Cumulus Media Inc. announced today that it has commenced an underwritten public offering, subject to market and other conditions, of $80.0 million of its Class A common stock pursuant to an effective shelf registration statement. In addition, Cumulus expects to grant the underwriter an option for a period of 30 days to purchase up to an additional $12.0 million of the Class A common stock.

Cumulus intends to use approximately $77.6 million of the net proceeds from the offering to redeem all outstanding shares of the Company's Series B preferred stock, including accrued and unpaid dividends. The remaining net proceeds from the offering, if any, including any net proceeds from the underwriter's exercise of its option, are expected to be placed in the Company's corporate treasury and used for general corporate purposes.

RBC Capital Markets is serving as the sole book-running manager.