Exhibit 2.1
  EXCHANGE AGREEMENT
  Agreement   CMI   Seller   Sellers   Sellers Representative  Party  Parties 
 W I T N E S S E T H:
 WHEREAS CMP
 WHEREAS
 WHEREAS Board of Directors
 WHEREAS Class B Common Stock Class B Approval
 WHEREAS
 WHEREAS Article 10
 NOW, THEREFORE




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ARTICLE 1
 THE EXCHANGE
 The Exchange Class A Common Stock Class D Common Stock Annex A  Stock Consideration  provided however  Exchange  Annex B  Unit Assignments 
 Charter Amendment Annex C
 Registration Rights Annex D Registration Rights Agreement
 ARTICLE 2
 CLOSING; DELIVERIES
 Closing  Closing  rd provided Article
3
 - 2 -




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 Closing Date 
 Deliveries by Sellers
  Section 3.2(b) Section 3.2(c)
    Deliveries by CMI
 Annex A
   Section
3.3(a) Section 3.3(b)
 - 3 -




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Further Assurances
 ARTICLE 3
 CLOSING CONDITIONS
 Conditions to Each Partys Obligation to Effect the Exchange
       Conditions Precedent to the Obligations of CMI
 - 4 -




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Section 4.1 Section 4.2 Section 4.19 Article 4
 Section 6.1 Section 6.2 Section
6.8 Article 6
 Article 2
  Conditions Precedent to the Obligations of the Sellers
 - 5 -




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Section 5.1 Section 5.2 Section 5.3 Section 5.20 Section 5.21 Section 5.22 Article 5
 Article 2
  ARTICLE 4
 REPRESENTATIONS AND WARRANTIES
REGARDING CMP AND ITS SUBSIDIARIES
 Seller Disclosure Schedule
 Organization
 - 6 -




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Capitalization
 Consents and Approvals; No Violations
  - 7 -




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Section 4.3(b) Section 4.3(a)
 Financial Statements  CMP Financial
Statements   GAAP 
 Absence of Certain Changes
 Litigation
 - 8 -




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Compliance with Laws; Permits
   CMP Commission Authorizations 
  - 9 -




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Tangible Assets
    Intangibles Intellectual Property
 - 10 -




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Contracts
       CMP Material Contracts 
 - 11 -




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Insurance
 Environmental Matters
 - 12 -




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Employee Benefits
  CMP Benefit
Plans 
   - 13 -




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pro rata
    - 14 -




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Labor Matters
    - 15 -




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Absence of Undisclosed Liabilities
 Taxes
   Barter
 Related Party Relationships
 Brokers or Finders.
 - 16 -




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StickCo
 ARTICLE 5
 REPRESENTATIONS AND WARRANTIES OF CMI
 CMI Disclosure Schedule
 Organization
 Capitalization
 Class C Common Stock CMI Common Stock 3 4 Series A Preferred Stock Series B Preferred Stock
 - 17 -




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0 CMI Equity Awards CMI Warrants
 Section 5.2(a) Section
5.2(b)
 - 18 -




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Authorization; Validity of Agreement
 Consents and Approvals; No Violations.
  - 19 -




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Section
5.4(b) Section 5.4(a)
 SEC Reports; Disclosure Controls and Procedures
  SEC Reports 
  CMI Financial Statements 
 - 20 -




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Absence of Certain Changes
 Litigation
 Compliance with Laws; Permits
   - 21 -




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 CMI Commission Authorizations 
  Section 6.7
 Tangible Assets
   - 22 -




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Intangibles
 Contracts
   - 23 -




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 CMI Material Contracts 
 Insurance
 - 24 -




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Environmental Matters
 Employee Benefits
  CMI Benefit
Plans 
 - 25 -




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- 26 -




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pro rata
    Labor Matters
  - 27 -




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Absence of Undisclosed Liabilities
 Taxes
 - 28 -




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Barter
 Related Party Relationships
 Brokers or Finders.
 Vote Required  Stockholder Approval 
 CMI Board of Directors Recommendation
 - 29 -




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Proxy Statement; Information Supplied
   Breaches of CMP Representations and Warranties; Preparation of the Seller Disclosure
Schedule
 Article 4 Article 3 Article 9 Article 4
  ARTICLE 6
 REPRESENTATIONS AND WARRANTIES OF THE SELLERS
  Title to Units
 - 30 -




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Authorization; Validity of Agreement
 Consents and Approvals; No Violations
   - 31 -




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Section 6.3(b) Section 6.3(a)
 Litigation
 Information Supplied
 Investment Intent
 - 32 -




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Seller Status
 Brokers or Finders.
 ARTICLE 7
 CERTAIN COVENANTS
 Changes in Information Article 6 Article 4 Article 5 Article 4
 Commercially Reasonable Efforts; Operations Prior to Closing
 - 33 -




