Loading
NAPLES — In an effort to diversify, Beasley Broadcast Group says it swapped five radio stations in Miami and Philadelphia for 14 stations in Tampa, Charlotte and Philadelphia.
Naples-based Beasley's asset exchange with CBS Radio involves no cash or any other consideration. The deal is scheduled to be completed in the fourth quarter.
The transaction will increase Beasley's stations to 53, including 33 FM and 20 AM stations, in 12 markets with approximately 7.7 million weekly listeners. Today, Beasley owns and operates 44 stations, including 28 FM and 16 AM stations, in eleven markets with approximately 7.1 million weekly listeners.
“Throughout Beasley Broadcast Group's 53-year history, we have actively managed our station portfolio with the goal of serving the local communities where we operate, diversifying our operations, managing risk and improving financial results,” says George G. Beasley, chairman and CEO, in a statement. “The asset exchange agreement with CBS Radio addresses all of these strategic objectives as, upon completion, we will expand our station base by nine stations and add completed clusters in Tampa and Charlotte which complement our already strong mid-Atlantic presence. Furthermore, the transaction is also consistent with our long-term strategy to operate leading clusters in large- and mid-size markets.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
