ATLANTA, GA — July 28, 2023: 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, 2023.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “Despite continued challenges in the overall market, our second quarter revenue performed in-line with expectations while Adjusted EBITDA exceeded them. As in prior quarters, we generated strong revenue growth in our digital marketing services business, implemented meaningful cost reductions, and further improved our balance sheet by generating cash from operations and reducing our total and net debt to the lowest levels in more than a decade. Additionally, we executed a highly accretive and opportunistic tender offer, which resulted in the retirement of approximately 10% of our shares outstanding.”

Berner continued, “Our proven track record of strong operational and financial execution in adverse conditions gives us unwavering confidence in our ability to optimize results in the current weak ad market and rebound strongly when the environment improves. In the meantime, we will continue to invest in our digital businesses, further enhance our operating leverage through additional cost reductions, and execute on our strategy to opportunistically deploy capital to maximize long-term shareholder value.”

Q2 Performance Summary:

• Posted total net revenue of $210.1 million, a decline of 11% year-over-year
• Generated digital revenue of $37.5 million, representing 18% of total revenue, driven by digital marketing services growth of 21% year-over-year
• Recorded a second quarter net loss of $1.1 million compared to net income of $8.7 million in Q2 2022 and second quarter Adjusted EBITDA(1) of $30.7 million compared to $45.5 million in Q2 2022
• Generated additional cash, returned capital to shareholders and reduced debt
  ◦ Delivered $11.5 million of cash from operations
  ◦ Repurchased $5.7 million of shares through an opportunistic tender offer, retaining $11.0 million of availability under a previously announced $50 million share repurchase authorization
  ◦ Retired $32.2 million face value of 6.75% senior notes at an average purchase price of 73.9% of par
  ◦ Reported total debt of $680.9 million at June 30, 2023, and net debt(1) of $588.5 million, in each instance, the lowest level in more than a decade
• Announced the sale of WDRQ-FM for $10.0 million, with closing anticipated in Q3

(1) Adjusted EBITDA and net debt are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”).