Launches Debt Exchange for Senior Notes and Term Loan

ATLANTA, GA — February 27, 2024: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “Cumulus Media,” “we,” “us,” or “our”) today announced operating results for the three months and year ended December 31, 2023.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “While 2023 was a tough year across the media landscape, we were able to offset some of the effects of the weak national advertising climate through strong execution in our key focus areas. Specifically, we grew our digital businesses, meaningfully reduced fixed costs, and improved our balance sheet. Looking ahead, though national advertisers are expressing interest in increasing their radio buys, as of yet, ad demand remains choppy, reducing our visibility into the rest of 2024. That said, our industry-leading performance during similarly weak macro environments gives us significant confidence in our ability to navigate through this one and rebound strongly when the advertising market improves.”

2023 Key Highlights:

• Posted total net revenue of $844.5 million, a decline of 11.4% year-over-year, or 10.0% on an ex- political basis
• Generated digital revenue of $146.4 million, an increase of 2.9% year-over-year – representing 17% of total revenue
  • Increased streaming revenue by 16% driven by audience growth from NFL streaming
  • Grew local digital marketing services 13% driven by the addition of new products and investment in our digital sales capabilities
• Recorded net loss of $117.9 million compared to net income of $16.2 million in 2022 reflecting a 2023 pre-tax non-cash impairment charge of $65.3 million compared to a pre-tax non-cash impairment of $15.5 million in 2022, both primarily all reflecting FCC related charges
• Recorded Adjusted EBITDA(1) of $90.7 million compared to $166.0 million in 2022
• Generated cash to support debt paydown and share buybacks
  • Generated cash flow from operations of $31.7 million and completed accretive non-core asset sales of $17.8 million
  • Retired $43.6 million face value of debt at an average price of 77.4% of par, bringing total debt retired to $130.2 million, or 16.2% of total debt since the beginning of 2022
  • Repurchased $7.2 million of shares, bringing shares repurchased to $39.0 million, or 22.5% percent of shares outstanding since the beginning of 2022
• Reported total debt of $675.8 million at December 31, 2023, and net debt(1) of $595.1 million
• Received $14.8 million in cash proceeds from the closing of the previously announced sale of Broadcast Music, Inc.

About Cumulus Media

Cumulus Media (NASDAQ: CMLS) is an audio-first media 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 403 owned-and-operated radio stations across 85 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,800 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, 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 broadcast 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.