CUMULUS MEDIA INC. (NASDAQ:CMLS) Files An 8-K Regulation FD Disclosure
Item 7.01 – Regulation FD Disclosure.

Nonpayment of Scheduled Interest Payment on the Notes

As previously disclosed, Cumulus Media Inc. (the “Company”), with the assistance of outside advisors, is in private discussions with its lenders and noteholders to proactively restructure its balance sheet and reduce debt. The Company is scheduled to make an interest payment of approximately $23.6million on the 7.75% Senior Notes due 2019 (the “Notes”) issued by Cumulus Media Holdings Inc. (“Holdings”), a direct wholly-owned subsidiary of the Company, and guaranteed by the Company, on November1, 2017, to the terms of the Indenture governing the Notes, dated as of May 13, 2011 (as amended and supplemented prior to the date hereof, the “Indenture”), by and among the Company, as parent guarantor, Holdings, as issuer, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee. In connection with the Company’s ongoing discussions with creditors, on October 30, 2017, the Restructuring Committee of the Company’s board of directors authorized the Company to forgo the scheduled interest payment on November1, 2017, thereby entering into the applicable 30-day grace period under the terms of the Indenture. Such nonpayment constitutes a “default” under the terms of the Indenture, which matures into an “Event of Default” if such “default” is not cured or waived before the expiration of the 30-day grace period on December1, 2017.

This decision was made in support of the Company’s efforts to develop and implement a restructuring that will allow the Company to continue its operational and financial momentum, as evidenced by the results announced in its selected preliminary operating results for third quarter 2017 on October 26, 2017. The decision to withhold payment during the grace period will not impact the Company’s operating constituents, including its employees, advertisers, network affiliates, vendors and content partners.

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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.