Cumulus Stockholders Approve Reverse Stock Split

Cumulus Media Inc. today announced that, at a special meeting of the Company's stockholders held on October 12, 2016, its stockholders voted to approve a 1-for-8 reverse stock split of each class of the Company’s issued and outstanding common stock.

Upon the effectiveness of the reverse stock split, every 8 shares of each class of Cumulus common stock will be converted into 1 share of the same class of such common stock.  No fractional shares will be issued in connection with the reverse stock split.  A stockholder who otherwise would have been entitled to receive a fractional share of stock as a result of the reverse stock split will instead be entitled to receive one whole share of the applicable class of common stock.

The reverse stock split will also result in a corresponding reduction in the number of authorized shares of the Company’s common stock.

The reverse stock split is being implemented primarily to increase the trading price of the Company’s Class A common stock to permit the Company to regain compliance with NASDAQ listing requirements and to enhance the liquidity of the Class A common stock.

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The reverse split is expected to become effective at 5:00 p.m. on October 12, 2016.