Cumulus Media Inc. (NasdaqGM:CMLS) will look for acquisitions. Francisco J. Lopez-Balboa, CFO, said "So I can't really give you any forward guidance in terms of what we may do in the subsequent quarters, but the one thing I want to emphasize is, given that we've reduced our costs so much, improved our operating leverage as we have and generate free cash flow, it gives us see a terrific opportunity to use that liquidity in many different ways, which includes potentially share repurchase, that repurchase and investment in the business and potential acquisitions".