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<TITLE>CUMULUS MEDIA, INC.</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on December 23, 2008</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 8pt"><B>Registration No.&nbsp;333-_________</B>
</DIV>


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<DIV align="center" style="font-size: 14pt; margin-top: 8pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
<B>FORM S-8<BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></DIV>


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<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>CUMULUS MEDIA INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of Company as specified in its charter)</DIV>


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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-4159663</B><BR>
(I.R.S. Employer Identification No.)</TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
<B>3280 Peachtree Road, N.W., Suite&nbsp;2300, Atlanta, Georgia 30305</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>


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<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
<B>Cumulus Media Inc. 2008 Equity Incentive Plan</B><BR>

(Full title of the plan)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Lewis W. Dickey, Jr.<BR>
Chairman, President and Chief Executive Officer<BR>
Cumulus Media Inc.<BR>
3280 Peachtree Road, N.W., Suite&nbsp;2300<BR>
Atlanta, Georgia 30305</B><BR>
(Name and address of agent for service)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>(404)&nbsp;949-0700</B><BR>
(Telephone number, including area code, of agent for service)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">
<I>With a copy to:</I><BR>
<B>Mark L. Hanson, Esq.<BR>
Jones Day<BR>
1420 Peachtree Street, N.E., Suite&nbsp;800<BR>
Atlanta, Georgia 30309-3053<BR>(404)&nbsp;521-3939</B></DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>
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    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated filer<BR>
(Do not check if a smaller <BR>
reporting company)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 16pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="6%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 1px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>to be registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>be registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>per share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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                    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Class&nbsp;A Common Stock, $.01 par value
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="CENTER" valign="top" style="border-top: 1px solid #000000">4,000,000 shares(1)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="CENTER" valign="top" style="border-top: 1px solid #000000">$1.54(2)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="CENTER" valign="top" style="border-top: 1px solid #000000">$6,160,000(2)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="CENTER" valign="top" style="border-top: 1px solid #000000">$242.09(2)</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 1px double #000000">&nbsp;</TD>
</TR>

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</DIV>


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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Issuable under the Cumulus Media Inc. 2008 Equity Incentive Plan (&#147;2008 Plan&#148;). In addition,
the amount being registered includes an indeterminate number of shares issuable upon
adjustment due to stock splits, stock dividends, anti-dilution provisions and other adjustment
provisions as provided in the 2008 Plan.</TD>
</TR>

<TR style="font-size: 2pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of computing the registration fee, pursuant to Rule 457(h)
and (c)&nbsp;under the Securities Act.</TD>
</TR>

</TABLE>



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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information called for by Part&nbsp;I of Form S-8 is included in the description of the Cumulus
Media Inc. 2008 Equity Incentive Plan (the &#147;Plan&#148;) to be delivered to persons who become entitled
to receive securities pursuant to the Plan. Pursuant to Rule&nbsp;428 under the Securities Act of 1933
(the &#147;Securities Act&#148;) and the Note to Part&nbsp;I of Form S-8, this information is not being filed with
or included in this registration statement on Form S-8 (the &#147;Registration Statement&#148;).
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>PART II<BR><BR>

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></DIV>


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<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Incorporation of Documents by Reference.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents have been filed by Cumulus Media Inc. (&#147;we,&#148; &#147;our,&#148; &#147;us&#148; or the
&#147;Company&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;) and are incorporated
herein by this reference:
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Annual Report on Form 10-K for the year ended December
31, 2007 filed with the Commission on March&nbsp;17, 2008, as amended on April&nbsp;29, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March
31, 2008 filed with the Commission on May&nbsp;9, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Report on Form 10-Q for the quarter ended June
30, 2008 filed with the Commission on August&nbsp;11, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s Quarterly Report on Form 10-Q for the quarter ended
September&nbsp;30, 2008 filed with the Commission on November&nbsp;7, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following Current Reports on Form 8-K of the Company:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on February&nbsp;14, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on March&nbsp;17, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on April&nbsp;4, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on May&nbsp;12, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on May&nbsp;22, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on May&nbsp;27, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on June&nbsp;23, 2008;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed with the Commission on November&nbsp;26, 2008; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Class&nbsp;A Common Stock, $0.01 par value, contained
in Post-Effective Amendment No.&nbsp;1 to the Registration Statement on Form 8-A, filed
by the Company pursuant to Section&nbsp;12 of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), and any amendment or report filed for the purpose of
updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act before the filing of a post-effective amendment that indicates that all
securities offered hereunder have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be
part of the Registration Statement from the date of the filing of such documents (excluding any
Current Reports on Form 8-K to the extent disclosure is furnished and not filed). Any statement
contained in a later-dated document supplements, modifies or supersedes any other statement
contained in an earlier-dated document.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "Item&nbsp;4. Description of Securities" -->

