CUMULUS MEDIA, INC./ LEWIS W. DICKEY JR.
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 16)*
CUMULUS MEDIA INC.
(Name of Issuer)
Class A Common Stock, $.01 par value
(Title of Class of Securities)
231082108
(CUSIP Number)
Lewis W. Dickey, Jr.
c/o Cumulus Media Inc.
3280 Peachtree Road, N.W., Suite 2300
Atlanta, Georgia 30305
(404) 949-0700
with a copy to:
Mark L. Hanson, Esq.
Jones Day
1420 Peachtree St., N.E., Suite 800
Atlanta, Georgia 30309
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
December 19, 2008
(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 that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on 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 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
(Continued on following pages)
 
 

 


 

                       
CUSIP No.
 
  231082108 
  Page  
  of   
12 
 Pages

 

           
1   NAME OF REPORTING PERSONS
Lewis W. Dickey, Jr.

I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   4,855,923
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   10,000
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   4,855,923
       
WITH 10   SHARED DISPOSITIVE POWER
     
    10,000
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  4,865,923
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  12.8%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

2


 

                       
CUSIP No.
 
  231082108 
  Page  
  of   
12 
 Pages

 

           
1   NAME OF REPORTING PERSONS
Lewis W. Dickey, Sr.

I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  United States
       
  7   SOLE VOTING POWER
     
NUMBER OF   6,952,429
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   6,952,429
       
WITH 10   SHARED DISPOSITIVE POWER
     
    0
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  6,952,429
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  19.3%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

3


 

                       
CUSIP No.
 
  231082108 
  Page  
  of   
12 
 Pages

 

           
1   NAME OF REPORTING PERSONS
DBBC, L.L.C.

I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY):
     
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

  (a)   o 
  (b)   þ 
     
3   SEC USE ONLY
   
   
     
4   SOURCE OF FUNDS (SEE INSTRUCTIONS)
   
  OO
     
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
   
  o
     
6   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
  7   SOLE VOTING POWER
     
NUMBER OF   0
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   10,000
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   0
       
WITH 10   SHARED DISPOSITIVE POWER
     
    10,000
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  10,000
     
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  o
     
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
   
  Less than 1%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  OO


 

SCHEDULE 13D
Explanatory Note
     The reporting persons are filing this Amendment No. 16 to Schedule 13D to update the information previously contained in Item 3 and Item 5 with respect to the holdings of certain of the reporting persons with respect to shares of the Class A Common Stock, par value $.01 per share, of Cumulus Media Inc. (the “Company”) (the “Class A Common Stock”).
Item 1. Security and Issuer
     This statement relates to the Class A Common Stock of the Company. The principal executive offices of the Company are located at 3280 Peachtree Road, N.W., Suite 2300, Atlanta, Georgia 30305.

5


 

Item 3. Source and Amount of Funds or other Consideration
     Item 3 is hereby amended and supplemented as follows:
     From December 4, 2008 through December 19, 2008 the Lewis W. Dickey, Sr. Revocable Trust (the “Trust”), of which Lew Dickey, Sr. is trustee, purchased an aggregate of 814,465 shares of Class A Common Stock for an aggregate purchase price of approximately $1,005,003. Trust funds held by the Trust were the sole source of funds used to acquire the aforementioned shares of Class A Common Stock.
Item 5. Interest in Securities of the Issuer
     Item 5(a) and (c) are hereby amended and restated to read as follows:
     (a) For purposes of calculating the percentages set forth in this Item 5, (i) the number of shares of Class A Common Stock outstanding is assumed to be 36,032,902 and the number of shares of the Company’s Class C Common Stock, par value $.01 per share (the “Class C Common Stock”) is assumed to be 644,871 (which represents the shares of Class A Common

6


 

Stock and Class C Common Stock outstanding as of October 31, 2008, as represented on the front cover to the Company’s quarterly report on Form 10-Q for the period ended September 30, 2008).
     Lewis W. Dickey, Jr.
     Lew Dickey, Jr. is deemed to beneficially own 4,865,923 shares of Class A Common Stock as follows:
    2,331,052 shares of Class A Common Stock directly owned;
 
    options to purchase 1,380,000 shares of Class A Common Stock, which are exercisable within 60 days;
 
    644,871 shares of Class C Common Stock, which are convertible into shares of Class A Common Stock on a one-for-one basis, directly owned;
 
    options to purchase 500,000 shares of Class C Common Stock, which are exercisable within 60 days; and
 
