According to an FCC filing, Kristin Cantrell’s Seven Mountains Media is picking up 46 Pennsylvania stations from her father Kerby Confer’s Forever Media. Although no money will exchange hands, the deal is valued at about $17.4 million. Seven Mountains will assume Forever Media’s debt.
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.”
