The transaction, announced in July, joins two family-founded companies. Beasley has been in business for 55 years, and Greater Media, a Braintree, Massachusetts, broadcaster, opened its doors 60 years ago.
In a letter to Beasley’s employees (see it below), Caroline Beasley, the company's interim CEO and chief financial officer, said the deal will "expand our united presence in the radio industry."
The transaction has “demanded the highest level of dedication, focus and teamwork,” Beasley said, tipping her hat to company Chairman George Beasley, President Bruce Beasley, Chief Operating Officer Brian Beasley, and other "tireless" corporate employees, who Caroline Beasley says worked days, nights and weekends to get it done.
The move increases Beasley’s reach in seven markets, including four new markets in Michigan and New Jersey. Greater Media had 21 radio stations, most of which Beasley plans to keep.
With the purchase, Beasley’s station ownership has increased to ninth from 17th in the nation based on 2015 revenues, according to the Naples News.
Beasley acquired all of the outstanding stock of Greater Media for about $240 million.
Following the acquisition, Beasley plans to sell two FM and two AM radio stations in Charlotte, North Carolina, to Entercom Communication Corp. for $24 million in cash to comply with Federal Communications Commission ownership regulations. Beasley will use the money from the sale of those stations to reduce its borrowings for the purchase of Greater Media.
The sale of the four stations still requires FCC and other regulatory approvals, but it’s expected to happen by the first quarter of next year, if not by the end of this year. Three of the stations Beasley will divest were owned by Greater Media.
Dear Beasley Media Group family,
It is my great honor to share with you that we have officially closed on the transaction with Greater Media, Inc. Please join me in welcoming our new employees to the Beasley Media Group family.
This transaction joins two family-founded companies that have always taken great pride in serving our communities into a brand new, multi-platform broadcast and digital company that will expand our united presence in the radio industry. We will be working together to significantly broaden our reach, our scale and our revenue base.
Of course, this deal has demanded the highest level of dedication, focus and teamwork. I am grateful to our founder and Chairman George Beasley, our President Bruce Beasley, and our COO Brian Beasley. They, along with our tireless corporate team members, have dedicated every single day since our acquisition announcement to ensure this successful closing. I’d like to extend my sincere thanks to Joyce Fitch and Marie Tedesco, who have worked days, nights and weekends during these last several months.
Today, I thank each and every one of you for creating and sustaining the continued success of Beasley Media Group. I invite you to remember this day, to share in our joy, and to celebrate this longstanding, outstanding radio company.
We hope to perform beyond your expectations, provide leadership with extraordinary vision, and ensure that you will have a future that is brighter than ever, at Beasley Media Group.
Sincerely,
Caroline Beasley
Interim CEO & Chief Financial Officer
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