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From Mirror staff reports
Kristin Cantrell, owner and operator of Seven Mountains Media, is acquiring 34 stations -- including several in Altoona -- and 12 translators from father Kerby Confer, Donald Alt and Lynn Deppen's Forever Media Inc. for $17,375,000 with $1,757,500 coming in the assumption of debt, according to radioinsight.com
The deal will include Forever's stations in Altoona, Johnstown, Lebanon, Meadville/Franklin and State College.
According to Streamline Publishing's Radio Ink, no money will exchange hands in the transaction. Indebtedness of $15.62 million and $1.757 million, respectively, will be assumed by Seven Mountains.
An obligation to "Confermation LLLP" in the amount of about $2.93 million will be met; $10.86 million will be placed in the Judith M. Confer Irrevocable Trust; and Kerby Confer will get $3.58 million. All three payments will be honored via promissory notes.
The Altoona stations involved in the deal are: Froggy 98.1 WFGY, Hot 100.1 WWOT, WALY 103.9, Rocky 104.9 WRKY-FM, Toona 1430 WTNA/99.7n and news/talk 1290 WFBG/104.5.
Johnstown area stations include: Hot 92.1 WJHT, Johnstown, Froggy 95.5 WFGI-FM Johnstown, Key 96.5 WKYE, Johnstown, Christian K-Love 97.7 WLKH, Somerset, Rocky 99.1 WRKW, Ebensburg/93.9, Johnstown, Cool 101.7 WCCL, Central City, news/talk 1490 WNTJ/104.5 Johnstown, and 990 WNTI/103.5 Somerset.
State College area stations include: Majic 93.7 WMAJ, Boalsburg, 99.5 The Bus WBUS, Centre Hall, Big Froggy 101.1 WFGE, State College, Happy 103.1 WAPY, State College, news/talk 1390 WRSC/93.3, State College, and ESPN Radio 1450 WQWK/103.7, State College.
As part of the deal, the current Seven Mountains Media cluster of B94.5 WBHV-FM, State College, 95.3 3WZ WZWW, Bellefonte, 97.1 WOWY, University Park/103.5 WHUN-FM, Huntingdon, and Bigfoot Legends 98.7 WLEJ, Pleasant Gap will be transferred to current Seven Mountains Media Chief Operating Officer Jim Loftus' Covenant Communications for $1 million according to radioinsight.com
Forever Media will retain its stations in Milford and Wilmington, Del.; Cumberland, Easton and Salisbury, Md.; and Lancaster/York and Pittsburgh.
"The transaction was part of the succession plan at Forever; we are basically splitting the company in half," Cantrell said. "There will be more community involvement."
At closing, which is planned to be on Dec. 31, Forever will terminate all existing employees of the stations included in the deal, with Seven Mountains making offers of at-will employment to those that it wishes.
"That is part of the technical language as part of the agreement. Everyone will have a job and keep a job; we never come in and clean house. We will meet with the employees one on one and will discuss their jobs. We are constantly hiring and will continue to hire," Cantrell said.
In 1991, Kerby Confer and Carol Logan, Donald Alt and Lynn Deppen purchased WFBG AM/FM in Altoona and formed Forever Broadcasting.
Cantrell, Confer's daughter, has worked in Altoona serving as general manager of national and regional sales for Forever from 2003-07. She has been owner/operator of Seven Mountains Media since 2014.
"I am thrilled about Altoona; my kids went to school there. I know the people, and am thrilled to reignite our service in the community," Cantrell said.