SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
Cumulus Media, Inc.
-------------------
(Name of Issuer)
Class A Common Stock, par value $.01 per share
----------------------------------------------
(Title of Class of Securities)
231082108
---------
(CUSIP Number)
Edward A. Balogh, Jr.
Bank of America Capital Investors
100 North Tryon Street, 25th Floor
Bank of America Corporate Center
Charlotte, North Carolina 28255
(704) 386-1792
--------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 24, 1999
-----------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. SEE Rule 13d-7(b) for other
parties to whom copies are sent.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934, as amended (the "Act"), or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act.
Page 1 of 15
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CUSIP NO. 231082108 13D PAGE 2 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BA Capital Company, L.P.
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS WC
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e) [ ]
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
- ------------- --------------------------------------------------------------------------------------------------------------
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CUSIP NO. 231082108 13D PAGE 3 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BA SBIC Management, LLC
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS AF
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e) [ ]
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
- ------------- --------------------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP NO. 231082108 13D PAGE 4 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BA Equity Management, L.P.
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS AF
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e)
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
- ------------- --------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 15
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CUSIP NO. 231082108 13D PAGE 5 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BA Equity Management GP, LLC
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS AF
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e)
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
- ------------- --------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5 of 15
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CUSIP NO. 231082108 13D PAGE 6 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Walter W. Walker, Jr.
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS AF
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e)
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
IN
- ------------- --------------------------------------------------------------------------------------------------------------
</TABLE>
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CUSIP NO. 231082108 13D PAGE 7 OF 15 PAGES
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Bank of America Corporation
- ------------ ---------------------------------------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)[ ]
(b)[X]
- ------------ ---------------------------------------------------------------------------------------------------------------
3. SEC USE ONLY
- ------------ ---------------------------------------------------------------------------------------------------------------
4. SOURCE OF FUNDS AF
- ------------ ---------------------------------------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR
2(e)
- ------------ ---------------------------------------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------- -------- ----------------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES 2,877,246 (See note in Item 5(c) concerning over-allotment option)
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON WITH
-------- ----------------------------------------------------------------------------------------
8. SHARED VOTING POWER
-------- ----------------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
2,877,246 (See note in Item 5(c) concerning over-allotment option)
-------- ----------------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
- -------------------------- -------- ----------------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,877,246 (See note in Item 5(c) concerning over-allotment option)
- ------------- --------------------------------------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------- --------------------------------------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.3%
- ------------- --------------------------------------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
- ------------- --------------------------------------------------------------------------------------------------------------
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Page 7 of 15
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ITEM 1. SECURITY AND ISSUER.
This Amendment No. 1 amends the statement on Schedule 13D filed with
the Securities and Exchange Commission on July 7, 1998.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is being jointly filed by (1) BA Capital Company,
L.P., a Delaware limited partnership ("BA Capital"), (2) BA SBIC Management,
LLC, a Delaware limited liability company ("BA SBIC Management"), (3) BA Equity
Management, L.P., a Delaware limited partnership ("BA Equity Management"), (4)
BA Equity Management GP, LLC, a Delaware limited liability company ("BA Equity
Management GP"), (5) Walter W. Walker, Jr., a United States citizen and (6) Bank
of America Corporation, a Delaware corporation ("Bank of America") (BA Capital,
BA SBIC Management, BA Equity Management, BA Equity Management GP, Walter W.
Walker, Jr. and Bank of America, collectively the "Reporting Persons"). A list
of the directors and executive officers of Bank of America is attached hereto as
Annex A.
On July 7, 1998, (1) NationsBanc Capital Corporation, a Texas
corporation, (2) NationsBank, N.A., a national banking association, (3) NB
Holdings Corporation, a Delaware corporation, and (4) NationsBank Corporation, a
North Carolina corporation, filed a statement on Schedule 13D to report their
beneficial ownership in the issuer. In March 1999, in connection with the merger
of NationsBank Corporation and Bank of America Corporation, NationsBanc Capital
Corporation was merged with and into BA Capital. As a result of this
reorganization, the Reporting Persons are the beneficial owners of the Class B
Common Stock of the issuer and NationsBank, N.A. and NB Holdings Corporation are
no longer beneficial owners.
(b) The address of the principal business office of each Reporting
Person is as follows:
Reporting Person Address
---------------- -------
1. BA Capital 100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
2. BA SBIC Management 100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
3. BA Equity Management 100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
4. BA Equity Management GP 100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
Page 8 of 15
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5. Walter W. Walker, Jr. c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
6. Bank of America 100 North Tryon Street
Bank of America Corporate Center
Charlotte, NC 28255
(c) BA Capital is an investment partnership engaged principally in the
business of making private investments. BA SBIC Management is engaged in the
business of being the general partner of BA Capital. BA Equity Management is
engaged in the business of being the sole member of BA SBIC Management. BA
Equity Management GP is engaged in the business of being the general partner of
BA Equity Management. Walter W. Walker, Jr.'s principal occupation is serving as
the Managing Member of BA Equity Management GP and as an employee of a
subsidiary of Bank of America. Bank of America is a bank holding company
registered under the Bank Holding Company Act of 1956, as amended, and is
engaged in the general banking and financial services business through its
subsidiaries.
