Exhibit 99.1

CUMULUS MEDIA INC.

Cumulus Reports Second Quarter 2012 Results

ATLANTA, GA – August 9, 2012: Cumulus Media Inc. (NASDAQ: CMLS) (the “Company,” “we,” “us,” or “our”) today reported financial results for the three and six months ended June 30, 2012.

Lew Dickey, Chairman & CEO stated, “The integration of Citadel, investment in growth and de-leveraging are our top priorities. We are making excellent progress on all three fronts.”

Financial highlights are as follows (in thousands, except per share data and percentages) (footnotes follow):

Three Months Ended June 30, 2012 Compared to Three Months Ended June 30, 2011

Net Revenues

Net revenues for the three months ended June 30, 2012 increased $218.8 million, or 351.5%, to $281.0 million, compared to $62.2 million for the three months ended June 30, 2011. This increase reflects the impact of net revenues from Cumulus Media Partners, LLC (“CMP”) and Citadel Broadcasting Corporation (“Citadel”), as well as a $2.7 million increase in political advertising. Revenue growth was partially offset by short term revenue impacts resulting from strategic format changes in some markets, general downward trends in the overall macroeconomic environment and reduced use of trade advertising on acquired stations.

Additionally, management fee income decreased $0.8 million primarily related to the completion of the CMP Acquisition and related discontinuation of the CMP management agreement.

Direct Operating Expenses, Excluding Depreciation and Amortization

Direct operating expenses for the three months ended June 30, 2012 increased $133.4 million, or 378.3%, to $168.7 million, compared to $35.3 million for the three months ended June 30, 2011. This increase reflects the impact of direct operating expenses from Citadel and CMP in addition to a $1.3 million increase in broadcast rights. Previously announced synergies resulted in expense decreases due to reduced compensation costs, discretionary spending related to promotions and nontraditional revenue generating events, and enhanced expense controls.

Corporate, General and Administrative Expenses, Including Stock-based Compensation Expense

Corporate general and administrative expenses, including stock-based compensation expense, for the three months ended June 30, 2012 increased $7.7 million, or 83.8%, to $16.8 million, compared to $9.1 million for the three months ended June 30, 2011. This increase is primarily comprised of a $5.3 million increase in stock-based compensation expense and $2.5 million related to the restructuring and consolidation of leased properties which is included in acquisition-related costs.

Interest Expense, net

Total interest expense, net of interest income, for the three months ended June 30, 2012 increased $40.4 million, or 440.6%, to $49.6 million compared to $9.2 million for the three months ended June 30, 2011. Interest expense associated with outstanding debt increased by $38.9 million to $47.7 million as compared to $8.8 million in the prior year period. Interest expense increased due to a higher average amount of indebtedness outstanding during 2012 as a result of the acquisition of CMP and Citadel and the related refinancing (the “Refinancing”) in the third quarter of 2011. For further discussion regarding the acquisitions and the Refinancing refer to the Company’s Form 10-Q for the quarterly period ended June 30, 2012.

Capital Expenditures

Capital expenditures for the three months ended June 30, 2012 totaled $0.8 million which represented routine capital expenditures. Capital expenditures during the three months ended June 30, 2011 were $1.0 million.

Six Months Ended June 30, 2012 Compared to Six Months Ended June 30, 2011

Net Revenues

Net revenues for the six months ended June 30, 2012 increased $403.1 million, or 353.9%, to $517.0 million, compared to $113.9 million for the six months ended June 30, 2011. This increase reflects the impact of net revenues from CMP and Citadel, as well as a $4.7 million increase in political advertising. Revenue growth was partially offset by short term revenue impacts resulting from strategic format changes in some markets, general downward trends in the overall macroeconomic environment and reduced use of trade advertising on acquired stations. Additionally, management fee income decreased $1.9 million primarily related to the completion of the CMP Acquisition and related discontinuation of the CMP management agreement.

