Delivers Strong Q1 Earnings Results with Total Revenue Up 15% Led by Digital Revenue Growth of 18%

Achieves Lowest Net Leverage Ratio in More Than a Decade and Best Among Peers

Announcing $50 Million Share Repurchase Program

ATLANTA, GA — May 4, 2022: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months ended March 31, 2022.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Our outstanding first quarter results once again demonstrate the positive impacts of our ‘audio-first’ strategy to transform the Company from a one-dimensional radio broadcaster to a multi-dimensional audio media company. Following a strong 2021 performance, this quarter’s results underscore our ability to deliver value to our shareholders through sustained profitable top- and bottom-line growth and balance sheet de-levering. We delivered sequential revenue improvement for the fifth straight quarter versus the comparable 2019 quarter, grew EBITDA by 250% year-over-year, and generated continued strong cash from operations, which collectively allowed us to achieve the Company’s lowest net leverage in over a decade.”

Berner added, “Given our best-among-peers balance sheet, strong financial momentum and the Company’s positive 2022 outlook, we expect ongoing cash flow generation that will support a meaningful return of capital to shareholders now and in the future. Accordingly, as a first step, today we are announcing a $50 million share repurchase program with a plan to commence share repurchases in the near-term. This capital return program is underpinned by our continued belief that the Company is significantly undervalued.”

Key Financial Highlights:

• Increased first quarter revenue by 15% year-over-year
  • Fifth straight quarter of sequential improvement in revenue performance vs. comparable quarter in 2019
  • Digital revenue up 18% led by digital marketing services, up 35%, and podcasting, up 22%
• Recorded first quarter net loss of $0.9 million compared to a net loss of $21.9 million in Q1 2021
• Achieved first quarter EBITDA of $31.2 million, an increase of 250% year-over-year, with year-over-year EBITDA margin improvement of approximately 900 basis points, driven by permanent fixed cost reductions

• Reduced net leverage(1) to the lowest levels in more than a decade – best among peers
  • Generated $24.3 million of cash from operations and finished quarter with $181 million of cash
  • Reported total debt of $793 million at 3/31/22 and net debt(1) of $612 million
  • Reduced net leverage from 4.7x at 12/31/2021 to 3.9x at 3/31/22
• Reiterating full year EBITDA(1) guidance range of $175 to $200 million(2)
• Announcing $50 million share repurchase program with plan to commence repurchases in the near-term