Covington-based Regent Communications agreed Wednesday to buy seven Lafayette, La., radio stations for $39.6 million.

        When the deal for the cluster of five FM and two AM stations is concluded, Regent will own or control 60 radio stations in 12 middle-sized or small markets.

        Regent will finance the purchase through borrowing under an existing credit facility.

        “Our focus has been markets sized 50 to 250,'' Tony Vasconcellos, senior vice president and chief financial officer, said about the rank of markets by population. “What's very nice about these stations and this market is it falls dead into the middle of that range.

        “These stations are dominant in the marketplace. They've been well run, and this market has bucked the national trend of advertising having a difficult year.”

        Regent is acquiring stations KMDL-FM, KRKA-FM, KFTE-FM, KTDY-FM, KPEL-FM, KPEL-AM and KROF-AM and does not expect any format or management changes at the Lafayette properties.

        The company also said Wednesday that it completed acquisition of six radio stations in Peoria, Ill., from The Cromwell Group Inc. for $20 million.

        That purchase consisted of $14 million in cash and $6 million in stock.

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