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Description of Securities</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Interests of Named Experts and Counsel.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->

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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our certificate of incorporation provides that no director shall be liable to us or our
stockholders for monetary damages for breach of fiduciary duty as a director; <I>provided, however</I>,
that our certificate of incorporation does not eliminate or limit the liability of a director (a)
for any breach of the director&#146;s duty of loyalty to us or our stockholders, (b)&nbsp;for acts or
omissions not in good faith or that involve intentional misconduct or a knowing violation of law,
(c)&nbsp;under Section&nbsp;174 of the Delaware General Corporation Law, (d)&nbsp;for any transaction from which
the director derived an improper personal benefit, or (e)&nbsp;for any act or omission occurring before
the effective date of our certificate of incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our by-laws provide that each director, officer or employee who was or is made a party or is
threatened to be made a party to or is otherwise involved in any action, suit or proceeding,
whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a
director or an officer of ours or is or was serving at our request as a director, officer, employee
or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to an employee benefit plan, shall be indemnified and held harmless
by us to the fullest extent permitted or required by the Delaware General Corporation Law against
all expense, liability and loss (including attorneys&#146; fees, judgments, fines, ERISA excise taxes or
penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in
connection therewith; <I>provided, however, </I>that, except as provided below with respect to proceedings
to enforce rights to indemnification, we shall indemnify any such indemnitee in connection with a
proceeding (or part thereof) initiated by such indemnitee only if the proceeding (or part thereof)
was authorized by our board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This right to indemnification shall include the right to have paid by us the expenses
(including, without limitation, attorneys&#146; fees and expenses) incurred in defending any such
proceeding in advance of its final disposition; <I>provided, however, </I>that, if the Delaware General
Corporation Law so requires, such an advancement of expenses incurred by an indemnitee in his
capacity as a director or officer (and not in any other capacity in which service was or is
rendered by such indemnitee, including, without limitation, service to an employee benefit plan)
shall be made only upon delivery to us of an undertaking by or on behalf of such indemnitee to
repay all amounts so advanced, if it shall ultimately be determined by final judicial decision from
which there is no further right to appeal that such indemnitee is not entitled to be indemnified
for such expenses under our by-laws or otherwise. The rights to indemnification and to the
advancement of expenses conferred in our by-laws shall be contract rights and these rights shall
continue as to an indemnitee who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the indemnitee&#146;s heirs, executors and administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights to indemnification and to the advancement of expenses conferred in our by-laws
shall not be exclusive of any other right which any person may have or hereafter acquire under any
statute, our certificate of incorporation, our by-laws, or any agreement, vote of stockholders or
disinterested directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We generally maintain insurance, at our expense, to protect us and any of our directors,
officers, employees or agents or those of another corporation, partnership, joint venture, trust or
other enterprise against any expense, liability or loss, whether or not we would have the power to
indemnify such person against such expense, liability or loss under the Delaware General
Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, to the extent authorized from time to time by our board, grant rights to
indemnification and to the advancement of expenses to any of our employees or agents to the fullest
extent of the provisions of our by-laws with respect to the indemnification and advancement of
expenses of our directors and officers.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exemption From Registration Claimed</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits." -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cumulus Media Inc. 2008 Equity Incentive Plan
(incorporated by reference to Exhibit&nbsp;A to the Company&#146;s
Proxy Statement on Schedule&nbsp;14-A filed with the Commission
on October&nbsp;17, 2008).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Jones Day.</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Jones Day (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP.</DIV></TD>
</TR>

