CUMULUS MEDIA INC. (NASDAQ:CMLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

At a meeting of the board of directors (the “Board”) of Cumulus Media Inc. (the “Company”) on March 20, 2017, Lewis W. Dickey, Jr., Vice Chairman of the Board, notified the Company that he was resigning from the Board in order to pursue other professional interests. Mr. L. Dickey, together with other members of his family (collectively, the “Dickeys”), are parties to a stockholders agreement, dated as of September 16, 2011 by and among the Company, the Dickeys and Crestview Radio Investors, LLC (“Crestview”), among others (the “Stockholders’ Agreement”), to which the Dickeys are entitled to designate one member of the Board. Mr. L. Dickey informed the Board that the Dickeys were designating his brother John W. Dickey, age 50, to replace Mr. L. Dickey as their designee on the Board. The Board then voted to accept Mr. L. Dickey’s resignation, and to elect Mr. J. Dickey to replace Mr. L. Dickey as a member of the Board, all effective immediately following the conclusion of the Board meeting on March 20, 2017.

Also on March 20, 2017, Brian Cassidy, one of Crestview’s designees to the Board under the Stockholders’ Agreement, separately notified the Company that he was resigning from the Board due to his other professional commitments, and Crestview informed the Company that in accordance with its designation rights under the Stockholders’ Agreement, it was designating Ross Oliver as the successor designee to Mr. Cassidy. The Board then voted to accept Mr. Cassidy’s resignation and to elect Mr. Oliver to replace Mr. Cassidy, all effective immediately following the conclusion of that Board meeting. Mr. Oliver was also appointed as a member of the Audit Committee of the Board.

Each of Mr. Dickey and Mr. Oliver will be entitled to compensation for his respective service as a member of the Board that is consistent with the compensatory arrangements the Company has in place with its other non-employee directors.

About CUMULUS MEDIA INC. (NASDAQ:CMLS)
Cumulus Media Inc. (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across the nation platform generates content distributable through both broadcast and digital platforms. Its categories of advertisers consist of amusement and recreation; banking and mortgage; furniture and home furnishings; arts and entertainment; food and beverage services; healthcare services; automotive dealers; food and beverage stores, and telecommunications. CUMULUS MEDIA INC. (NASDAQ:CMLS) Recent Trading Information
CUMULUS MEDIA INC. (NASDAQ:CMLS) closed its last trading session down -0.007 at 0.413 with 38,940 shares trading hands.