Cumulus Exits Personal Bankruptcy; Unveils New Logo Design & Branding Cumulus Media has actually completed its Chapter 11 insolvency restructuring. Cumulus, which declared bankruptcy on November 29, 2017, has actually left the personal bankruptcy defense and lowered its financial obligation balance from $2.34 billion to $1.30 billion, consisting totally of a term loan bearing interest at LIBOR plus 450 basis points and due May 15, 2022. Specific previous stakeholders are being issued 11,052,211 shares of the Business’s Class A common stock, 5,218,209 shares of the Company’s Class B typical stock and warrants to buy 3,729,589 shares of common stock in exchange for their previous claims. Except with regard to voting and conversion rights, shares of Class A typical stock and Class B typical stock equal in all respects. Usually, the holders of shares of Class B typical stock are not entitled to vote on any matters, although such shares are convertible into shares of Class A typical stock, based on FCC rules and regulations and the Business’s governance files. The business has applied to go back to the NASDAQ Stock Market under the symbol CMLS.Cumulus has likewise used the occasion to debut a new branding and logo design plan. While the business as a whole will continue to be named Cumulus Media, the radio homes will be run as Cumulus Radio Station Group.Cumulus Media Inc.(

PINK: CMIA)( the “Company,” “we,” “us,” “CUMULUS MEDIA,” or “our”) today revealed that the Company has actually effectively finished its financial restructuring and emerged from Chapter 11 having actually lowered its debt by more than $1 billion. The Company plans to utilize its boosted monetary flexibility to continue its ongoing business improvement and drive value creation on behalf of all its stakeholders.Mary Berner, President and Chief Executive Officer of CUMULUS MEDIA, said,” Over the last 2 years, we have been relentlessly concentrated on our plans to turn the Business around, and the conclusion of our monetary restructuring process is a significant step forward on our turnaround path. We emerge today as a stronger and more competitive Business, with the financial structure that we need to move on decisively with the efforts that will produce the greatest advantages for the Company. With this monetary restructuring now behind us, we are excited about exactly what we will be able to accomplish with all of our resources and energy completely focused on our operating business.”Ms. Berner continued,”I desire to thank our exceptional group at CUMULUS MEDIA for their commitment and incredible efforts through this process. Looking ahead, our workers will stay the true force driving our success as we continue to provide exceptional material choices to the 245 million individuals we reach each week across our collection of stations and Westwood One. We are also grateful for the assistance of our vendors and affiliates during this process, and we look forward to collaborating well into the future.”Pursuant to the restructuring, the Business decreased its overall debt balance from$2.34 billion to $1.30 billion, consisting totally of a term loan bearing interest at LIBOR plus 450 basis points and due May 15, 2022. Also, pursuant to the terms of the monetary restructuring, the Business’s formerly outstanding equity was cancelled and certain previous stakeholders are being released 11,052,211 shares of the Company’s Class A common stock, 5,218,209 shares of the Business’s Class B typical stock and warrants to acquire 3,729,589 shares of common stock in exchange for their previous claims. Other than with regard to ballot and conversion rights, shares of Class A common stock and Class B common stock are similar in all respects. Usually, the holders of shares of Class B common stock are not entitled to vote on any matters, although such shares are convertible into shares of Class A typical stock, subject to FCC guidelines and policies and the Company’s governance files. We have used to have our Class A typical stock listed on The NASDAQ Stock Market under the symbol CMLS and, up until such time, expect that such shares will be priced estimate on the OTC Pink Sheets under the symbol CMIA.Paul, Weiss, Rifkind, Wharton & Fort LLP functioned as legal counsel; PJT Partners, Inc. served as financial advisor; and Alvarez & Marsal acted as restructuring consultant to CUMULUS MEDIA.