<p>Cumulus Media Inc. (CMLS) will enter two new markets with its proposed acquisition of nine radio stations in Rochester, Minnesota, and six in Sioux Falls, South Dakota for about $78 million.</p><p>The media company will pay for the stations in cash or stock, at its option.</p><p>Cumulus said it will own and operate 287 radio stations in 58 markets in the U.S., once all announced acquisitions are closed, according to a Tuesday news release.</p><p>The stations are being bought from Southern Minnesota Broadcasting Co.; Olmsted County Broadcasting Co., Howard G. Bill and Lucille S. Bill; and KFIL Inc. and KVGO Inc.</p><p>The transactions are expected to close in the first half of 2004, Cumulus said.</p><p>Atlanta-based Cumulus Media agreed to buy KROC-AM, KROC-FM, 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.</p><p>The company plans to buy KOLM-AM, KWWK-FM and KLCX-FM in Rochester from Olmsted County Broadcasting, and Howard and Lucille Bill.</p><p>It will buy KFIL-FM, KFIL-AM and KVGO-FM in Rochester from KFIL Inc. and KVGO Inc., Cumulus said.</p>
