Financial Data and Key Metrics Changes - In Q3 2020, total revenue was $196.4 million, down 29.4% from Q3 2019 but up 34.5% over Q2 2020 total revenue [16] - Same-station revenue finished down 29% year-over-year, but improved sequentially each month, with September revenue 35% higher than June [7][16] - EBITDA for the quarter was $20.4 million, with year-to-date free cash flow exceeding $45 million, excluding M&A and ABL draw [19] Business Line Data and Key Metrics Changes - Digital revenue represented over 10% of total revenue, with podcasting up nearly 50% in Q3, delivering record quarterly revenue [9][16] - Political revenue reached $5.8 million, a record for a third quarter, significantly up from $1.7 million in Q3 2019 [17] Market Data and Key Metrics Changes - Spot and network markets were down in the low 30s versus 2019, while digital slightly offset those results with a 2% increase [16] - The company noted that diary markets outperformed PPM markets during the pandemic [7] Company Strategy and Development Direction - The company aims to maximize revenue, manage costs rigorously, and enhance liquidity to emerge from the pandemic well-positioned for long-term success [5] - A focus on expense reduction led to over $25 million in fixed-cost savings in Q3, with expectations of more than $85 million for the year [6][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about Q4, noting positive momentum in bookings driven by political spending, but acknowledged uncertainty due to the pandemic [13][14] - The company remains disciplined in reengineering its business to maximize revenue and reduce costs, while being prepared to capitalize on opportunities as the economy rebounds [14] Other Important Information - The company completed the initial closing of a tower sale-leaseback transaction, resulting in a cash inflow of $202.3 million, significantly strengthening its balance sheet [22] - Net debt has been reduced by more than $330 million since the beginning of the year [23] - Ongoing litigation with the NCAA regarding rights fees related to the cancellation of March Madness was disclosed, with the company believing in the merits of its position [25] Q&A Session Summary Question: Discussion on cash position and potential M&A opportunities - Management indicated that the large cash position allows for both defensive and opportunistic strategies, with debt repayment being a priority but open to M&A opportunities if they arise [28] Question: Insights on Q4 performance across different channels - Management noted a recovery in both spot and network markets, with political spending benefiting local markets, but remained cautious about the pandemic's impact on future performance [31] Question: Bookings outlook for December - Management refrained from providing specific details on December bookings, indicating that more information would be available in future earnings calls [32]

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, par value $0.0000001 per share CMLS Nasdaq Global Market Class A common stock purchase rights N/A Nasdaq Global Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ...

Financial Data and Key Metrics Changes - In Q2 2020, total revenue was $146 million, down 46.6% from Q2 2019, with EBITDA at a negative $6.3 million [29][12][33] - The company generated $28 million of cash from operations despite the EBITDA decline, and ended the quarter with nearly $200 million in cash, an increase of $91 million since March [21][10][29] - Net debt decreased slightly over $1 billion to $884 million, a reduction of approximately $124 million [38] Business Line Data and Key Metrics Changes - Digital revenue grew by 3.6% on a same-station basis, with podcasting revenue increasing by more than 25% [14][32] - Network advertising performed better than spot advertising, reflecting efficiency and exposure to large national advertisers [13] - Political advertising was not a significant factor in Q2 but is expected to ramp up in Q3 [25] Market Data and Key Metrics Changes - The company experienced a sequential improvement in revenue declines, with April down 51%, May down 50%, and June down 39% [29] - Smaller markets performed better than larger markets, with some recovery in categories like professional services and general services [24] Company Strategy and Development Direction - The company executed significant expense cuts totaling $85 million for the year to mitigate revenue declines due to COVID-19 [9][20] - A strategic agreement was made to monetize the Tower portfolio for $213 million, which will facilitate further debt pay down and increase cash resources [22][39] - The company aims to capitalize on the rebounding economy while continuing aggressive debt reduction and investment in growth [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through economic downturns due to strong liquidity and cost actions taken [11][27] - There is uncertainty regarding the timing of a return to a more predictable environment, but bookings are expected to improve materially in Q3 [23][11] - The company remains focused on revenue recovery, expense reductions, and cash management [11] Other Important Information - The company completed the sale of land in Bethesda, Maryland, generating $66 million in net proceeds [36] - The SEC's order on a petition for declaratory ruling was favorable, allowing the company to simplify its share class structure [44][45] Q&A Session Summary Question: July advertising performance and digital opportunities - July results were down about 32%, with more orders in August indicating constructive trends [46] - Digital opportunities remain strong, with podcasting pacing well for Q3 and local digital services performing twice as well as broadcast [48] Question: Westwood One news closure and sports exposure - The decision to close Westwood One news was based on the expensive nature of the business model, with minimal impact on top-line or EBITDA [52] - The company has a larger sports exposure in Q3 compared to Q2, but potential cancellations could impact EBITDA [55]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-24525 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or Other Jurisd ...

Cumulus Media Inc. (NASDAQ:CMLS) Q1 2020 Results Earnings Conference Call May 11, 2020 4:30 PM ET Company Participants Collin Jones - SVP of Corporate Development & Strategy Mary Berner - President and CEO Frank Lopez-Balboa - EVP & Chief Financial Officer Conference Call Participants John Janedis - Wolfe Research Michael Kupinski - Noble Capital Markets, Inc. Zack Silver - B. Riley FBR, Inc. Operator Welcome to the Cumulus Media Quarterly Earnings Conference Call. I’ll now turn it over to Collin Jones, Sen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-24525 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or Other Juris ...

Cumulus Media Inc. (NASDAQ:CMLS) Q4 2019 Results Earnings Conference Call February 21, 2020 8:30 AM ET Company Participants Collin Jones - SVP of Corporate Development & Strategy Mary Berner - President and CEO John Abbot - CFO Conference Call Participants Zach Silver - B. Riley FBR Operator Welcome to the Cumulus Media quarterly Earnings Conference Call. I will now turn it over to Collin Jones, Senior Vice President of Corporate Development and Strategy. Sir, you may proceed. Collin Jones Thank you, operat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 00-24525 Cumulus Media Inc. (Exact name of registrant as specified in its charter) Delaware 82-5134717 (State of Incorporation)(I.R.S ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 000-24525 Cumulus Media Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 82-5134717 (State or Other J ...

Cumulus Media Inc. (NASDAQ:CMLS) Q3 2019 Earnings Conference Call November 11, 2019 4:30 PM ET Company Participants Collin Jones - SVP of Corporate Development & Strategy Mary Berner - President and CEO John Abbot - CFO Conference Call Participants Marci Ryvicker - Wolfe Research Zach Silver - B. Riley FBR Michael Kupinski - Noble Capital Markets Operator Welcome to the Cumulus Media quarterly Earnings Conference Call. I'll now turn it over to Collin Jones, Senior Vice President of Corporate Development and ...