Three weeks ago, a broker announcement from Bergner & Co. revealed that the company led by Bruce Mittman and Jim Leven would be selling their Twin Tiers stations to a growing radio station owner led by CEO Kristin Cantrell and COO Jim Loftus.
We now know the price Seven Mountains Media is paying an AM/FM combo in Olean, N.Y., and three FMs and two AMs to the east in the Corning-Elmira, N.Y., market.
It’s in the millions of dollars.
The stations Seven Mountains Media has agreed to acquire from Community Broadcasters are the following:
- CHR/Pop Class B WNKI-FM 106.1 “Wink 106”
- Rock Class A WNGZ-FM “Wingz 104.9”, licensed to Mountour Falls, N.Y.
- Country Class A WPGI-FM 100.9, in Horseheads, N.Y.
- News/Talk Class B WWLZ-AM 820, in Horseheads, N.Y.
- Classic Country Class C WRCE-AM 1490 in Watkins Glen, N.Y. and FM translator W267CJ at 101.3 MHz in Horseheads, N.Y.
* Country Class B WPIG-FM 95.7
* WHDL-AM 1450, which uses W296DB to broadcast as CHR/Pop “Hot 107.1,” mirrored after co-owned Wink 106
The sale price, according to a Form 314 filing now posted at the FCC thanks to the end of the partial government shutdown, is $3.9 million.
A $100,000 escrow deposit has been made by Seven Mountains to Community Broadcasters.
Michael J. Bergner of Bergner & Co. was the Broker in this transaction for Seven Mountains. George Reed of Media Services Group represented Community Broadcasters; its legal counsel is Frank Montero of Fletcher Heald & Hildreth.
Seven Mountains is a Kentucky-based radio broadcasting company that has emerged as a leading small and medium-sized market leader across the Keystone State. In October, it lured the radio chairman of the Pennsylvania Association of Broadcasters and former leader of WBEB-FM in Philadelphia following its sale from Jerry Lee to Entercom, Jim Loftus, as COO.
Under CEO Cantrell,Seven Mountains is in growth mode. On July 9, Seven Mountains Media acquired an AM station with an FM translator proudly serving Mexico, Pa. One week later, the company acquired a translator serving the Wilkes Barre area.
Seven Mountains markets include Dubois, State College, Lewistown, Huntingdon, Selinsgrove, Bloomsburg, Wellsboro/Mansfield and Sayre, Pa.
Astute geography buffs will recognize the latter community as a part of the Elmira-Corning, N.Y. market.
Indeed, Seven Mountains in early April acquired Geos Communications’ Class A WVYS-FM 96.7, branded as “Yes FM.” Also included in that deal are booster WVYS-FM2 in Towanda, Pa., and translator W297BG at 107.3 MHz in Ulster, Pa. WVYS shifted to 96.9 MHz and is now WZBF, a part of the “Bigfoot Country” network of stations. The station has a city-grade signal over Elmira. However, it does not reach Corning or Watkins Glen. Seven Mountains paid $360,000 for Yes FM’s trio of facilities.
Community Broadcasters purchased the Olean and Corning-Elmira stations, plus a now-defunct AM, from Barry Drake-led Backyard Broadcasting for $3.6 million in a deal brokered by Kalil & Co.