Direct Operating Expenses, Excluding Depreciation and Amortization

Direct operating expenses for the six months ended June 30, 2012 increased $253.4 million, or 367.4%, to $322.4 million, compared to $69.0 million for the six months ended June 30, 2011. This increase reflects the impact of direct operating expenses from Citadel and CMP. Previously announced synergies resulted in expense decreases due to reduced compensation costs, discretionary spending related to promotions and nontraditional revenue generating events, and enhanced expense controls.

Corporate, General and Administrative Expenses, Including Stock-based Compensation Expense

Corporate, general and administrative expenses, including stock-based compensation expense, for the six months ended June 30, 2012, increased $16.2 million, or 93.9%, to $33.5 million, compared to $17.3 million for the six months ended June 30, 2011. This increase is primarily comprised of a $11.7 million increase in stock-based compensation expense, additional personnel costs of $3.5 million, a $1.1 million decrease in professional fees, and a $0.1 million reduction in acquisition costs since the prior year period included costs associated with the CMP and Citadel acquisitions.

Interest Expense, net

Total interest expense, net of interest income, for the six months ended June 30, 2012 increased $84.9 million, or 548.1%, to $100.4 million compared to $15.5 million for the six months ended June 30, 2011. Interest expense associated with outstanding debt increased by $81.0 million to $95.7 million as compared to $14.7 million in the prior year period. Interest expense increased due to a higher average amount of indebtedness outstanding during 2012 as a result of the CMP and Citadel acquisitions and the Refinancing in the third quarter of 2011.

Earnings (Loss) Per Share

Basic earnings (loss) per share (“EPS”) is calculated for the three and six months ended June 30, 2012 by dividing undistributed net loss from continuing operations of $1.8 million and $14.4 million, respectively, adjusted for dividends declared on preferred stock for the three and six months ended June 30, 2012 of $4.4 million and $7.7 million, respectively, and the accretion of redeemable preferred stock for the three and six months ended June 30, 2012 of $1.9 million and $4.6 million, respectively, by the weighted average number of shares of common stock outstanding during the applicable period, which was 157,710,861 shares and 153,540,006 shares for the three and six months ended June 30, 2012, respectively. Diluted EPS for the three and six months ended June 30, 2012 is equal to basic EPS due to the exclusion of 56.2 million and 57.6 million of potentially dilutive securities, respectively. The potentially dilutive securities consisted of shares of common stock underlying certain outstanding warrants that were excluded because their impact was antidilutive. Basic and diluted EPS for discontinued operations is computed in the same manner as EPS for continuing operations, excluding any adjustments for dividends accrued and accreted. Basic and diluted EPS for net income (loss) is computed in the same manner as EPS for continuing operations.

Capital Expenditures

Capital expenditures for the six months ended June 30, 2012 totaled $1.9 million, which represented routine capital expenditures. Capital expenditures during the six months ended June 30, 2011 were $1.5 million.

Subsequent Event

On July 31, 2012, the Company completed its previously announced sale of 55 stations in eleven non-strategic markets to Townsquare Media, LLC (“Townsquare”) in exchange for ten of Townsquare’s radio stations in Bloomington, IL and Peoria, IL, plus approximately $115.8 million in cash. The transaction is part of the Company’s ongoing efforts to focus on radio stations in top markets and geographically strategic regional clusters. The stations sold by the Company operated in the following markets: Augusta, ME; Bangor, ME; Binghamton, NY; Bismarck, ND; Grand Junction, CO; Killeen-Temple, TX; New Bedford, MA; Odessa-Midland, TX; Presque Isle, ME; Sioux Falls, SD and Tuscaloosa, AL. Accordingly the results of operations associated with these stations were separately reported, net of the related tax impact, for all periods presented. The Company used a majority of the proceeds to repay outstanding borrowings under its Revolving Credit Facility, which amounts are available for future reborrowing, and to repurchase and redeem a portion of its outstanding Series A Preferred Stock.

Earnings Call Information

Cumulus Media Inc. will host a teleconference today at 11:00 AM EDT to discuss second quarter results. The conference call dial-in number for domestic callers is 877-830-7699. International callers should dial 660-422-3366 for conference call access. Please call five to ten minutes in advance to ensure that you are connected prior to the presentation. The call also may be accessed via webcast at www.cumulus.com.

