Cumulus Media Replaces Departing CFO

John Abbot

Cumulus Media Inc. announced today the appointment of John F. Abbot as Executive Vice President, Treasurer and Chief Financial Officer effective July 1, 2016.

Abbot most recently served as Executive Vice President and Chief Financial Officer of Telx Holdings Inc., a leading provider of connectivity, co-location and cloud services in the data center industry.

Abbot, age 53, brings more than 20 years of financial and operations management experience to Cumulus Media as well as an impressive track record of strategic success in various capital market transactions, mergers, acquisitions and integration campaigns. He will be responsible for finance, treasury, accounting, tax, engineering, purchasing, real estate, information technology and systems.

Abbot succeeds Joseph P. (“J.P.”) Hannan, who resigned his position after six years in order to pursue other interests. Hannan will assist the company for several months to ensure a smooth transition.

Mary Berner

“We are fortunate to attract a leader of John’s caliber with such extensive financial and operational experience to Cumulus as we work to accelerate the progress we have made in the company’s multi-year turnaround,” said Mary Berner, President and Chief Executive Officer of Cumulus Media. “His expertise and versatility will be invaluable as we continue to focus on managing the business to improve revenue performance while maintaining cost discipline and exploring available options to improve the balance sheet. We thank J.P. for his significant contributions to the expansion of Cumulus and are grateful for his dedication to the business.”

“I am excited to join Mary and the senior leadership team at this important juncture in the company’s evolution,” stated Abbot. “I join Cumulus with an appreciation for the headway that has already been made around the company’s four key strategies as well as a keen understanding of the challenges and opportunities that lie ahead. I look forward to using my skills and experience to help maximize value as we work to deliver on the turnaround.”

Prior to his service at Telx, which was sold to Digital Realty Trust in October 2015 for approximately $1.9billion, Abbot was Executive Vice President and Chief Financial Officer of Insight Communications Company, Inc., a cable television business with over $1 billion of revenue. He worked as CFO at Insight for eight years, culminating with its acquisition by Time Warner Cable in 2012 for $3 billion. During the prior nine years, he worked in the Global Media and Communications Group of the Investment Banking Division at Morgan Stanley, where he was a Managing Director. Abbot began his career as an associate at Goldman, Sachs & Co., and also served as a Surface Warfare Officer in the U.S. Navy.

He received a bachelor’s degree in Systems Engineering from the U.S. Naval Academy, an ME in Industrial Engineering from The Pennsylvania State University, and an MBA from Harvard Business School.