-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BtdGTlZUMgDQUzJdZw+Ib/BbcmXBMhfvTDhHTHZvOrMUElc4J3klFM7V/7/UtFdH sx4/VW2Vxij+l5CMslz3Bw== 0000950168-99-003100.txt : 19991206 0000950168-99-003100.hdr.sgml : 19991206 ACCESSION NUMBER: 0000950168-99-003100 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 19991203 GROUP MEMBERS: BA CAPITAL CO LP GROUP MEMBERS: BA EQUITY MANAGEMENT GROUP MEMBERS: BA EQUITY MANAGEMENT GP GROUP MEMBERS: BA SBIC MANAGEMENT GROUP MEMBERS: BANK OF AMERICA GROUP MEMBERS: WALTER W. WALKER, JR. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CUMULUS MEDIA INC CENTRAL INDEX KEY: 0001058623 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 364159663 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-54277 FILM NUMBER: 99768811 BUSINESS ADDRESS: STREET 1: 111 KILBOURNE AVE STREET 2: SUITE 2700 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 4146152800 MAIL ADDRESS: STREET 1: 111 EAST KILBOURN AVE STREET 2: SUITE 2700 CITY: MILWAUKEE STATE: WI ZIP: 53202 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BA CAPITAL CO LP CENTRAL INDEX KEY: 0000902135 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 100 NORTH TRYON STREET 25TH FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28225 BUSINESS PHONE: 7043861792 MAIL ADDRESS: STREET 1: 100 NORTH TRYON STREET 25TH FLOOR CITY: CHARLOTTE STATE: NC ZIP: 28225 FORMER COMPANY: FORMER CONFORMED NAME: NATIONSBANC CAPITAL CORP DATE OF NAME CHANGE: 19930423 SC 13D/A 1 AMENDMENT NO. 1 TO CUMULUS 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
- ---------------------------------------------------- ---------------------------------------------- CUSIP NO. 231082108 13D PAGE 2 OF 15 PAGES ---------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 --------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 - ------------- --------------------------------------------------------------------------------------------------------------
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- ---------------------------------------------------- ---------------------------------------------- CUSIP NO. 231082108 13D PAGE 4 OF 15 PAGES --------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 - ------------- --------------------------------------------------------------------------------------------------------------
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- ---------------------------------------------------- ---------------------------------------------- CUSIP NO. 231082108 13D PAGE 5 OF 15 PAGES --------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 - ------------- --------------------------------------------------------------------------------------------------------------
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- ---------------------------------------------------- ---------------------------------------------- CUSIP NO. 231082108 13D PAGE 6 OF 15 PAGES --------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 - ------------- --------------------------------------------------------------------------------------------------------------
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- ---------------------------------------------------- ---------------------------------------------- CUSIP NO. 231082108 13D PAGE 7 OF 15 PAGES --------- -------------- -------------- - ---------------------------------------------------- ---------------------------------------------- - ------------ --------------------------------------------------------------------------------------------------------------- 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 - ------------- --------------------------------------------------------------------------------------------------------------
Page 7 of 15 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 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 (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 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 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 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 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 EX-1 2 JOINT FILING AGREEMENT 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 -----END PRIVACY-ENHANCED MESSAGE-----