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. 17)*
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 30, 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  
2 
   of   
10 
  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   3,575,167
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   10,000
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   3,575,167
       
WITH 10   SHARED DISPOSITIVE POWER
     
    10,000
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  3,585,167
     
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)
   
  9.8%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

2

 

                       
CUSIP No.
  
  231082108 
   Page  
3 
   of   
10 
  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   6,999,944
       
SHARES 8   SHARED VOTING POWER
BENEFICIALLY    
OWNED BY   0
       
EACH 9   SOLE DISPOSITIVE POWER
REPORTING    
PERSON   6,999,944
       
WITH 10   SHARED DISPOSITIVE POWER
     
    0
     
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  6,999,944
     
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)
   
  19.4%
     
14   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IN

3

 

                       
CUSIP No.
  
  231082108 
   Page  
4 
   of   
10 
  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

4 

 

SCHEDULE 13D
Explanatory Note
     The reporting persons are filing this Amendment No. 17 to Schedule 13D to (i) 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”), and (ii) report the exchange of certain options to purchase shares of Class A Common Stock by Lew Dickey, Jr. for new options and time-vested restricted shares in an exchange offer conducted by the Company.
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.

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Item 3. Source and Amount of Funds or other Consideration
     Item 3 is hereby amended and supplemented as follows:
     From December 22, 2008 through December 30, 2008 the Lewis W. Dickey, Sr. Revocable Trust (the “Trust”), of which Lew Dickey, Sr. is trustee, purchased an aggregate of 47,515 shares of Class A Common Stock for an aggregate purchase price of approximately $81,264. Trust funds held by the Trust were the sole source of funds used to acquire the aforementioned shares of Class A Common Stock.
     On December 30, 2008, Lew Dickey, Jr. participated in an exchange offer conducted by the Company, in which he exchanged eligible options to purchase 1,350,000 shares of Class A Common Stock for new options to purchase 203,686 shares and 69,244 time-vested restricted shares of Class A Common Stock. No other consideration was used to purchase the new options and restricted shares.
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

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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 3,585,167 shares of Class A Common Stock as follows:
  •   2,400,296 shares of Class A Common Stock directly owned;
 
  •   options to purchase 30,000 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 3,585,167 shares, or 9.8% of the outstanding shares of Class A Common Stock.
     Lewis W. Dickey, Sr.
     Lew Dickey Sr. is deemed to beneficially own 6,999,944 shares, or 19.4%, of the outstanding shares of Class A Common Stock, as follows:
  •   884,000 shares of Class A Common Stock directly owned; and
 
  •   6,115,944 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, 28.5% 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
   12/22/2008   $ 1.4500       50  
Buy
   12/22/2008     1.4700       425  
Buy
   12/22/2008     1.4800       700  
Buy
   12/22/2008     1.4900       3767  
Buy
   12/22/2008     1.5000       3200  
Buy
   12/22/2008     1.5100       600  
Buy
   12/22/2008     1.5200       5336  
Buy
   12/22/2008     1.5300       1950  
Buy
   12/22/2008     1.5400       700  
Buy
   12/22/2008     1.5500       1155  
Buy
   12/22/2008     1.5600       1250  
Buy
   12/22/2008     1.5700       2050  
Buy
   12/22/2008     1.5800       550  
Buy
   12/22/2008     1.5900       50  
Buy
   12/22/2008     1.6500       500  
Buy
   12/22/2008     1.6900       66  
Buy
   12/22/2008     1.7000       100  
Buy
   12/22/2008     1.7100       250  
Buy
   12/22/2008     1.7200       50  
Buy
   12/22/2008     1.7300       550  
Buy
   12/22/2008     1.7500       200  
Buy
   12/22/2008     1.7600       1450  
Buy
   12/22/2008     1.7700       1750  
Buy
   12/22/2008     1.7800       2513  
Buy
   12/22/2008     1.7900       705  
Buy
   12/22/2008     1.8000       703  
Buy
   12/22/2008     1.8050       150  
Buy
   12/22/2008     1.8100       150  
Buy
   12/22/2008     1.8200       300  
Buy
   12/22/2008     1.8300       2730  
Buy
   12/22/2008     1.8350       100  
Buy
   12/22/2008     1.8400       1700  
Buy
   12/22/2008     1.8500       500  
Buy
   12/23/2008     1.7600       450  
Buy
   12/23/2008     1.7700       300  
Buy
   12/23/2008     1.7800       701  
Buy
   12/23/2008     1.7900       287  
Buy
   12/23/2008     1.8300       250  
Buy
   12/23/2008     1.8400       83  
Buy
   12/23/2008     1.8500       350  
Buy
   12/23/2008     1.8600       650  
Buy
   12/23/2008     1.8700       800  
Buy
   12/23/2008     1.8800       500  
Buy
   12/23/2008     1.8900       150  
Buy
   12/23/2008     1.9200       492  
Buy
   12/23/2008     1.9300       150  
Buy
   12/23/2008     1.9400       50  
Buy
   12/23/2008     1.9500       50  
Buy
   12/23/2008     1.9600       950  

8

 

                     
Buy/Sell   Executed Date   Price/Share   Quantity
Buy
   12/23/2008   $ 1.9700       447  
Buy
   12/23/2008     1.9800       953  
Buy
   12/23/2008     1.9900       500  
Buy
   12/23/2008     2.0000       111  
Buy
   12/23/2008     2.0700       250  
Buy
   12/23/2008     2.1000       200  
Buy
   12/23/2008     2.1200       200  
Buy
   12/23/2008     2.1300       250  
Buy
   12/23/2008     2.1400       200  
Buy
   12/23/2008     2.3000       100  
Buy
   12/23/2008     2.3200       200  
Buy
   12/23/2008     2.3400       200  
Buy
   12/23/2008     2.3500       150  
Buy
   12/23/2008     2.3700       200  
Buy
   12/23/2008     2.4000       350  
Buy
   12/23/2008     2.4100       150  
Buy
   12/24/2008     2.0000       591  

9

 

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: January 6, 2009
             
    /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    

10