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Cumulus Enters Two Markets With 15-Station Buy

Cumulus Enters Two Markets With 15-Station Buy

The price tag is $78 million for Cumulus Media Inc. to enter two new markets in Minnesota and South Dakota.
It is buying nine stations in Rochester, Minn., and six in Sioux Falls, S.D., according to various press reports. The company will pay in cash or stock, at its option. Cumulus will run 287 radio stations in 58 markets. The transactions are expected to close in the first half of 2004.
Cumulus Media agreed to buy KROC(AM-FM) and KYBA(FM) in Rochester and KYBB(FM), KIKN(FM), KKLS(FM), KMXC(FM), KSOO(AM) and KXRB(AM) in Sioux Falls from Southern Minnesota Broadcasting. It gets KOLM(AM), KWWK(FM) and KLCX(FM) in Rochester from Olmsted County Broadcasting and Howard and Lucille Bill. It buys KFIL(AM-FM) and KVGO(FM) in Rochester from KFIL Inc. and KVGO Inc., the company said.

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