Following completion of the call, a replay can be accessed until 12:00 AM EDT, September 9, 2012. Domestic callers can access the replay by dialing 855-859-2056, replay code 16455228#. International callers should dial 404-537-3406 for conference replay access.

About Cumulus Media Inc.

Cumulus Media Inc. is the largest pure-play radio broadcast company in the United States based on station count, controlling approximately 525 radio stations in 110 U.S. media markets. Cumulus’ headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com. Cumulus shares are traded on NASDAQ under the symbol CMLS.

For further information, please contact:

Cumulus Media Inc.

Collin R. Jones

Investor Relations

404-260-6600

collin.jones@cumulus.com

Footnotes to Financial Highlights Table

The following are footnotes to the Financial Highlights table:

CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands, except per share data)

Non-GAAP Financial Measures and Definitions

We utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. The non-GAAP financial measures used in this release are Adjusted EBITDA and free cash flow. Please see the attached tables for a quantitative reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Adjusted EBITDA

We define Adjusted EBITDA as operating income before depreciation and amortization, stock-based compensation expense, gain or loss on exchange or sale of assets or stations and any realized gain or loss on derivative instruments or impairment of intangible assets and goodwill, local marketing agreement (“LMA”) fees, acquisition costs and franchise taxes.

Adjusted EBITDA is the financial metric utilized by management to analyze the cash flow generated by our business. This measure isolates the amount of income generated by our radio stations after the incurrence of corporate general and administrative expenses. Management also uses this measure to determine the contribution of our radio station portfolio, including the corporate resources employed to manage the portfolio, to the funding of our other operating expenses and to the funding of debt service and acquisitions. In addition, Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our first lien credit facility.

In deriving this measure, management excludes depreciation, amortization and stock-based compensation expense from the measure, as these do not represent cash payments for activities related to the operation of the radio stations. In addition, we also exclude LMA fees and franchise taxes from our calculation of Adjusted EBITDA, even though such fees and taxes require a cash settlement, because they are excluded from the definition of Adjusted EBITDA contained in our first lien credit facility. Management excludes any gain or loss on the exchange or sale of radio stations as it does not represent a cash transaction. Management also excludes any realized gain or loss on derivative instruments as it does not represent a cash transaction nor is it associated with radio station operations. Management excludes any impairment of goodwill and intangible assets as it does not require a cash outlay. Management believes that Adjusted EBITDA, although not a measure that is calculated in accordance with GAAP, nevertheless is commonly employed by the investment community as a measure for determining the market value of a radio company. Management has also observed that Adjusted EBITDA is routinely employed to evaluate and negotiate the potential purchase price for radio broadcasting companies. Given the relevance to our overall value, management believes that investors consider the metric to be extremely useful.

Adjusted EBITDA should not be considered in isolation of, or as a substitute for, net income, operating income, cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP.

A quantitative reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided under “Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures” below.

Free Cash Flow

Free cash flow is also utilized by management to analyze the cash generated by our business. Free cash flow measures the amount of income generated each period that could be used to fund acquisitions or other growth opportunities or for reinvestment in the business, after funding station and corporate, general and administrative expenses (excluding transaction costs), debt service, income taxes, and capital expenditures.

We define free cash flow as operating income before stock-based compensation expense, depreciation and amortization, gain or loss on the exchange or sale of assets or stations, and any realized gain or loss on derivative instruments or impairment of intangible assets and goodwill, net of interest expense (excluding any non-cash charges or credits for changes in values of swaps, amortization of swap arrangements and amortization of debt issuance costs), income taxes paid and capital expenditures.

Management excludes depreciation and amortization, any gain or loss on the exchange or sale of assets or stations, any realized gain or loss on derivative instruments or impairment of intangible assets and goodwill and other non-cash expenses, including stock-based compensation, as they do not represent cash transactions. Management deducts payments for debt service, income taxes and capital expenditures since these represent amounts that are consistently necessary for our continuing operations in order to arrive at free cash flow available for growth opportunities or reinvestment in our business.

