NAPLES — Beasley Broadcast Group Inc., a large- and mid-size market radio broadcaster, has agreed to acquire WXTU-FM in Philadelphia from Entercom Communications Corp. It will pay $38 million in cash for the station.
Beasley intends to fund the acquisition through borrowings from loans and cash generated from operations.
The acquisition augment’s Beasley’s presence in the Philadelphia market, where it owns six other radio stations and digital operations, according to a statement. It is the ninth-largest market in the country.
“Our acquisition of WXTU-FM represents a strategically and financially compelling growth opportunity for our shareholders and further enhances our revenue and competitive position with a strong cluster of five FM and two AM stations in a key, top-10 market,” says Beasley CEO Caroline Beasley in the press release.
Beasley will begin operating the station under a local marketing agreement July 23. The transaction, expected to close during the late third quarter or fourth quarter of 2018, is subject to Federal Communications Commission approval.
With headquarters in Naples, Beasley Broadcast Group owns and operates 63 stations in the United States, reaching 19 million unique customers on over-the-air and digital platforms.