<TR valign="bottom" style="font-size: 5pt"><!-- EI Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included on signature page).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertakings.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Company hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the
Company pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement;</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof; and</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the
foregoing provisions, or otherwise, the Company has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 " SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Atlanta, State of Georgia, on this
23<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> day of December, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CUMULUS MEDIA INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Martin
R. Gausvik</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Martin R. Gausvik&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President, Treasurer<BR>and Chief
Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities and on the dates indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below authorizes Lewis W. Dickey, Jr. and Martin R.
Gausvik, and each of them, as attorneys-in-fact and agents for each of them (with full power of
substitution and resubstitution), for and in the name, place and stead of such individual, to sign
and file with the Securities and Exchange Commission any and all amendments, supplements and
exhibits to, and documents in connection with, this registration statement, including
post-effective amendments, hereby granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing necessary,
appropriate or desirable to be done in order to effectuate the same as fully and to all intents and
purposes as each of the undersigned might or could do if personally present, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, or any of their substitutes,
may do or cause to be done by virtue hereof.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">

<TD align="center" nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Lewis W. Dickey, Jr.<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Lewis W. Dickey, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman, President, Chief Executive Officer<BR>
and Director (principal executive officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 23, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;&nbsp;Martin R. Gausvik<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Martin R. Gausvik</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Executive Vice President, Treasurer and <BR>Chief
Financial Officer (principal financial <BR>officer
and principal accounting officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 23, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ralph B. Everett</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;&nbsp;Holcombe T. Green, Jr.&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Holcombe T. Green, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 23, 2008</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Eric P. Robison</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/&nbsp;&nbsp;Robert H. Sheridan, III<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert H. Sheridan, III</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 23, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>EXHIBIT NO.</B></TD>
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    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DESCRIPTION</B></TD>
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    <TD align="right" valign="top">5.1</TD>
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    <TD align="right" valign="top">23.2</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of KPMG LLP</DIV></TD>
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CUMULUS MEDIA, INC.
As
filed with the Securities and Exchange Commission on December 23, 2008
Registration No. 333-_________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
CUMULUS MEDIA INC.
(Exact name of Company as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
36-4159663
(I.R.S. Employer Identification No.)
3280 Peachtree Road, N.W., Suite 2300, Atlanta, Georgia 30305
(Address of Principal Executive Offices) (Zip Code)
Cumulus Media Inc. 2008 Equity Incentive Plan
(Full title of the plan)
Lewis W. Dickey, Jr.
Chairman, President and Chief Executive Officer
Cumulus Media Inc.
3280 Peachtree Road, N.W., Suite 2300
Atlanta, Georgia 30305
(Name and address of agent for service)
(404) 949-0700
(Telephone number, including area code, of agent for service)
With a copy to:
Mark L. Hanson, Esq.
Jones Day
1420 Peachtree Street, N.E., Suite 800
Atlanta, Georgia 30309-3053
(404) 521-3939
Indicate by check mark whether the Company is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
(Check one):
Large accelerated filer
o
Accelerated filer
þ
Non-accelerated filer
(Do not check if a smaller
reporting company)
o
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to
offering price
aggregate
Amount of
to be registered
be registered
per share
offering price
registration fee
Class A Common Stock, $.01 par value
4,000,000 shares(1)
$1.54(2)
$6,160,000(2)
$242.09(2)
(1)
