Cumulus Media Prices 16.4M Share Offering at $5.00/Share

Cumulus Media (NASDAQ: CMLS) announced today that it has priced its previously announced underwritten public offering of 16,400,000 shares of its Class A common stock at a price to the public of $5.00 per share. Cumulus has also granted the underwriters a 30-day option to purchase up to an additional 2,460,000 shares of Class A common stock. The offering is expected to close on or about October 16, 2013, subject to the satisfaction of customary closing conditions. Cumulus expects to receive net proceeds from the offering of approximately $77.6 million after underwriting discounts and commissions and estimated offering expenses (or approximately $89.3 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Cumulus intends to use approximately $77.6 million of the net proceeds from the offering to redeem all outstanding shares of the Company's Series B preferred stock, including accrued and unpaid dividends. The remaining net proceeds from the offering, if any, are expected to be placed in the Company's corporate treasury and used for general corporate purposes. RBC Capital Markets is acting as the sole book-running manager and Macquarie Capital, CRT See full press release