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FMV Updated FMV  Antitrust Laws 
 - 34 -




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provided however Section
3.2 Section
7.2(a)
  Transfer of Control Applications 
 - 35 -




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provided however
 Section 7.2(a) Section 7.2(b)
    Section
7.2(c)
 - 36 -




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Section 7.2(c) Section 7.2(a) Section 7.2(b)
  Stockholders Meeting; SEC Filings
 Proxy Statement
 - 37 -




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 Stockholders Meeting  provided however Section 5.22
 Public Announcement
 Filing of CMP Tax Returns
 Certain Taxes and Fees
 Confidentiality Section 7.7
 - 38 -




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provided however
 Related Agreements
 Voting Agreements Blackstone Designee
 CMI Board of Directors provided
 - 39 -




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Termination of CMP Agreements provided
 Amendment of CMP Management Agreement
 Exchange of Stock Consideration
 VCOC Letter Agreement Annex E VCOC Letter Agreement provided
 Radio Holdings Radio Holdings Warrant
Agreement Amendment Radio Holdings Warrant Shares
 - 40 -




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Section 9.1 pro rata Section 7.9
 Exchange Listing
 Director and Officer Liability
  - 41 -




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Section 7.11
 D&O
Insurance provided however
 Section 16 Matters
 ARTICLE 8
 TERMINATION
 Termination
  - 42 -




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End Date provided , however Section 8.1(c)
 provided however Section
8.1(d) Section 7.2
 Article 4 Article 6 Section 3.2(a) Section 3.2 (b) Section 3.2(c) Article 4 Article 6 provided however Section 8.1(e)
 Article 5 Section 3.3(a) Section
3.3(b) provided however Section 8.1(f)
 Effect of Termination Section 8.1 Section 7.4 Section 7.7 Section 7.8 Section 8.2 Article X
 - 43 -




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Article XI Section 8.2  willful and material breach  Section 2.1 Section 11.15 Section 8.1(e) Section 8.1(f) provided
 ARTICLE 9
 INDEMNIFICATION
 Indemnification
 Indemnification by the Sellers CMI Indemnified Parties  Losses  Article 4 provided Section 9.4 Section 9.2 Section 9.1(a)
 - 44 -




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Indemnification by CMI Seller Indemnified Parties Article 5 provided Section 9.4 Section 9.2
 Additional Indemnification by Each Seller Article 6 provided Section 9.4 Section 9.2 Article 6
 Additional Indemnification by CMI
 multiplied by
 - 45 -




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Bank Amendment Amount exceeds
 Pro-Forma Ownership Percentage
 Special Indemnity Amount minus multiplied by provided
 Special Indemnity Share Price Section 9.1(d)
 Survival provided
 - 46 -




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Section 9.2 Section 9.2 Section 9.1 Section 9.2 Section
9.2
 Limitations on Liability
 Indemnification Cap Article 5 Article 4 Article 6
 Indemnification Threshold Article 5 Article 5
 - 47 -




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Article 4 Article 6 Article 4 Article 6
  Indemnification Notice
  Indemnified Party   Claim   Indemnifying Party   Claim Notice   Indemnity Claim Amount  Section 9.1(a) Section 11.10(c) Article 9 provided Section 9.1(c) Article 9 Section 9.2  Objection Period   Claim Objection  Section 9.5
 - 48 -




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 Final
Determination  Final Indemnity
Claim Amount
 Section 9.2 Article 9 Third Party
Claim provided however provided Section 9.4(b) Section 9.4(b) Article IX provided however
 - 49 -




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provided Section 9.3(c)
 Manner of Payment of Claims after Closing
 Article 9 provided Section 9.1 Article 9 Article 9 Article 9
   - 50 -




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Section 9.5 divided
by
 i.e.,
 Exclusive Remedy Article 9 Section 11.15
 ARTICLE 10
 DEFINITIONS
 Article 10
 Affected Seller Section 11.10(c)
 - 51 -




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Affiliate
 Agreement
 Antitrust Laws Section 7.2(a)
 Audit
 Bain Seller
 Bank Amendment Amount Section 9.1(d)(i)
 Barter Agreements
 Benefit Plans
 Blackstone Designee Section 7.8(a)
 Blackstone Seller
 - 52 -




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Board of Directors
 Business Day
 Charter Amendment Annex C
 Citadel Securities
 Claim Section 9.4(a)
 Claim Notice Section 9.4(a)
 Claim Objection Section 9.4(a)
 Class A Common Stock Section 1.1
 Class B Approval
 Class B Common Stock
 Class C Common Stock Section 5.2(a)
 Class D Common Stock Section 1.1
 Closing Section 2.1
 Closing Date Section 2.1
 CMI
 CMI Benefit Plan Section 5.14(a)
 CMI Commission Authorizations Section 5.8(b)
 CMI Common Stock Section 5.2(a)
 CMI Disclosure Schedule Article 5
 CMI Equity Awards Section 5.2(a)
 CMI Financial Statements Section 5.5(b)
 CMI Leased Real Property
 CMI Material Contracts Section 5.11
 - 53 -




