Editing Cumulus Media (section)

===Initial public offering and accelerating acquisitions===
Cumulus became a publicly traded company on June 26, 1998. The company raised $400&nbsp;million selling 7.6&nbsp;million [[Common stock|common shares]] at $14.00 each, $125&nbsp;million in [[preferred stock]], and $160&nbsp;million in Senior Subordinated Bonds. At that time Cumulus owned or was committed to buy 176 stations – 124 FM stations and 52&nbsp;am stations in 34 U.S. markets.<ref name="nasdaq.com">{{cite web |url=http://www.nasdaq.com/markets/ipos/company/cumulus-media-inc-236-4285 |title=CUMULUS MEDIA INC (CMLS) IPO |publisher=NASDAQ |access-date=November 30, 2017 }}</ref> In its first 17 months, Cumulus acquired 207 stations, creating the first mid-size market radio conglomerate.<ref name="nasdaq.com"/> Following the company's IPO, its stock fell from $14 to $8 per share on October 2, 1998 before beginning a climb to close 1999 at $50.75. Some radio executives familiar with small markets thought that Cumulus was overpaying to buy top stations in markets that did not have a great upside potential.

For 1998, Cumulus reported revenue of $98.8&nbsp;million, with broadcast cash flow of $26.6&nbsp;million. Its cash-flow margin reached 27 percent. For 1999, Cumulus reported $180&nbsp;million in revenue and $46.7&nbsp;million broadcast cash flow.

On November 19, 1999, Cumulus sold an additional 10&nbsp;million shares at $24.93, raising $250&nbsp;million.<ref name="sec.gov"/> Acquisitions continued at an accelerating pace. At this point, the company owned or operated pending closing 246 stations in 45 markets. In a period of two years and six months, Cumulus became the second largest U.S. broadcasting group in terms of stations operated. It also raised a staggering $1.3&nbsp;billion when considering sales of common and preferred stock shares, senior bank lines of credit, and senior subordinated debt or junk bonds which when issued were rated CCC+.

The stock market acknowledged the remarkable growth with a share price that rose to a high of $51.00 on December 31, 1999.