Cumulus Media Reports Operating Results for the Second Quarter 2024

Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants

Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029

Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance

Increased Digital Marketing Services Revenue by 24%, Total Digital Revenue by 5%

ATLANTA, GA - August 2, 2024: Cumulus Media Inc. (NASDAQ: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2024.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%; reduced fixed costs by $4 million; and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt." Berner continued, "Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when - not if - they're going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value."