Beasley Broadcast Group, Inc. has announced that Beasley Media Group, Inc. has
entered into an asset purchase agreement to sell Beach-formattedWNCT 1070 AM, Classic Hits WNCT 107.9 FM, Rock WSFL 106.5 FM, HipHop WIKS 101.9 FM, HotAC WMG 103.3 FM and NewRock WXNR 99.5 FM, which serve the Greenville-New Bern-Jacksonville, North Carolina market, for $11 million in cash to CMG Coastal Carolina, LLC, a subsidiary of Curtis Media Group.
Beasley Broadcast Group intends to use proceeds from the divestiture to reduce debt.
CMG Coastal Carolina, which is affiliated with Curtis Media Group, intends to spin-off WNCT-FM to Inner Banks Media, LLC.Caroline Beasley, Chief Executive Officer of Beasley Broadcast Group, commented, “Since the Company’s founding in 1961, Beasley has established a long-term record of successfully optimizing its station portfolio through both strategic acquisitions and divestitures to drive returns for our
shareholders. Last November we completed the accretive acquisition of Greater Media, adding 17
stations (net of divestitures) and four attractive new markets to our operating footprint. We are
making continued progress with the integration of the new stations as we apply our proven strategies
that focus on strong core programming and targeted localism to support ratings and market
leadership. We are confident that the stations being divested will continue to offer listeners in
Greenville-New Bern-Jacksonville great local programming.”
The sale of the six Greenville-New Bern-Jacksonville stations, expected to be completed in the second quarter of 2017, is subject to FCC approval and other customary closing conditions.
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