7MM Buys, Sells, Swaps
• Seven Mountains Media (7MM) just pulled off a complex, three-company, three-market acquisition, divestiture and swap involving Sound Communications and Family Life Ministries. Let us review:
• 7MM has agreed to acquire the Sound Communications’ radio stations in New York’s Twin tiers region — WKPQ-FM/Hornell NY, WENI-AM & WGMM-FM/Corning NY, WENY-FM/South Waverly, PA, WENY-AM/Elmira NY, WQRS-FM/Salamanca NY and WMXO-FM & WOEN-AM/Olean, NY.
• 7MM is divesting the following stations to Family Life Ministries — WGGO-AM/Salamanca NY, WZKZ-FM/Alfred, NY, WENY-FM/Big Flats, NY, WMTT-FM & WMTT-AM/Horseheads, NY, WPHD-FM/Montoursville Falls, NY and WUDE-FM/Portville, NY.
• 7MM will acquire 107.7 WCIG-FM/Wilkes-Barre/Scranton, PA from Family Life Ministries.
Stepping back to survey this intricate transaction, Jim Loftus, Chief Operating Officer of Seven Mountains Media said, “The acquisition of the Sound Communications’ stations in New York’s Twin Tiers region in Elmira, Corning and Olean brings great people and heritage brands into the Seven Mountains Media family. This swap also brings us into the Wilkes-Barre/Scranton market with the acquisition of 107.7 WCIG.” He added, “Personally, as a lifelong Scrantonian, 7MM’s expansion into NEPA is a homecoming of sorts for me, so we are particularly grateful to Family Life Ministries for making this possible.” Seven Mountains Media is owned by CEO Kristin Cantrell. The exclusive broker in this transaction was Michael J Bergner of Bergner & Co.
