1058623--3/16/2009--CUMULUS_MEDIA

related topics

{debt, indebtedness, cash}

{capital, credit, financial}

{regulation, government, change}

{acquisition, growth, future}

{stock, price, share}

{stock, price, operating}

{product, market, service}

{condition, economic, financial}

{tax, income, asset}

{personnel, key, retain}

{loss, insurance, financial}

{financial, litigation, operation}

A decrease in our market ratings or market share can adversely affect our revenues. We must respond to the rapid changes in technology, services and standards that characterize our industry in order to remain competitive. We face many unpredictable business risks that could have a material adverse effect on our future operations. There are risks associated with our acquisition strategy. We may be restricted in pursuing certain strategic acquisitions because of our agreement with CMP. We have written off, and could in the future be required to write off, a significant portion of the fair market value of our FCC broadcast licenses and goodwill, which may adversely affect our financial condition and results of operations. Disruptions in capital markets could restrict our ability to access further financing. We are exposed to credit risk on our accounts receivable. This risk is heightened during periods when economic conditions worsen. We are exposed to risk of counterparty performance to derivative transactions. We are dependent on key personnel. The broadcasting industry is subject to extensive and changing Federal regulation. In recent years, the FCC has engaged in more vigorous enforcement of its indecency rules against the broadcast industry, which could have a material adverse effect on our business. We are required to obtain prior FCC approval for each radio station acquisition. Risks Related to Our Indebtedness We have a substantial amount of indebtedness, which may adversely affect our cash flow and our ability to operate our business, remain in compliance with debt covenants and make payments on our indebtedness. The credit agreement governing our credit facility imposes significant restrictions on us. Risks Related to Our Class A Common Stock The public market for our Class A Common Stock may be volatile. Certain stockholders control or have the ability to exert significant influence over the voting power of our capital stock.

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1058623--3/16/2009--CUMULUS_MEDIA_INC