CUMULUS MEDIA Adopts Short-Term Shareholder Rights Plan - Seite 2

Persons or groups that beneficially own 10% (20% in the case of a passive institutional investor) or more of the outstanding Class A common shares, including through ownership of the convertible Class B common shares and/or warrants, prior to today’s announcement will not cause the Rights to be exercisable until such time as those persons or groups become the beneficial owner of more than 1% of the Company’s outstanding Class A common shares.  The term “beneficial ownership” is defined in the Rights Plan and includes, among other things, certain derivative arrangements.

The Rights will expire on the earlier of (i) April 30, 2021 (unless such date is extended) and (ii) the earlier redemption or exchange of the Rights as provided in the Rights Plan.

Additional details about the Rights Plan will be contained in a Form 8-K to be filed by the Company with the Securities and Exchange Commission.

About CUMULUS MEDIA
CUMULUS MEDIA (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month - wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 424 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the Academy of Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with personal connections, local impact and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.