Cumulus Media Welcomes Top Shareholder Steven M. Galbraith to Board of Directors

Cumulus Media Inc. (NASDAQ: CMLS) has appointed Steven M. Galbraith, one of its largest shareholders, to its Board of Directors. Galbraith, currently a managing member of Kindred Capital Advisors LLC, brings a wealth of investment management experience to the board, having previously served as managing member of Herring Creek Capital and partner at Maverick Capital. His extensive background also includes serving as Chief Investment Officer at Morgan Stanley, where he played a pivotal role in shaping the firm's investment strategies.

Galbraith's appointment is a strategic move for Cumulus Media, as his deep commitment to the company's success, demonstrated through his personal holdings and those held through Kindred Capital Advisors, aligns with the company's goals of driving growth and capitalizing on new opportunities. His impressive investment management background and expertise complement the diverse strengths and wide-ranging capabilities of the existing board, making him an invaluable addition to the team.

Galbraith's appointment comes at a time when Cumulus Media is experiencing an exceptionally successful year, with a focus on evolving as an organization committed to excellence and growing for the future. His involvement in various non-profit organizations, such as the Board of Trustees of Tufts University and the National Constitution Center, further demonstrates his ability to work collaboratively and contribute to the success of diverse organizations. This experience can be beneficial in fostering a cohesive and productive board environment at Cumulus Media.

Chairman Andrew W. Hobson expressed excitement about leveraging Galbraith's vision and insights to drive growth and capitalize on new opportunities. Galbraith's appointment brings valuable investment management expertise to the board, which can help guide strategic decisions and maximize shareholder value. His alignment of interests with other shareholders, given his significant personal holdings and those held through Kindred Capital Advisors, ensures that the company's strategic direction is focused on creating value for all stakeholders.

In conclusion, Cumulus Media's appointment of Steven M. Galbraith to its Board of Directors is a strategic move that brings valuable investment management expertise, a proven track record, and a deep commitment to the company's success. His appointment aligns with the company's goals of driving growth and capitalizing on new opportunities, while also fostering a collaborative and productive board environment. With Galbraith's appointment, Cumulus Media is well-positioned to continue its successful trajectory and create value for shareholders.