- November 11, 2011
NAPLES — Beasley Broadcast Group says it will acquire Massachusetts-based Greater Media and its 21 radio stations for $240 million.
Naples-based Beasley, which currently owns and operates 52 radio stations in 12 markets including Tampa and Fort Myers, says the acquisition will give it a foothold in four new markets. These include Detroit and three areas in New Jersey: Middlesex, Monmouth and Morristown.
“The transaction increases our broadcast portfolio by approximately 40% and more than doubles our audience reach, giving us both market-leading stations and great brands,” says Caroline Beasley, interim CEO and chief financial officer at Beasley Broadcast, in a statement.
Under the terms of the deal, Beasley will pay $100 million in cash, $25 million in class A stock and $20 million from the sale of towers to Greater Media shareholders. Beasley will also refinance approximately $80 million of debt of Greater Media. RBC Capital Markets and U.S. Bank have provided committed financing in support of the acquisition, Beasley says.
The transaction, which has been approved by the boards of directors of both Beasley and Greater Media, is subject to federal regulatory approvals. It's scheduled to be completed in the fourth quarter.
George Beasley founded the radio company that bears his name in 1961 and remains chairman of the board and CEO. Beasley owns and operates 34 FM and 18 stations in twelve large- and mid-size markets nationwide. Greater Media is owned by the Bordes family and was founded in 1956 in Massachusetts.
You can read a story in the Business Observer about Beasley Broadcast Group by clicking here.