Issuable under the Cumulus Media Inc. 2008 Equity Incentive Plan ("2008 Plan"). In addition,
the amount being registered includes an indeterminate number of shares issuable upon
adjustment due to stock splits, stock dividends, anti-dilution provisions and other adjustment
provisions as provided in the 2008 Plan.
(2)
Estimated solely for the purpose of computing the registration fee, pursuant to Rule 457(h)
and (c) under the Securities Act.
EXPLANATORY NOTE
The information called for by Part I of Form S-8 is included in the description of the Cumulus
Media Inc. 2008 Equity Incentive Plan (the "Plan") to be delivered to persons who become entitled
to receive securities pursuant to the Plan. Pursuant to Rule 428 under the Securities Act of 1933
(the "Securities Act") and the Note to Part I of Form S-8, this information is not being filed with
or included in this registration statement on Form S-8 (the "Registration Statement").
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents have been filed by Cumulus Media Inc. ("we," "our," "us" or the
"Company") with the Securities and Exchange Commission (the "Commission") and are incorporated
herein by this reference:
(a)
The Company's Annual Report on Form 10-K for the year ended December
31, 2007 filed with the Commission on March 17, 2008, as amended on April 29, 2008;
(b)
The Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2008 filed with the Commission on May 9, 2008;
(c)
The Company's Quarterly Report on Form 10-Q for the quarter ended June
30, 2008 filed with the Commission on August 11, 2008;
(d)
The Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2008 filed with the Commission on November 7, 2008;
(e)
The following Current Reports on Form 8-K of the Company:
•
Current Report on Form 8-K filed with the Commission on February 14, 2008;
•
Current Report on Form 8-K filed with the Commission on March 17, 2008;
•
Current Report on Form 8-K filed with the Commission on April 4, 2008;
•
Current Report on Form 8-K filed with the Commission on May 12, 2008;
•
Current Report on Form 8-K filed with the Commission on May 22, 2008;
•
Current Report on Form 8-K filed with the Commission on May 27, 2008;
•
Current Report on Form 8-K filed with the Commission on June 23, 2008;
•
Current Report on Form 8-K filed with the Commission on November 26, 2008; and
(f)
The description of the Class A Common Stock, $0.01 par value, contained
in Post-Effective Amendment No. 1 to the Registration Statement on Form 8-A, filed
by the Company pursuant to Section 12 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and any amendment or report filed for the purpose of
updating such description.
All documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act before the filing of a post-effective amendment that indicates that all
securities offered hereunder have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be
part of the Registration Statement from the date of the filing of such documents (excluding any
Current Reports on Form 8-K to the extent disclosure is furnished and not filed). Any statement
contained in a later-dated document supplements, modifies or supersedes any other statement
contained in an earlier-dated document.
2
Item 4.
Description of Securities
Not applicable
Item 5.
Interests of Named Experts and Counsel.
Not applicable
Item 6.
Indemnification of Directors and Officers.
Our certificate of incorporation provides that no director shall be liable to us or our
stockholders for monetary damages for breach of fiduciary duty as a director;
provided, however
,
that our certificate of incorporation does not eliminate or limit the liability of a director (a)
for any breach of the director's duty of loyalty to us or our stockholders, (b) for acts or
omissions not in good faith or that involve intentional misconduct or a knowing violation of law,
(c) under Section 174 of the Delaware General Corporation Law, (d) for any transaction from which
the director derived an improper personal benefit, or (e) for any act or omission occurring before
the effective date of our certificate of incorporation.
Our by-laws provide that each director, officer or employee who was or is made a party or is
threatened to be made a party to or is otherwise involved in any action, suit or proceeding,
whether civil, criminal, administrative or investigative, by reason of the fact that he is or was a
director or an officer of ours or is or was serving at our request as a director, officer, employee
or agent of another corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to an employee benefit plan, shall be indemnified and held harmless
by us to the fullest extent permitted or required by the Delaware General Corporation Law against
all expense, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes or
penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in
connection therewith;
provided, however,
that, except as provided below with respect to proceedings
to enforce rights to indemnification, we shall indemnify any such indemnitee in connection with a
proceeding (or part thereof) initiated by such indemnitee only if the proceeding (or part thereof)
was authorized by our board.
This right to indemnification shall include the right to have paid by us the expenses
(including, without limitation, attorneys' fees and expenses) incurred in defending any such