Management believes that free cash flow, although not a measure that is prepared or calculated in accordance with GAAP, is commonly employed by the investment community to evaluate a company’s ability to pay down debt, pay dividends, repurchase stock and/or facilitate the further growth of a company through acquisition or internal development. Management further believes that free cash flow is also utilized by investors as a measure in determining the market value of a radio company.

Free cash flow should not be considered in isolation of or as a substitute for net income, operating income, cash flows from operating activities or any other measure for determining our operating performance or liquidity that is calculated in accordance with GAAP. In addition, because free cash flow is not calculated or presented in accordance with GAAP, it may not be calculated or presented comparably to similarly titled measures used by other companies, and thus comparability may be limited. A quantitative reconciliation of free cash flow to net income (loss) calculated in accordance with GAAP is provided under “Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures” below.

Forward-Looking Statements

Certain statements in this release may constitute “forward-looking” statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact, and relate to our intent, belief or current expectations primarily with respect to our future operating, financial and strategic performance. Any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties. Actual results may differ from those contained in or implied by the forward-looking statements as a result of various factors, including, but not limited to, risks and uncertainties relating to the need for additional funds to execute our business strategy, our inability to renew one or more of our broadcast licenses, changes in interest rates, the timing, costs and synergies resulting from the integration of any completed acquisitions, our ability to eliminate certain costs, our ability to manage rapid growth, the popularity of radio as a broadcasting and advertising medium, changing consumer tastes, the impact of general economic conditions in the United States or in specific markets in which we currently do business, industry conditions, including existing competition and future competitive technologies and cancellation, disruptions or postponements of advertising schedules in response to national or world events, our ability to generate revenue from new sources, including technology-based initiatives and other risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2011 and subsequently filed Forms 10-Q. Many of these risks and uncertainties are beyond our control, and the unexpected occurrence or failure to occur of any such events or matters could significantly alter our actual results of operations or financial condition. Cumulus Media Inc. assumes no responsibility to update any forward-looking statement contained in this release as a result of new information, future events or otherwise.

Supplemental Unaudited Pro Forma Financial Information

The following supplemental unaudited pro forma financial information for the three and six months ended June 30, 2011 is based on our historical financial statements and the historical financial statements of each of CMP and Citadel. The following supplemental unaudited pro forma financial information is intended to provide you with information about how each of the previously announced acquisitions of CMP (the “CMP Acquisition”) and Citadel (the “Citadel Acquisition”), and our previously disclosed and related refinancing transactions, might have affected our historical consolidated financial statements if such transactions had closed as of January 1, 2010.

Each of the CMP Acquisition and the Citadel Acquisition has been accounted for as a business combination using the acquisition method of accounting and, accordingly, resulted in the recognition of assets acquired and liabilities assumed at fair value.

The supplemental unaudited pro forma financial information below is based upon currently available information and estimates and assumptions that we believe are reasonable as of the date hereof. Any of the factors underlying these estimates and assumptions may change, and the estimates and assumptions may not be representative of facts existing at any future date.

The supplemental unaudited pro forma financial information is presented for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the transactions described above occurred on the date indicated. The supplemental unaudited pro forma financial information should be read in connection with the historical financial statements and related footnotes of each of the Company, CMP and Citadel, and also should not be considered representative of our future results of operations. For additional information, see “Forward-Looking Statements” above, including the risk factors referred to therein.

CUMULUS MEDIA INC.

Unaudited Condensed Consolidated Statements of Operations

(Dollars in thousands)

Footnotes to Supplemental Unaudited As Reported and Pro Forma Financial Information

Reconciliation of Non-GAAP Financial Measures to Most Directly Comparable GAAP Measures

The following tables reconcile net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA on a basis including and excluding discontinued operations for the three and six months ended June 30, 2012, on a pro forma basis including and excluding discontinued operations and on an as reported basis for the three and six months ended June 30, 2011 (dollars in thousands):

The following tables reconcile net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, to free cash flow on both an as reported basis for the three and six months ended June 30, 2012 and 2011 and a pro forma basis for the three and six months ended June 30, 2011 (dollars in thousands):