Beasley Media Group Buys Greater Media for $240 Million

In a deal that will grow Beasley Media Group by 21 stations in seven markets – including four new cities for the company – the Naples, FL-based broadcaster is buying Greater Media.  The price-tag is $240 million.

Beasley will add to its existing clusters in Philadelphia, Boston and Charlotte, while also expanding its footprint into Detroit; Middlesex, NJ; Monmouth, NJ; and, Morristown, NJ.  Beasley expects to spin-off some Charlotte stations to comply with FCC ownership limits, however it has not identified which assets it intends to sell.

Under the terms of the deal, Beasley will pay for Greater Media with a combination of $100 million in cash in addition to $25 million of company stock.  Beasley will also assume $80 million of outstanding Greater Media debt.  Greater Media shareholders will also be paid the proceeds of the sale of the company’s tower assets, which the company estimates will total roughly $20 million.

When the deal closes, Beasley will have 73 stations—including 52 FMs and 21 AMs—in 16 markets.  The company says the addition of Greater Media’s portfolio would have more than doubled its annual revenue from $106 million in 2015 to approximately $247 million.