CUMULUS MEDIA INC Financials
EDGAR Online Financials (Thu, May 21)

CUMULUS MEDIA INC Files SEC form 8-K, Results of Operations and Financial Condition
EDGAR Online (Mon, May 11)

CUMULUS MEDIA INC.: Cumulus Reports First Quarter 2009 Results
Business Wire (Mon, May 11)
 

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Management

Lewis W. Dickey, Jr.
Chairman, President and Chief Executive Officer

Lew Dickey is Chairman, President and CEO of Cumulus Media. He co-founded the company in 1997 and became its CEO in June of 2000. Prior to taking the reins as CEO, Lew served as Vice Chairman of Cumulus, spearheading the acquisition effort responsible for over 130 separate transactions to build Cumulus' platform which is the second largest in number of stations. In addition he also ran his family's companies, Midwestern Broadcasting and DBBC, which owned radio stations in Atlanta, Nashville and Toledo.

A second generation broadcaster, Lew founded Stratford Research in 1985 and built the company into a leading provider of market research and strategy consulting to the radio and television industries. He is also the author of The Franchise - Building Radio Brands, published by the National Association of Broadcasters (NAB) in 1994 and is one of the industry's leading texts on competition and strategy.

Lew holds a Bachelors and Masters Degree in English Literature from Stanford University and an MBA from Harvard. He currently serves on the NAB Board of Directors.

Jonathan G. Pinch
Executive Vice President, Chief Operating Officer

Jonathan G. Pinch has served as our Executive Vice President and Chief Operating Officer since December 2000. Mr. Pinch joined the Company effective December 1, 2000, after serving as the President of Clear Channel International Radio ("CCU International") (NYSE:CCU). At rapidly growing CCU International, Mr. Pinch was responsible for the management of all CCU radio operations outside of the United States, which included over 300 properties in 9 countries. Mr. Pinch is a 30 year broadcast veteran and has previously served as Owner/President WTVK-TV Ft Myers-Naples Florida, General Manager WMTX-FM/WHBO-AM Tampa Florida, General Manager/Owner WKLH-FM Milwaukee, GM WXJY Milwaukee.

Martin R. Gausvik
Executive Vice President, Chief Financial Officer and Treasurer

Martin R. Gausvik is our Executive Vice President, Chief Financial Officer and Treasurer. Mr. Gausvik joined the Company effective May 29, 2000 and is a 19 year veteran of the radio industry, having served as Vice President Finance for Jacor Communications from 1996 until the merger of Jacor's 250 radio station group with Clear Channel Communications in May 1999. More recently, he was Executive Vice President and Chief Financial Officer of Latin Communications Group, the operator of 17 radio stations serving major markets in the Western U.S. Prior to joining Jacor, from 1984 to 1996, Mr. Gausvik held various accounting and financial positions with Taft Broadcasting, including Controller of Taft's successor company, Citicasters.

John W. Dickey
Chief Operating Officer

John W. Dickey is our Chief Operating Officer. He is in charge of the company’s sales, programming, marketing, promotion and engineering. Prior to joining Cumulus in 1998, he served as Director of Programming for Midwestern Broadcasting from January 1990 to March 1998. Mr. Dickey holds a Bachelor of Arts degree from Stanford University. Mr. Dickey is the brother of Lew Dickey.

Richard Denning
Vice President and General Counsel

Prior to joining the Company, Mr. Denning was an attorney with Dow, Lohnes & Albertson, PLLC (“DL&A”) within DL&A’s corporate practice group in Atlanta, advising a number of media and communications companies on a variety of corporate and transactional matters.

Mr. Denning also spent four years in DL&A’s Washington, D.C. office and has extensive experience in regulatory proceedings before the Federal Communications Commission. Mr. Denning has been a member of the Pennsylvania Bar since 1991, the District of Columbia Bar since 1993, and the Georgia Bar since 2000. He is a graduate of The National Law Center, George Washington University.

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Contact

3280 Peachtree Road, NW
Suite 2300
Atlanta, Georgia 30305
Phone (404) 949-0700
Fax (404) 949-0740
http://www.cumulus.com

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FORWARD LOOKING STATEMENTS

This report includes forward-looking statements that reflect Cumulus Media Inc. current expectations about its future results, performance, prospects and opportunities. Cumulus Media Inc. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause Cumulus Media Inc.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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