    10,000 shares of Class A Common Stock owned by DBBC and deemed to be beneficially owned by Lew Dickey, Jr. in his capacity as manager of DBBC.
     Assuming exercise of all of the foregoing options and the conversion of all of the shares of Class C Common Stock (including those shares of Class C Common Stock issuable upon exercise of options) into Class A Common Stock, Lew Dickey, Jr. would be deemed to beneficially own 4,865,923 shares, or 12.8% of the outstanding shares of Class A Common Stock.
     Lewis W. Dickey, Sr.
     Lew Dickey Sr. is deemed to beneficially own 6,952,429 shares, or 19.3%, of the outstanding shares of Class A Common Stock, as follows:
    884,000 shares of Class A Common Stock directly owned; and
 
    6,068,429 shares of Class A Common Stock directly owned by the Trust, of which he is trustee.
     DBBC, L.L.C.
     DBBC is deemed to beneficially own 10,000 shares of Class A Common Stock, representing less than 1% of the outstanding shares of Class A Common Stock. As sole manager of DBBC, Lew Dickey, Jr. has voting and dispositive power with respect to the shares of Class A Common Stock beneficially owned by DBBC.
     As a result of the reporting persons’ intent described in Item 4, the reporting persons may collectively be deemed to constitute a “group,” within the meaning of Section 13(d)(3) of the Act. As a consequence, each reporting person may be deemed to beneficially own all shares of

7


 

Class A Common Stock beneficially owned by each other reporting person. Assuming exercise of all of the above-described options and the conversion of all of the shares of Class C Common Stock (including those shares of Class C Common Stock issuable upon exercise of options) into Class A Common Stock, the reporting persons would collectively beneficially own, in the aggregate, 30.7% of the issued and outstanding Class A Common Stock. Other than as set forth in this Item 5, each reporting person hereby disclaims beneficial ownership of Class A Common Stock owned by any other reporting person.
     Other than as set forth above with respect to Lew Dickey, Jr., none of the shares of Class A Common Stock reported in this Item 5 are shares as to which any reporting person has a right to acquire that is exercisable within 60 days. None of the reporting persons beneficially owns any shares of Class A Common Stock other than as set forth herein.
     (c) Except as described below, none of the reporting persons has had any transactions in the Class A Common Stock during the past 60 days. Lew Dickey, Sr. engaged in various open market transactions in the past 60 days, the following details of which are summarized below: (1) the type of transaction effected, (2) the execution date of the transaction, (3) the price per share at which the transactions were effected, and (4) the total amount of shares that were the subject of each such transaction.
                     
Buy/Sell   Executed Date   Price/Share   Quantity
Buy
  12/4/2008   $ 0.9781       50  
Buy
  12/4/2008   $ 0.9800       1943  
Buy
  12/4/2008   $ 0.9826       150  
Buy
  12/4/2008   $ 0.9845       150  
Buy
  12/4/2008   $ 0.9900       1852  
Buy
  12/4/2008   $ 0.9926       200  
Buy
  12/4/2008   $ 0.9945       100  
Buy
  12/4/2008   $ 1.0000       20694  
Buy
  12/4/2008   $ 1.0100       1356  
Buy
  12/4/2008   $ 1.0200       616  
Buy
  12/4/2008   $ 1.0300       1088  
Buy
  12/4/2008   $ 1.0400       400  
Buy
  12/4/2008   $ 1.0500       650  
Buy
  12/4/2008   $ 1.0700       150  
Buy
  12/4/2008   $ 1.0800       300  
Buy
  12/4/2008   $ 1.0900       500  
Buy
  12/4/2008   $ 1.1000       3321  
Buy
  12/4/2008   $ 1.1050       50  
Buy
  12/4/2008   $ 1.1100       5830  
Buy
  12/4/2008   $ 1.1200       50  
Buy
  12/4/2008   $ 1.1300       200  
Buy
  12/4/2008   $ 1.1400       500  
Buy
  12/5/2008   $ 0.9200       100  
Buy
  12/5/2008   $ 0.9751       84  
Buy
  12/5/2008   $ 0.9800       50  
Buy
  12/5/2008   $ 0.9817       71  
Buy
  12/5/2008   $ 0.9900       1450  
Buy
  12/5/2008   $ 1.0100       300  
Buy
  12/5/2008   $ 1.0300       100  
Buy
  12/5/2008   $ 1.0400       1200  
Buy
  12/5/2008   $ 1.0600       300  
Buy
  12/5/2008   $ 1.0700       250  
Buy
  12/5/2008   $ 1.0900       189  
Buy
  12/5/2008   $ 1.1000       1400  
Buy
  12/5/2008   $ 1.1200       86  
Buy
  12/5/2008   $ 1.1300       751  
Buy
  12/5/2008   $ 1.1400       3222  
Buy
  12/5/2008   $ 1.1450       50  
Buy
  12/5/2008   $ 1.1500       10032  
Buy
  12/5/2008   $ 1.1600       7477  
Buy
  12/5/2008   $ 1.1650       150  
Buy
  12/5/2008   $ 1.1700       2387  
Buy
  12/5/2008   $ 1.1800       250  
Buy
  12/5/2008   $ 1.1900       700  
Buy
  12/5/2008   $ 1.2000       2592  
Buy
  12/5/2008   $ 1.2100       850  
Buy
  12/5/2008   $ 1.2200       217  
Buy
  12/5/2008   $ 1.2300       50  
Buy
  12/5/2008   $ 1.2400       842  
Buy
  12/5/2008   $ 1.2500       2900  
Buy
  12/5/2008   $ 1.2600       1400  
Buy
  12/5/2008   $ 1.2700       700  

