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Cumulus Media Appoints Mary G. Berner Chief Executive Officer --Lew Dickey Becomes Vice Chairman--

The following excerpt is from the company's SEC filing.

- The board of directors of Cumulus Media Inc. [NASDAQ: CMLS] today announced that Mary G. Berner has been named Chief Executive Officer of the company, effective October 13, 2015. Ms. Berner, a seasoned media business operator, joined the Cumulus board this past May. She will succeed Lew Dickey, the company’s founder and CEO, who has decided to serve as Vice Chairman and continue as a director of the company.

Ms. Berner most recently served as President and Chief Executive Officer of MPA - The Association of Magazine Media (“MPA”), the industry association for maga zine media companies. From 2007-2011, she was Chief Executive Officer of Reader’s Digest Association and, before that, Chief Executive Officer of Fairchild Publications. During the course of her highly successful career, she has led some of the world’s best known brands and content platforms, including: Glamour, TV Guide, W, Women’s Wear Daily, Every Day with Rachael Ray and Allrecipes.com.

Jeffrey Marcus, Chairman of the Board of Cumulus Media, Inc. and a Partner at Crestview Partners, which manages funds that beneficially own approximately 27% of Cumulus’ outstanding stock, said, “We are delighted that Mary has agreed to serve as our new CEO. Mary is a proven executive, with over 30 years of experience in media driving results in multi-platform advertising and content driven businesses. Not only has she successfully built and transformed some of the best-known consumer and b2b media brands and companies in the world, she has demonstrated an ability to turn around a company’s performance and build value for shareholders.”

“Under Lew Dickey’s leadership, the Cumulus team has built a formidable national and local footprint, becoming the second largest operator of radio stations in the country, with more than 460 stations across 90 markets, approximately 8,500 broadcast radio affiliates and numerous digital channels serving over 225 million listeners nationwide. However, maximizing the value of these assets requires making them work together effectively and efficiently. At a time when the media landscape continues to undergo seismic transformation, Cumulus needs a broad based media operator who can leverage its...


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