Beasley Media Group is divesting its entire portfolio in its home market of Fort Myers-Naples, Florida, through two separate transactions totaling $18 million, as announced by CEO Caroline Beasley during the company’s Q2 earnings call.
The strategic move marks a significant shift for the company, which has maintained a strong presence in the region, where its corporate offices are also headquartered in Naples.
In the first transaction, valued at $9 million, Beasley is selling three stations—sports talk “770 ESPN Southwest Florida” WBCN, soft adult contemporary “Sunny 106.3” WJPT, and Spanish tropical “Playa 99.3” WWCN—to an undisclosed third-party buyer.
The second deal, also valued at $9 million, involves the sale of classic rock “96 K-Rock” WRXK and contemporary hit radio “B103.9” WXKB to another undisclosed buyer.
This exit from its home market is part of a broader strategy to streamline operations and bolster the company’s financial position.
In addition to the Fort Myers-Naples divestitures, Beasley referenced the recent $8 million sale of WPBB in Tampa, bringing the total gross proceeds from these transactions to $26 million. The company plans to allocate the net proceeds primarily toward debt reduction, a move Beasley emphasized as critical to strengthening the company’s capital structure.
“We’ve been clear about our priorities,” she stated. “From meaningful cost reductions to portfolio optimization and targeted debt repayment, we are taking decisive actions to position Beasley Media Group for long-term stability and growth.”
The decision to exit the Fort Myers-Naples market, where Beasley has deep roots, underscores the company’s focus on financial restructuring (or desperation) amid a challenging landscape for traditional radio broadcasters.