8


 

                     
Buy/Sell   Executed Date   Price/Share   Quantity
Buy
  12/8/2008   $ 1.2100       100  
Buy
  12/8/2008   $ 1.2300       500  
Buy
  12/8/2008   $ 1.2400       3000  
Buy
  12/8/2008   $ 1.2450       50  
Buy
  12/8/2008   $ 1.2500       7630  
Buy
  12/8/2008   $ 1.2600       9164  
Buy
  12/8/2008   $ 1.2700       10206  
Buy
  12/8/2008   $ 1.2800       2234  
Buy
  12/8/2008   $ 1.2900       266  
Buy
  12/9/2008   $ 1.1800       361  
Buy
  12/9/2008   $ 1.1900       1497  
Buy
  12/9/2008   $ 1.2000       2300  
Buy
  12/9/2008   $ 1.2100       250  
Buy
  12/9/2008   $ 1.2200       1700  
Buy
  12/9/2008   $ 1.2250       50  
Buy
  12/9/2008   $ 1.2300       8935  
Buy
  12/9/2008   $ 1.2400       15157  
Buy
  12/9/2008   $ 1.2500       2900  
Buy
  12/10/2008   $ 1.1700       23  
Buy
  12/10/2008   $ 1.1900       100  
Buy
  12/10/2008   $ 1.2100       250  
Buy
  12/10/2008   $ 1.2150       50  
Buy
  12/10/2008   $ 1.2200       650  
Buy
  12/10/2008   $ 1.2300       100  
Buy
  12/10/2008   $ 1.2350       200  
Buy
  12/10/2008   $ 1.2375       300  
Buy
  12/10/2008   $ 1.2400       3400  
Buy
  12/10/2008   $ 1.2500       3650  
Buy
  12/10/2008   $ 1.2600       597  
Buy
  12/10/2008   $ 1.2700       7035  
Buy
  12/10/2008   $ 1.2800       8245  
Buy
  12/10/2008   $ 1.2900       6500  
Buy
  12/10/2008   $ 1.3000       2050  
Buy
  12/11/2008   $ 1.2000       73  
Buy
  12/11/2008   $ 1.2400       100  
Buy
  12/11/2008   $ 1.2500       250  
Buy
  12/11/2008   $ 1.2600       1000  
Buy
  12/11/2008   $ 1.2650       150  
Buy
  12/11/2008   $ 1.2700       11639  
Buy
  12/11/2008   $ 1.2750       50  
Buy
  12/11/2008   $ 1.2800       7700  
Buy
  12/11/2008   $ 1.2900       5550  
Buy
  12/11/2008   $ 1.3000       4988  
Buy
  12/11/2008   $ 1.3100       1650  

9


 

