Completed Highly Successful Debt Exchange That Reduced Our Debt Obligations Under Our Debt Instruments by Approximately $33 Million, Extended Maturities to 2029, Obtained Favorable Interest Rates, and Preserved Structure Free of Financial Maintenance Covenants Upsized ABL Facility by 25% to $125 Million and Extended Maturity to 2029 Reported Q2 Total Revenue of $205 Million, Down 2.5%, in Line with Pacing Guidance Increased Digital Marketing Services Revenue by 24%, Total Digital Revenue by 5% 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, 2024. Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%; reduced fixed costs by $4 million; and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt.” Berner continued, “Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.” Q2 Key Highlights: Posted total net revenue of $204.8 million, a decline of 2.5% year-over-year Generated digital revenue of $39.4 million, up 5.0% year-over-year Digital marketing services grew 24% driven by an increase in new customers, improved customer retention and higher average order size Radio-only customers adding digital marketing services increased by 25% year-over-year Digital revenue increased to 19% of total company revenue Recorded net loss of $27.7 million compared to net loss of $1.1 million in Q2 2023 and Adjusted EBITDA(1) of $25.2 million compared to $30.7 million in Q2 2023 Continued to improve operating leverage by reducing fixed costs by approximately $4 million year-over-year Used $7.9 million of cash in operations, or generated $8.3 million of cash from operations when excluding execution costs related to the completed exchange offer of $16.3 million(1) Completed the exchange offer for our Senior Notes due 2026 and Term Loan due 2026 with favorable terms and aggregate participation of approximately 96% of debt outstanding Debt obligations under our debt instruments reduced by approximately $33 million Debt maturities extended from 2026 to 2029 Amended ABL Facility, increasing capacity to $125 million from $100 million and extending maturity to 2029 Retired $0.5 million face value of Senior Notes due 2026 Reported total debt(2)(3) of $674.4 million, total debt at maturity(1)(2)(3) of $642.1 million, and net debt less total unamortized discount(1)(2)(3) of $588.6 million at June 30, 2024, including total debt due in 2026(3) of $23.9 million Operating Summary (dollars in thousands, except percentages and per share data): For the three months ended June 30, 2024, the Company reported net revenue of $204.8 million, a decrease of 2.5% from the three months ended June 30, 2023, net loss of $27.7 million and Adjusted EBITDA of $25.2 million. For the six months ended June 30, 2024, the Company reported net revenue of $404.9 million, a decrease of 2.6% from the six months ended June 30, 2023, net loss of $41.9 million and Adjusted EBITDA of $33.6 million. As Reported Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 % Change Net revenue $ 204,849 $ 210,136 (2.5 )% Net loss $ (27,699 ) $ (1,068 ) (2,493.5 )% Adjusted EBITDA $ 25,213 $ 30,676 (17.8 )% Basic loss per share $ (1.64 ) $ (0.06 ) (2,633.3 )% Diluted loss per share $ (1.64 ) $ (0.06 ) (2,633.3 )% As Reported Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 % Change Net revenue $ 404,902 $ 415,828 (2.6 )% Net loss $ (41,853 ) $ (22,535 ) (85.7 )% Adjusted EBITDA $ 33,618 $ 41,005 (18.0 )% Basic loss per share $ (2.49 ) $ (1.25 ) (99.2 )% Diluted loss per share $ (2.49 ) $ (1.25 ) (99.2 )% Revenue Detail Summary (dollars in thousands): As Reported Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 % Change Broadcast radio revenue: Spot $ 101,806 $ 107,065 (4.9 )% Network 34,306 39,698 (13.6 )% Total broadcast radio revenue 136,112 146,763 (7.3 )% Digital 39,397 37,538 5.0 % Other 29,340 25,835 13.6 % Net revenue $ 204,849 $ 210,136 (2.5 )% As Reported Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 % Change Broadcast radio revenue: Spot $ 192,379 $ 204,778 (6.1 )% Network 83,468 89,995 (7.3 )% Total broadcast radio revenue 275,847 294,773 (6.4 )% Digital 73,844 69,627 6.1 % Other 55,211 51,428 7.4 % Net revenue $ 404,902 $ 415,828 (2.6 )% Balance Sheet Summary (dollars in thousands): June 30, 2024 December 31, 2023 Cash and cash equivalents $ 53,492 $ 80,660 Term Loan due 2026 (3) $ 1,203 $ 329,510 Senior Notes due 2026 (3) $ 22,697 $ 346,245 Term Loan due 2029 (2) (3) $ 327,873 $ — Senior Notes due 2029 (2) (3) $ 322,591 $ — Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Capital expenditures $ 4,387 $ 6,603 Six Months Ended June 30, 2024 Six Months Ended June 30, 2023 Capital expenditures $ 12,553 $ 13,975 (1) Adjusted EBITDA, operating cash flow excluding execution costs related to the completed exchange offer, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see “Non-GAAP Financial Measures.” (2) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of June 30, 2024, $16.0 million and $16.2 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain. (3) Excludes any debt issuance costs.