Cumulus Media Inc. (Cumulus) owns and operates frequency modulation (FM) and audio modulation (AM) radio station clusters serving mid-sized markets throughout the United States. Through its investment in Cumulus Media Partners, LLC (CMP), the Company also operates radio station clusters serving large-sized markets throughout the United States. As of December 31, 2008, Cumulus owned and operated 315 radio stations in 59 mid-sized United States media markets and operated the 32 radio stations in nine markets, including San Francisco, Dallas, Houston and Atlanta that are owned by CMP. Under a local marketing agreement (LMA), the Company provides sales and marketing services for one radio station in the United States in exchange for a management or consulting fee. In summary, Cumulus owns and operates, directly or through its investment in CMP, a total of 347 stations in 68 United States markets.