                     
Buy/Sell   Executed Date   Price/Share   Quantity
Buy
  12/12/2008   $ 1.1800       1978  
Buy
  12/12/2008   $ 1.1900       6021  
Buy
  12/12/2008   $ 1.2000       15884  
Buy
  12/12/2008   $ 1.2050       450  
Buy
  12/12/2008   $ 1.2100       6961  
Buy
  12/12/2008   $ 1.2200       1856  
Buy
  12/15/2008   $ 1.2100       600  
Buy
  12/15/2008   $ 1.2150       200  
Buy
  12/15/2008   $ 1.2200       3277  
Buy
  12/15/2008   $ 1.2250       100  
Buy
  12/15/2008   $ 1.2300       10550  
Buy
  12/15/2008   $ 1.2350       550  
Buy
  12/15/2008   $ 1.2400       4260  
Buy
  12/15/2008   $ 1.2450       300  
Buy
  12/15/2008   $ 1.2500       4813  
Buy
  12/15/2008   $ 1.2550       300  
Buy
  12/15/2008   $ 1.2600       6600  
Buy
  12/16/2008   $ 1.1100       50  
Buy
  12/16/2008   $ 1.1200       50  
Buy
  12/16/2008   $ 1.1300       237  
Buy
  12/16/2008   $ 1.1400       1650  
Buy
  12/16/2008   $ 1.1500       15300  
Buy
  12/16/2008   $ 1.1600       300  
Buy
  12/16/2008   $ 1.1700       50  
Buy
  12/16/2008   $ 1.1750       100  
Buy
  12/16/2008   $ 1.1800       850  
Buy
  12/16/2008   $ 1.1850       50  
Buy
  12/16/2008   $ 1.1900       350  
Buy
  12/16/2008   $ 1.2000       350  
Buy
  12/16/2008   $ 1.2050       100  
Buy
  12/16/2008   $ 1.2100       750  
Buy
  12/16/2008   $ 1.2150       300  
Buy
  12/16/2008   $ 1.2200       200  
Buy
  12/16/2008   $ 1.2250       450  
Buy
  12/16/2008   $ 1.2275       50  
Buy
  12/16/2008   $ 1.2300       1290  
Buy
  12/16/2008   $ 1.2400       1111  
Buy
  12/16/2008   $ 1.2450       120  
Buy
  12/16/2008   $ 1.2500       2642  
Buy
  12/16/2008   $ 1.2600       4200  
Buy
  12/16/2008   $ 1.2700       1000  

10


 

                     
Buy/Sell   Executed Date   Price/Share   Quantity
Buy
  12/17/2008   $ 1.2100       50  
Buy
  12/17/2008   $ 1.2150       150  
Buy
  12/17/2008   $ 1.2200       3250  
Buy
  12/17/2008   $ 1.2300       1551  
Buy
  12/17/2008   $ 1.2400       3514  
Buy
  12/17/2008   $ 1.2500       1700  
Buy
  12/17/2008   $ 1.2550       50  
Buy
  12/17/2008   $ 1.2600       680  
Buy
  12/17/2008   $ 1.2650       1900  
Buy
  12/17/2008   $ 1.2700       5689  
Buy
  12/17/2008   $ 1.2750       250  
Buy
  12/17/2008   $ 1.2800       8566  
Buy
  12/17/2008   $ 1.2900       650  
Buy
  12/17/2008   $ 1.3000       900  
Buy
  12/17/2008   $ 1.3100       2650  
Buy
  12/18/2008   $ 1.2150       50  
Buy
  12/18/2008   $ 1.2200       100  
Buy
  12/18/2008   $ 1.2300       150  
Buy
  12/18/2008   $ 1.2500       200  
Buy
  12/18/2008   $ 1.2600       50  
Buy
  12/18/2008   $ 1.2650       1350  
Buy
  12/18/2008   $ 1.2700       950  
Buy
  12/18/2008   $ 1.2750       100  
Buy
  12/18/2008   $ 1.2800       1750  
Buy
  12/18/2008   $ 1.2825       50  
Buy
  12/18/2008   $ 1.2850       1500  
Buy
  12/18/2008   $ 1.2900       9038  
Buy
  12/18/2008   $ 1.2950       1650  
Buy
  12/18/2008   $ 1.3000       10769  
Buy
  12/18/2008   $ 1.3100       1093  
Buy
  12/18/2008   $ 1.3300       100  
Buy
  12/18/2008   $ 1.3400       650  
Buy
  12/18/2008   $ 1.3500       650  
Buy
  12/18/2008   $ 1.3600       600  
Buy
  12/18/2008   $ 1.3700       50  
Buy
  12/18/2008   $ 1.3800       700  
Buy
  12/19/2008   $ 1.2500       442,215  

11


 

SIGNATURE
     After reasonable inquiry and to the best of each of the undersigned’s knowledge and belief, such person certifies that the information set forth in this statement is true, complete and correct.
Dated: December 19, 2008
             
    /s/ Lewis W. Dickey, Jr.    
         
    Lewis W. Dickey, Jr.    
 
           
 
  *        
         
    Lewis W. Dickey, Sr.    
 
           
    DBBC, L.L.C.    
 
           
 
  By:
Name:
  /s/ Lewis W. Dickey, Jr.
 
Lewis W. Dickey, Jr.
   
 
  Title:   Manager    
   
         
*By:
  /s/ Lewis W. Dickey, Jr.    
   
 
   
 
Lewis W. Dickey, Jr.
   
as Attorney-in-Fact    

12