Over the last five years, a Kentucky-headquartered broadcast media company has grown significantly by acquiring radio stations across the Keystone State. The entity is headed by the daughter of Kerby Confer, and has become a formidable presence in smaller Pennsylvania markets as well as the Twin Tiers of Elmira, N.Y., and nearby Bradford, Pa.
Now, Kristin Cantrell is growing 7 Mountains Media, thanks to a transaction filed late Wednesday with the FCC that will transfer some 46 stations from her father’s Forever Media.
As first reported by Streamline Publishing’s Radio Ink, no money will exchange hands in the transaction, valued at $17,375,000. Indebtedness of $15.62 million and $1.757 million, respectively, will be assumed by 7 Mountains.
An obligation to “Confermation LLLP” in the amount of approximately $2.93 million will be met; $10.86 million will be placed in the Judith M. Confer Irrevocable Trust; and Mr. Confer will get $3.58 million. All three payments will be honored via Promissory Notes.
Signing off on the transfer of control for Forever Media is President Lynn Deppen.
The stations headed to 7 Mountains are as follows:
There will be ownership limit issues so in order to comply, Seven Mountains is spinning off five stations in State College, PA to COO Jim Loftus’s Covenant Communications for $1 million.
Loftus told Radio Ink. “This transaction is wonderful for Seven Mountains Media. We are beyond thrilled. The markets were carefully selected and are a great fit for us. Kristin actually worked at some of these terrific stations earlier in her radio career. We look forward to welcoming our new colleagues into our unique, fast growing media company. As for the stations acquired by Covenant Communications, it’s mission will be to find diverse voices to own and operate these stations, with the intent of making sure the community is well served.”
