Modern Luxury Completes Sale

Modern Luxury Media has completed its sale to an investment group led by Dickey Publishing and managed by Cumulus Media.

Cumulus Chairman & CEO Lew Dickey commented, "This transaction represents an exciting new chapter for the great brands in the Modern Luxury portfolio. It infuses the requisite capital to sustain and move this company forward. We will be bringing the significant resources and talent from Cumulus Media to help grow the Modern Luxury brand into the world’s premier luxury marketing vehicle.”

Modern Luxury President, Michael Dickey, added, "We look forward to working closely with the dedicated and talented team at Modern Luxury to build on the success this great company has achieved in its first decade. We share Modern Luxury’s commitment to producing best-in-class publications and to working closely with our valued clients to maximize their return on investment and brand activation.”

About Modern Luxury:

Modern Luxury is the country’s largest city magazine publisher, publishing 26 titles in the top 12 U.S. luxury markets – New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Washington, DC, Miami, San Diego, Orange County and Hawaii.

About Cumulus Media Inc.:

Cumulus Media Inc. (NASDAQ: CMLS) is the second largest radio broadcaster in the United States based on station count, controlling approximately 345 radio stations in 67 U.S. media markets. In combination with its affiliate, Cumulus Media Partners, LLC, the Company is the fourth largest radio broadcast company in the United States when based on net revenues. The Company's headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.