(d) During the last five years, none of the Reporting Persons, and to
the knowledge of each Reporting Person, none of the executive officers or
directors of Bank of America, as set forth on Annex A, has been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons, and to
the knowledge of each Reporting Person, none of the executive officers or
directors of Bank of America, as applicable, has been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction as a
result of which such person was or is subject to a judgement, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, Federal and state securities laws or finding any violation with
respect to such laws.
(f) Citizenship/State of Organization
BA Capital Company, L.P. - Delaware
BA SBIC Management, LLC - Delaware
BA Equity Management, L.P. - Delaware
BA Equity Management GP, LLC - Delaware
Walter W. Walker, Jr. - United States
Bank of America Corporation - Delaware
Except as otherwise indicated on Annex A, to the knowledge of the Reporting
Persons, each executive officer and director of Bank of America, as set forth on
Annex A, is a citizen of the United States.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Page 9 of 15
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(a) The aggregate number and percentage of Class B Common Stock to
which this statement relates is 2,877,246 shares, representing 8.3% of the
34,724,233 shares of common stock of the Company currently outstanding, as
reported in the Company's prospectus dated November 18, 1999. The Reporting
Persons beneficially own the Class B Common Stock, which includes 6,000 shares
of Class A Common Stock held in the form of options granted to BA Capital in
connection with its participation in designating a member to serve on the
Company's Board of Directors, as follows:
Shares of Class B % Common Stock
----------------- --------------
Reporting Person Common Stock
---------------- ------------
1. BA Capital 2,877,246 8.3%
2. BA SBIC Management 2,877,246 8.3%
3. BA Equity Management 2,877,246 8.3%
4. BA Equity Management GP 2,877,246 8.3%
5. Walter W. Walker, Jr.* 2,877,246 8.3%
6. Bank of America 2,877,246 8.3%
* Mr. Walker disclaims such beneficial ownership.
(b) BA Capital has sole voting and dispositive power with respect
to 2,877,246 shares of Class B Common Stock.
BA SBIC Management is the general partner of BA Capital.
Pursuant to the limited partnership agreement for BA Capital, BA SBIC Management
has sole voting and dispositive power with respect to 2,877,246 shares of Class
B Common Stock.
BA Equity Management is the sole member of BA SBIC Management.
Pursuant to the operating agreement for BA SBIC Management, BA Equity Management
has sole voting and dispositive power with respect to 2,877,246 shares of Class
B Common Stock.
BA Equity Management GP is the general partner of BA Equity
Management. Pursuant to the limited partnership agreement for BA Equity
Management, BA Equity Management GP has sole voting and dispositive power with
respect to 2,877,246 shares of Class B Common Stock.
Walter W. Walker, Jr. is the Managing Member of BA Equity
Management GP, in which capacity he has sole voting and dispositive power with
respect to 2,877,246 shares of Class B Common Stock. Mr. Walker disclaims such
beneficial ownership.
As a result of the employment arrangement between Walter W.
Walker, Jr. and Bank of America, Bank of America has sole voting and dispositive
power with respect to 2,877,246 shares of Class A Common Stock.
Page 10 of 15
<PAGE>
By the terms of the Company's articles of incorporation, BA
Capital may convert, subject to certain restrictions, shares of Class B Common
Stock into shares of Class A Common Stock or Class C Common Stock.
(c) On November 24, 1999, BA Capital sold 500,000 shares of Class A
Common Stock at a price per share of $39.00 pursuant to an underwritten public
offering of the Company's Class A Common Stock, after having converted 500,000
shares of Class B Common Stock into Class A Common Stock. As of the date of this
statement, and as a result of this sale, BA Capital is the beneficial owner of
2,877,246 shares of Class B Common Stock, which includes 6,000 shares of Class A
Common Stock held in the form of options granted to BA Capital in connection
with its participation in designating a member to serve on the Company's Board
of Directors. BA Capital's holdings represent approximately 8.3% of the shares
of common stock of the Company currently outstanding. BA Capital's ownership of
2,877,246 shares of Class B Common Stock does not take into account the possible
sale by BA Capital of up to an additional 176,250 shares Class B Common Stock in
connection with the underwriters' right to purchase additional shares from BA
Capital to cover over-allotments pursuant to an underwriting agreement dated
November 18, 1999.
(d) To the knowledge of the Reporting Persons, except as set forth
herein, no other person has the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the Class B Common
Stock owned by BA Capital.