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CMI Owned Real Property
 CMI Senior Credit Facility
 CMI Voting Stock
 CMI Warrants Section 5.2(a)
 CMP
 CMP Advisory Services Agreement
 CMP Amendment
 CMP Benefit Plans Section 4.13(a)
 CMP Capital Contribution Agreement
 CMP Commission Authorizations Section 4.7(b)
 CMP Consent and Agreement
 CMP Equityholders Agreement
 CMP Financial Statements Section 4.4
 CMP Leased Real Property
 CMP LLC Agreement
 CMP Management Agreement
 CMP Material Contracts Section 4.10
 - 54 -




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CMP Non-Solicitation Agreement
 CMP Owned Real Property
 CMP Registration Rights Agreement
 Code
 Commonly Controlled Entity
 Communications Act
 Contract
 D&O Insurance Section 7.11(b)
 EITF
 End Date Section 8.1(c)
 Environmental Laws
 Environmental Permits
 ERISA
 ERISA Affiliate Section 4.13(a) (k) Section
5.13(a) (k)
 Exchange Section 1.1
 Exchange Act
 - 55 -




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FASB
 FCC
 Final Determination Section 9.4(a)
 Final Indemnity Claim Amount Section 9.4(a)
 Final Order
 FMV Section 7.2(a)
 Fundamental Representations Section 4.1 Section 4.2 Section 4.19 Section
5.1 Section 5.2 Section 5.3 Section 5.20 Section 6.1 Section 6.2 Section 6.8
 GAAP Section 4.4
 Governmental Authority
 HSR Act
 Indemnification Cap
 Indemnification Threshold
 Indemnified Party Section 9.4(a)
 Indemnifying Party Section 9.4(a)
 Indemnity Claim Amount Section 9.4(a)
 Initial Order
 Intellectual Property Section 4.9
 - 56 -




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Knowledge and Known to
 Knowledge and Known to
 Law
 Liens
 Losses Section 9.1(a)
 Material Adverse Effect provided however provided provided further however
 Materials of Environmental Concern
 - 57 -




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Nasdaq
 Objection Period Section 9.4(a)
 Orders
 Organizational Documents
 Party Parties
 Permits
 Permitted Liens
 Person
 Pro-Forma Ownership Percentage Section 9.1(d)
 Proxy Statement Section 7.3(a)
 Radio Holdings
 Radio Holdings Registration Rights Agreement
 - 58 -




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Radio Holdings Warrant Agreement
 Radio Holdings Warrant Agreement Amendment Section 7.9
 Radio Holdings Warrants
 Radio Holdings Warrant Shares Section 7.9
 Registration Rights Agreement Section 1.3
 Sarbanes-Oxley Act
 SEC
 SEC Reports Section 5.5(a)
 Securities Act
 Securities Exchange Rules
 Seller Sellers
 Seller Disclosure Schedule Article 4
 Seller Proportionate Share divided by plus
 Sellers Representative
 Series A Preferred Stock Section 5.2(a)
 Series B Preferred Stock Section 5.2(a)
 Significant Subsidiary
 - 59 -




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Special Indemnity Amount Section 9.1(d)
 Special Indemnity Share Price Section 9.1(d)
 Stations
 StickCo
 Stockholder Approval Section 5.21
 Stockholders Meeting Section 7.3
 Stock Consideration Section 1.1
 Subsidiaries provided however
 Taxes Tax
 Tax Matters Member
 Tax Returns
 Third Party Claim Section 9.4(b)
 THL Seller
 Top Holdco
 Total Leverage Ratio
 Transaction Documents provided Section 11.10
 - 60 -




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Transactions
 Transfer of Control Applications Section 7.2(b)
 Unit Assignments Section 1.1
 Units
 Updated FMV Section 7.2(a)
 Wholly-Owned Subsidiary
  willful and material breach  Section 8.2
 ARTICLE 11
 MISCELLANEOUS
 Binding Agreement
 Assignment Section 11.2
 Governing Law
 Notices
 - 61 -




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if to CMI, to:
 
 with a copy (which shall not constitute notice) to:
 
 if
to any Seller, to the address listed on the signature pages hereto for such Seller
 if to the Sellers Representative, to:
 
 with copies (which shall not constitute notice) to:
 
 Section 11.4
 Fees and Expenses Article 9 Article
9
 - 62 -




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plus
 Entire Agreement
 Waivers; Amendments
   Severability
 No Third-Party Beneficiaries Section 7.8(c) Section 7.11 Section 9.1(a) Section 9.1(b)
 Appointment of the Sellers Representative
  - 63 -




