Lewis Dickey Sr. reports 5.1% stake in Cumulus Media

By Angela McDaniels

Tacoma, Wash., May 23 - Cumulus Media Inc. investor Lewis W. Dickey Sr. purchased 1,035,000 shares of the company's class A common stock between May 13 and May 22.

The shares were priced from $4.48 to $5.01 each, according to a schedule 13D filing with the Securities and Exchange Commission.

The investor beneficially owns 1,919,000 shares, or 5.1%, of the company's class A common stock.

On May 12, the company announced it agreed to terminate its $11.75-per-share July 23, 2007 merger agreement with an investor group led by company chairman Lewis W. Dickey Jr.

The investor group was not able to come to terms to move forward with the $1.3 billion deal, according to a company news release.

Cumulus Media operates 344 radio stations in the United States. The company is based in Atlanta.

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