proceeding in advance of its final disposition;
provided, however,
that, if the Delaware General
Corporation Law so requires, such an advancement of expenses incurred by an indemnitee in his
capacity as a director or officer (and not in any other capacity in which service was or is
rendered by such indemnitee, including, without limitation, service to an employee benefit plan)
shall be made only upon delivery to us of an undertaking by or on behalf of such indemnitee to
repay all amounts so advanced, if it shall ultimately be determined by final judicial decision from
which there is no further right to appeal that such indemnitee is not entitled to be indemnified
for such expenses under our by-laws or otherwise. The rights to indemnification and to the
advancement of expenses conferred in our by-laws shall be contract rights and these rights shall
continue as to an indemnitee who has ceased to be a director, officer, employee or agent and shall
inure to the benefit of the indemnitee's heirs, executors and administrators.
The rights to indemnification and to the advancement of expenses conferred in our by-laws
shall not be exclusive of any other right which any person may have or hereafter acquire under any
statute, our certificate of incorporation, our by-laws, or any agreement, vote of stockholders or
disinterested directors or otherwise.
We generally maintain insurance, at our expense, to protect us and any of our directors,
officers, employees or agents or those of another corporation, partnership, joint venture, trust or
other enterprise against any expense, liability or loss, whether or not we would have the power to
indemnify such person against such expense, liability or loss under the Delaware General
Corporation Law.
We may, to the extent authorized from time to time by our board, grant rights to
indemnification and to the advancement of expenses to any of our employees or agents to the fullest
extent of the provisions of our by-laws with respect to the indemnification and advancement of
expenses of our directors and officers.
3
Item 7.
Exemption From Registration Claimed
Not applicable
Item 8.
Exhibits.
Exhibit No.
Description
4.1
Cumulus Media Inc. 2008 Equity Incentive Plan
(incorporated by reference to Exhibit A to the Company's
Proxy Statement on Schedule 14-A filed with the Commission
on October 17, 2008).
5.1
Opinion of Jones Day.
23.1
Consent of Jones Day (included in Exhibit 5.1).
23.2
Consent of KPMG LLP.
24.1
Power of Attorney (included on signature page).
Item 9.
Undertakings.
(a)
The undersigned Company hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement; and
(iii)
To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-8, and the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the
Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement;
(2)
That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof; and
4
(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b)
The undersigned Company hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Company's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act)
that is incorporated by reference in the registration statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Company pursuant to the
foregoing provisions, or otherwise, the Company has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Company will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Company certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Atlanta, State of Georgia, on this
23
rd
day of December, 2008.
CUMULUS MEDIA INC.
By:
/s/  Martin
R. Gausvik
Name:
Martin R. Gausvik
Title:
Executive Vice President, Treasurer
and Chief
Financial Officer
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed below by the following persons in the capacities and on the dates indicated.
Each person whose signature appears below authorizes Lewis W. Dickey, Jr. and Martin R.
Gausvik, and each of them, as attorneys-in-fact and agents for each of them (with full power of
substitution and resubstitution), for and in the name, place and stead of such individual, to sign
and file with the Securities and Exchange Commission any and all amendments, supplements and
exhibits to, and documents in connection with, this registration statement, including
post-effective amendments, hereby granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing necessary,
appropriate or desirable to be done in order to effectuate the same as fully and to all intents and
purposes as each of the undersigned might or could do if personally present, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, or any of their substitutes,
may do or cause to be done by virtue hereof.
Signature
Title
Date
/s/  Lewis W. Dickey, Jr.
Lewis W. Dickey, Jr.
Chairman, President, Chief Executive Officer
and Director (principal executive officer)
December 23, 2008
/s/  Martin R. Gausvik
Martin R. Gausvik
Executive Vice President, Treasurer and
Chief
Financial Officer (principal financial
officer
and principal accounting officer)
December 23, 2008
Ralph B. Everett
Director
/s/  Holcombe T. Green, Jr.
Holcombe T. Green, Jr.
Director
December 23, 2008
Eric P. Robison
Director
/s/  Robert H. Sheridan, III
Robert H. Sheridan, III
Director
December 23, 2008
6
EXHIBIT INDEX
EXHIBIT NO.
DESCRIPTION
5.1
Opinion of Jones Day
23.2
Consent of KPMG LLP
7