Davis Polk advised RBC Capital Markets, LLC as sole book-running manager on an SEC-registered offering of 18,860,000 shares of Class A common stock of Cumulus Media Inc. for net proceeds of approximately $89.8 million. The Class A common stock is listed on the NASDAQ Global Select Market under the symbol "CMLS." The shares include 2,460,000 shares from the exercise of the underwriters’ over-allotment option in full. 

Cumulus Media Inc., headquartered in Atlanta, Georgia, owns and operates commercial radio station clusters throughout the United States. Cumulus Media believes that it is the largest pure-play radio broadcaster in the United States based on number of stations owned and operated.  

The Davis Polk corporate team included partner Michael Kaplan and associates John K. Doulamis, Rashna Bhojwani and law clerk Courtney Collins. The tax team included partner Samuel Dimon, associate Juelle Gomes and law clerk David E. Mannion. The intellectual property team included law clerk Nikita A. Tuckett. The legal assistant on the transaction was Sorina Delia Lazar. All members of the Davis Polk team are based in the New York office.