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FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
[ ] CHECK THIS BOX IF NO LONGER WASHINGTON, D.C. 20549 OMB NUMBER: 3235-0287
SUBJECT TO SECTION 16. FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP EXPIRES:SEPTEMBER 30, 1998
OR FORM 5 OBLIGATIONS MAY ESTIMATED AVERAGE BURDEN
CONTINUE. SEE INSTRUCTION 1(B). HOURS PER RESPONSE.....0.5
Filed pursuant to Section 16(a) of the Securities Exchange Act
of 1934, Section 17(a) of the Public Utility Holding Company Act of
1935 or Section 30(f) of the Investment Company Act of 1940
(PRINT OR TYPE RESPONSES)
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or 6. Relationship of Reporting Person(s) to Issuer
Trading Symbol (Check all applicable)
___X__ Director ______10% Owner
______ Officer _______ Other
(give title below) (specify below)
BA Capital Company, L.P.
f/k/a NationsBanc Capital Corporation Cumulus Media Inc. (CMLS)
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(Last) (First) (Middle) 3. IRS or 4. Statement
Number of for
Reporting Month/Year
Person
(Voluntary)
100 North Tryon Street, Floor 25 12/99
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(Street) 5. If 7. Individual or Joint/Group Filing (Check Applicable
Amendment, Line)
Date of ___ Form filed by One Reporting Person
Original _X_ Form filed by More than One Reporting Person
Charlotte, North Carolina 28255 (Month/Year)
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(City) (State) (Zip) TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. 2. 3. 4. 5. 6. 7.
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Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
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Class A Common Stock 11/24/99 J 676,250 A See note 1 D
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Class A Common Stock 11/24/99 S 500,000 D $37.05 D
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Class A Common Stock 12/3/99 S V 51,000 D $37.05 125,250 D
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(Over)
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. *If the form is filed by more than one
reporting person, SEE Instruction 4(b)(v) SEC 1474 (7-97)
(Page 1 of 5)
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FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES
ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE
SECURITIES)
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
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Director
Stock
Options Class A
(right to See Common
buy) $14.00 07/01/98 A 30,000 Note 2 6/30/08 Stock 30,000 30,000 D
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Class B Class A
Common Common
Stock 11/24/99 J 676,250 Stock 676,250 2,694,996 D
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Explanation of Responses:
See attached pages 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
** Intentional misstatements or omissions of By: /s/ Robert H. Sheridan, III Date 12/9/99
facts constitute Federal Criminal Violations. -------------------------------- ------------
SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a) Name: Robert H. Sheridan, III
Title: Managing Director
Note: File three copies of this Form, one ** Signature of Reporting Person
of which must be manually signed.
If space is insufficient, SEE
Instruction 6 for procedure.
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Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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(Page 2 of 5)
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Note 1
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Converted 676,250 shares of Class B Common Stock into 676,250 shares of Class A
Common Stock pursuant to the Company's articles of incorporation in order to
participate as a selling shareholder of 500,000 shares of Class A Common Stock
in an underwritten registered public offering which closed on 11/24/99. The
underwriters subsequently exercised an over-allotment option which closed on
December 3, 1999 in which the Reporting Persons sold an additional 51,000 shares
of Class A Common Stock.
Note 2
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Options granted to BA Capital Company, L.P. in its capacity as the designor of a
member of the Issuer's board of directors. Such options were granted effective
as of July 1, 1998 and vest in five equal annual installments on each of July 1,
1999, 2000, 2001, 2002 and 2003.
(Page 3 of 5)
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JOINT FILER INFORMATION
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Name: BA SBIC Management, LLC
c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Charlotte, NC 28255
Designated Filer: BA Capital Company, L.P.
Issuer: Cumulus Media Inc.
Signature: 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.
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Name: Walter W. Walker, Jr.
Title: Managing Member
Name: BA Equity Management, L.P.
c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Charlotte, NC 28255
Designated Filer: BA Capital Company, L.P.
Issuer: Cumulus Media Inc.
Signature: BA EQUITY MANAGEMENT, L.P.
By: BA Equity Management GP, LLC,
its general partner
By: /s/ Walter W. Walker, Jr.
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Name: Walter W. Walker, Jr.
Title: Managing Member
Name: BA Equity Management GP, LLC
c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Charlotte, NC 28255
Designated Filer: BA Capital Company, L.P.
Issuer: Cumulus Media Inc.
Signature: BA EQUITY MANAGEMENT GP, LLC
By: /s/ Walter W. Walker, Jr.
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Name: Walter W. Walker, Jr.
Title: Managing Member
(Page 4 of 5)
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Name: Walter W. Walker, Jr.
c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Charlotte, NC 28255
Designated Filer: BA Capital Company, L.P.
Issuer: Cumulus Media Inc.
Signature: /s/ Walter W. Walker, Jr.
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Walter W. Walker, Jr.
Name: Bank of America Corporation
c/o BA Capital Company, L.P.
100 North Tryon Street, Floor 25
Charlotte, NC 28255
Designated Filer: BA Capital Company, L.P.
Issuer: Cumulus Media Inc.
Signature: BANK OF AMERICA CORPORATION
By: /s/ John E. Mack
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Name: John E. Mack
Title: Senior Vice President