(e) Not applicable.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Joint Filing Agreement dated December 3, 1999, by and
among BA Capital, BA SBIC Management, BA Equity
Management, BA Equity Management GP, Walter, W. Walker,
Jr. and Bank of America.
Page 11 of 15
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
BA CAPITAL COMPANY, L.P.
By: BA SBIC Management, LLC,
its general partner
By: BA Equity Management, L.P.,
its sole member
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA SBIC MANAGEMENT, LLC
By: BA Equity Management, L.P.,
its sole member
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA EQUITY MANAGEMENT, L.P.
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA EQUITY MANAGEMENT GP, LLC
By: /s/ Walter W. Walker, Jr.
------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
/s/ Walter W. Walker, Jr.
------------------------------
Walter W. Walker, Jr.
BANK OF AMERICA CORPORATION
By: /s/ John E. Mack
-----------------------------
Name: John E. Mack
Title: Senior Vice President
Date: December 3, 1999
Page 12 of 15
<PAGE>
Annex A
-------
BANK OF AMERICA CORPORATION
DIRECTORS AND OFFICERS
AS OF NOVEMBER 1, 1999
Directors
- ---------
Charles W. Coker Timm F. Crull
Chairman Retired Chairman and CEO
Sonoco Products Company Nestle USA, Inc.
Hartsville, SC Newport Beach, CA
Alan T. Dickson Kathleen F. Feldstein
Chairman President
Ruddick Corporation Economics Studies, Inc.
Charlotte, NC Belmont, MA
Paul Fulton Donald E. Guinn
Chairman and CEO Chairman Emeritus
Bassett Furniture Industries, Inc. Pacific Telesis Group
Winston Salem, NC San Francisco, CA
James H. Hance, Jr. C. Ray Holman
Vice Chairman and Chief Financial Officer Chairman and CEO
Bank of America Corporation Mallinckrodt Inc.
Charlotte, NC St. Louis, MO
W. W. Johnson Kenneth D. Lewis
Chairman, Executive Committee President
Bank of America Corporation Bank of America Corporation
Charlotte, NC Charlotte, NC
Walter E. Massey Hugh L. McColl, Jr.
President Chairman and CEO
Morehouse College Bank of America Corporation
Atlanta, GA Charlotte, NC
Richard M. Rosenberg O. Temple Sloan, Jr.
Retired Chairman and CEO Chairman
Bank of America Corporation General Parts Inc.
San Francisco, CA Raleigh, NC
Page 13 of 15
<PAGE>
Meredith R. Spangler Ronald Townsend
Trustee and Board Member Communications Consultant
Charlotte, NC Jacksonville, FL
Solomon D. Trujillo Jackie M. Ward
Chairman, President and CEO President and CEO
U S West Computer Generation Incorporated
Denver, CO Atlanta, GA
Virgil R. Williams Shirley Young
Chairman and CEO Vice President
Williams Group International, Inc. General Motors Corporation
Stone Mountain, GA Detroit, MI
Principal Officers
- ------------------
Hugh L. McColl, Jr.
Chairman and Chief Executive Officer
James H. Hance, Jr.
Vice Chairman and Chief Financial Officer
Kenneth D. Lewis
President and Chief Operating Officer
Michael J. Murray
President, Global Corporate and Investment
Banking
F. William Vandiver, Jr.
Corporate Risk Management Executive
Address
- -------
All Bank of America officers and
directors can be reached c/o:
100 North Tryon Street, Floor 25
Bank of America Corporate Center
Charlotte, NC 28255
Page 14 of 15
<PAGE>
Exhibit 1 - Joint Filing Agreement
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them a statement on Schedule 13D (including amendments thereto) with
respect to their beneficial ownership of the Class B Common Stock of Cumulus
Media, Inc., and further agree that this Joint Filing Agreement be included as
an Exhibit to such joint filing. In evidence thereof, the undersigned, hereby
execute this Joint Filing Agreement effective as of this 3rd day of December,
1999.
BA CAPITAL COMPANY, L.P.
By: BA SBIC Management, LLC,
its general partner
By: BA Equity Management, L.P.,
its sole member
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
-------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA SBIC MANAGEMENT, LLC
By: BA Equity Management, L.P.,
its sole member
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA EQUITY MANAGEMENT, L.P.
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
-------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
BA EQUITY MANAGEMENT GP, LLC
By: /s/ Walter W. Walker, Jr.
-------------------------------
Name: Walter W. Walker, Jr.
Title: Managing Member
/s/ Walter W. Walker, Jr.
-------------------------------
Walter W. Walker, Jr.
BANK OF AMERICA CORPORATION
By: /s/ John E. Mack
-------------------------------
Name: John E. Mack
Title: Senior Vice President
Page 15 of 15
