Seven Mountains acquiring 35 Forever Media Stations
October 12, 2022Radio Insight reports Kristin Cantrell’s Seven Mountains Media will gain 34 stations and 12 translators from Forever Media which is, in part, owned by Cantrell’s father, Kerby Confer. The closing is planned for December 31 and it will also be when Forever will terminate employees of the 34 stations. Seven Mountains will make offers to of at-will employment to some of those affected.
The price is $17,375,000; $1.7M of which is debt assumption. Stations being passed down a generation are those in Altoona, Johnstown, Lebanon, Meadville, Franklin, and State College.
Stations in Milford and Wilmington, Delaware; Cumberland, Easton, and Salisbury, Maryland; and Lancaster, York, and those here in Pittsburgh will remain under the Forever ownership.
Seven Mountains will shed their four stations in or near State College to the company’s current COO, Jim Loftus for $1 million. Loftus owns Covenant Communications.
