Beasley Broadcast Group Article

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Beasley Broadcast Group
Public
Traded as NASDAQBBGI (Class A)
Russell 2000 Index component
Industry Advertising; Radio broadcasting
Founded Benson, North Carolina (1961)
Headquarters Naples, Florida, United States
Key people
Products Radio Stations
RevenueIncrease US $125.2 million (2006); [1] $97.4 million (2009) [2]
Increase US $25.9 million (2006) [1]
Increase US $10.1 million (2006); $5.3 million (2009) [2]
Number of employees
748; 417 (2009) [2]
SubsidiariesBeasley Media Group, Inc. [3] [4]
Website BBGI Corporate Website

Beasley Broadcast Group, Inc., based in Naples, Florida, is an owner/operator of radio stations in the United States. As of June 2017, the company owned 63 stations under the Beasley Media Group name. [5]

History

The company was founded in 1961 by George G. Beasley. On February 11, 2000 the Group completed its IPO.

On October 2, 2014, CBS Radio announced that it would trade 14 radio stations located in Tampa, Florida, Charlotte, North Carolina and Philadelphia, Pennsylvania to the Beasley Broadcast Group in exchange for 5 stations located in Miami and Philadelphia. [6] The swap was completed on December 1, 2014. [7]

On January 15, 2015, Beasley reorganized its radio stations, previously held by various subsidiaries, into Beasley Media Group; the Beasley Broadcast Group name was retained for the parent company. [3] [4]

On July 19, 2016, Beasley announced that it would acquire Greater Media for $240 million. The FCC approved the sale on October 6, and the sale closed on November 1. [8] The deal gave Beasley additional stations in the Philadelphia and Boston markets and expanded the company into Detroit and three New Jersey markets. [9]

On February 2, 2017, Beasley announced that it would sell its six stations and four translators in the Greenville- New Bern- Jacksonville, North Carolina market to Curtis Media Group for $11 million to reduce the company's debt; one of the stations, WNCT-FM, was concurrently divested to Inner Banks Media to comply with FCC ownership limits. [10] The sale was completed on May 1, 2017. [11] [12]

On November 1, 2017, as part of the Entercom- CBS Radio merger, Beasley announced that it would sell AC-formatted station WMJX in Boston to Entercom, in exchange for all sports-formatted station WBZ-FM, also in Boston. [13] The sale was completed on December 20, 2017.

On July 19, 2018, Entercom announced that it would sell WXTU in Philadelphia back to Beasley Broadcast Group for $38 million (in order to comply with FCC ownership limits), as part of its purchase of market-leading WBEB also in Philadelphia. [14] The deal was completed on September 28.

Stations by state

References

  1. ^ a b "Fiscal Year 2006 Consolidated Net Revenue". Retrieved 2007-03-26.
  2. ^ a b c BBGI At a Glance Forbes magazine website. Retrieved 2010-08-23.
  3. ^ a b "Beasley Announces Beasley Media Group". All Access. January 15, 2015. Retrieved June 6, 2017.
  4. ^ a b "Beasley Announces Beasley Media Group, Inc" (PDF) (Press release). January 15, 2015. Retrieved June 6, 2017.
  5. ^ "About". Retrieved June 6, 2017.
  6. ^ CBS And Beasley Swap Philadelphia/Miami For Charlotte/Tampa from Radio Insight (October 2, 2014)
  7. ^ Venta, Lance (December 1, 2014). "CBS Beasley Deal Closes". RadioInsight. Retrieved December 1, 2014.
  8. ^ Beasley Closes on Greater Media Purchase; Makes Multiple Staff Moves
  9. ^ "Beasley Purchasing Greater Media For $240 Million". July 19, 2016. Retrieved July 19, 2016.
  10. ^ Layden, Laura (February 3, 2017). "Beasley to sell six stations in North Carolina for $11 million". Naples Daily News. Retrieved June 6, 2017.
  11. ^ "Consummation Notice (WSFL-FM, etc.)". CDBS Public Access. Federal Communications Commission. May 3, 2017. Retrieved June 7, 2017.
  12. ^ "Consummation Notice (WNCT-FM)". CDBS Public Access. Federal Communications Commission. May 3, 2017. Retrieved June 7, 2017.
  13. ^ Johnson, Ted (2017-11-01). "Entercom to Divest 13 Stations in Exchange for Justice Department's Approval of CBS Radio Acquisition". Variety. Retrieved 2017-12-19.
  14. ^ "Entercom Acquires 101.1 More-FM Philadelphia; Divests WXTU Back To Beasley". RadioInsight. 2018-07-19. Retrieved 2018-07-20.

External links