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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 q1gJr4GZPYa5HDCjk7OQ0w==

<SEC-DOCUMENT>0001181431-07-067286.txt : 20071107
<SEC-HEADER>0001181431-07-067286.hdr.sgml : 20071107
<ACCEPTANCE-DATETIME>20071107171235
ACCESSION NUMBER:		0001181431-07-067286
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071105
FILED AS OF DATE:		20071107
DATE AS OF CHANGE:		20071107

ISSUER:		

	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:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD N.W.
		STREET 2:		SUITE 2300
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305
		BUSINESS PHONE:		4049490700

	MAIL ADDRESS:	
		STREET 1:		3280 PEACHTREE ROAD N.W.
		STREET 2:		SUITE 2300
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30305

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH PIERCE FENNER & SMITH INC
		CENTRAL INDEX KEY:			0000728612
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24525
		FILM NUMBER:		071222428

	BUSINESS ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CENTER
		STREET 2:		NORTH TOWER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080
		BUSINESS PHONE:		2126702273

	MAIL ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CENTER
		STREET 2:		NORTH TOWER
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MERRILL LYNCH & CO INC
		CENTRAL INDEX KEY:			0000065100
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1228

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24525
		FILM NUMBER:		071222429

	BUSINESS ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CTR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080
		BUSINESS PHONE:		2124491000

	MAIL ADDRESS:	
		STREET 1:		4 WORLD FINANCIAL CTR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10080
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
<FILENAME>rrd177668.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-11-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001058623</issuerCik>
        <issuerName>CUMULUS MEDIA INC</issuerName>
        <issuerTradingSymbol>CMLS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000065100</rptOwnerCik>
            <rptOwnerName>MERRILL LYNCH &amp; CO INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4 WORLD FINANCIAL CENTER</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10080</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Member of 13D Group (5)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000728612</rptOwnerCik>
            <rptOwnerName>MERRILL LYNCH PIERCE FENNER &amp; SMITH INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4 WORLD FINANCIAL CENTER</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10080</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Member of 13D Group (5)</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.85</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>124602</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By:  Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>9.85</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>123602</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Merill Lynch, Pierce, Fenner &amp; Smith Incorporated</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The transactions reported on this Form reflect transactions executed by the error correction section of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&quot;MLPFS&quot;), a wholly-owned subsidiary of Merrill Lynch &amp; Co., Inc. (&quot;ML&amp;Co., Inc.&quot;), to correct errors made in connection with trades made on behalf of clients.</footnote>
        <footnote id="F2">In connection with the transactions reported on this Form, the Reporting Persons have agreed to voluntarily remit appropriate profits, if any, to Cumulus Media Inc.  The Reporting Persons disclaim that the transactions reported on this Form are subject to reporting under Section 16(a) or disgorgement under Section 16(b), and this report shall not be deemed an admission that those sections apply to these transactions.</footnote>
        <footnote id="F3">Shares owned directly by MLPFS, a wholly-owned subsidary of ML&amp;Co., Inc.</footnote>
        <footnote id="F4">MLGPE Fund US Alternative, L.P., an affiliate of the Reporting Persons, has entered into certain arrangements with Lewis Dickey, Jr. and members of Mr. Dickey's family as a result of which the Reporting Persons may be deemed to be members of a group that beneficially owns greater than 10% of the issued and outstanding Common Stock of the Issuer pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;).</footnote>
        <footnote id="F5">The Reporting Persons hereby expressly disclaim beneficial ownership of any shares of Common Stock of the Issuer, except to the extent of their pecuniary interest in the shares reported on this Form 4, and the filing of this Statement shall not be construed as an admission that such persons or entities are, for purposes of Section 13(d) of the Exchange Act, as amended, the beneficial owners of any such shares of Common Stock.  Neither the present filing or anything contained here shall be construed as an admission that any Reporting Person is a member of a &quot;group&quot; for any purpose or is subject to the reporting reqirements under Section 16 of the Exchange Act.</footnote>
    </footnotes>

    <remarks>Each of the Reporting Persons may be deemed a member of a 13D Group that may be deemed to beneficially own (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) more than 10% of a registered class of Issuer's securities.  See footnotes (3)(4) and (5).</remarks>

    <ownerSignature>
        <signatureName>Merrill Lynch &amp; Co., Inc. By: /s/ Jonathan S. Santelli, Assistant Secretary</signatureName>
        <signatureDate>2007-11-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated By: /s/ Jonathan S. Santelli, Assistant Secretary</signatureName>
        <signatureDate>2007-11-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
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