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Article 1 Section
11.7
 provided
  Affected
Seller  Article 9 provided however
 Submission to Jurisdiction; Waiver of Jury Trial
  - 64 -




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SECTION 11.11(b)
 Counterparts
 Headings; Disclosure Schedule
   Use of Terms
 - 65 -




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Specific Performance Section 11.11(a) Section 11.15 Section 11.15
 [Signatures On The following Pages]
 - 66 -




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CUMULUS MEDIA INC.By:

/s/
Lewis W. Dickey, Jr.Name:
    Lewis W. Dickey, Jr.Title:
    Chairman, President & Chief Executive Officer




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SELLERS REPRESENTATIVE:
BLACKSTONE FC COMMUNICATIONS PARTNERS L.P.By:
    BCMA FCC L.L.C., its general partnerBy:

/s/ Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding MemberBLACKSTONE FC CAPITAL PARTNERS IV, L.P.By:
    BMA IV FCC L.L.C., its general partnerBy:

/s/
Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding MemberBLACKSTONE FC CAPITAL PARTNERS IV-A L.P.By:
    BMA IV FCC L.L.C., its general partnerBy:
    /s/
Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding MemberBLACKSTONE FAMILY FCC L.L.C.By:
    BMA IV FCC L.L.C., its managing memberBy:
    /s/
Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding Member




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BLACKSTONE PARTICIPATION FCC L.L.CBy:
    BMA IV FCC L.L.C., its managing memberBy:
    /s/
Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding MemberBLACKSTONE COMMUNICATIONS FCC L.L.C.By:
    BCMA FCC L.L.C., its managing memberBy:
    /s/
Stephen A. SchwarzmanName:
    Stephen A. SchwarzmanTitle:
    Founding Member




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BAIN CAPITAL (SQ) VIII, L.P.By:
    Bain Capital Partners (SQ) VIII, L.P., its general partnerBy:
    Bain Capital Investors, LLC, its general partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing DirectorBCIP ASSOCIATES III, LLCBy:
    BCIP Associates III, its managerBy:
    Bain Capital Investors, LLC, its managing partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing DirectorBCIP ASSOCIATES III-B, LLCBy:
    BCIP Associates III-B, its managerBy:
    Bain Capital Investors, LLC, its managing partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing Director




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BCIP T ASSOCIATES III, LLCBy:
    BCIP Associates III, its managerBy:
    Bain Capital Investors, LLC, its managing partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing DirectorBCIP T ASSOCIATES III-B, LLCBy:
    BCIP Associates III-B, its managerBy:
    Bain Capital Investors, LLC, its managing partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing DirectorBCIP ASSOCIATES-GBy:
    Bain Capital Investors, LLC, its managing partnerBy:

/s/
Ian LoringName:
    Ian LoringTitle:
    Managing Director




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THOMAS H. LEE EQUITY FUND V, L.P.By:
    THL Equity Advisors V, LLC, its general partnerBy:
    Thomas H. Lee Partners, L.P., its sole memberBy:
    Thomas H. Lee Advisors, LLC, its general partnerBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized SignatoryTHOMAS H. LEE PARALLEL FUND V, L.P.By:
    THL Equity Advisors V, LLC, its general partnerBy:
    Thomas H. Lee Partners, L.P., its sole memberBy:
    Thomas H. Lee Advisors, LLC, its general partnerBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized SignatoryTHOMAS H. LEE EQUITY (CAYMAN) FUND V, L.P.By:
    THL Equity Advisors V, LLC, its general partnerBy:
    Thomas H. Lee Partners, L.P., its sole memberBy:
    Thomas H. Lee Advisors, LLC, its general partnerBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized Signatory




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THOMAS H. LEE INVESTORS LIMITED PARTNERSHIPBy:
    THL Investment Management Corp., its General PartnerBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized SignatoryPUTNAM INVESTMENTS HOLDINGS, LLCBy:
    Putnam Investments, LLC, its Managing MemberBy:
    Thomas H. Lee Advisors, LLC, attorney-in-factBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized SignatoryPUTNAM INVESTMENTS EMPLOYEES SECURITIES COMPANY I, LLCBy:
    Putnam Investments Holdings, LLC, its Managing MemberBy:
    Putnam Investments, LLC its Managing MemberBy:
    Thomas H. Lee Advisors, LLC, attorney-in-factBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized Signatory




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PUTNAM INVESTMENTS EMPLOYEES SECURITIES COMPANY II, LLCBy:
    Putnam Investments Holdings, LLC, its Managing MemberBy:
    Putnam Investments, LLC its Managing MemberBy:
    Thomas H. Lee Advisors, LLC, attorney-in-factBy:

/s/
Soren ObergName:
    Soren ObergTitle:
    Authorized Signatory