Beasley Media's Philadelphia radio stations are facing an uncertain future as the company sells other markets. And now the Philadelphia Business Journal is exploring the financial challenges facing Beasley stations.
The Business Journal's article by Jeff Blumenthal reviews Beasley's financial challenges.
Beasley, based in Naples, Florida, reported a 12.3% revenue decline to $53 million in Q2 2025, driven by weaknesses in national and local agency sales, despite a 1.3% increase in digital revenue. The company’s stock price hit a 52-week low of $8.75 on July 24, 2025, reflecting ongoing financial pressure. Beasley also faced a significant debt burden, with $275 million outstanding as of Q2 2025, prompting asset sales to reduce leverage.
Recent Station Sales: Beasley recently announced the sale of its entire Fort Myers-Naples, Florida, cluster for $18 million in two transactions, exiting that market entirely. This followed the June 2025 sale of Tampa’s WPBB (98.7 The Shark) to Educational Media Foundation for $8 million. These divestitures raised questions about whether Beasley might sell its Philadelphia stations to further alleviate debt.
Philadelphia Market Holdings: Beasley owns seven radio stations in Philadelphia: WMMR-FM (93.3, rock), WMGK-FM (102.9, classic rock), WXTU-FM (92.5, country), WBEN-FM (95.7, pop), WPEN-FM (97.5 The Fanatic, sports), WTEL-AM (610, sports), and WWDB-AM (860, talk). These stations are prominent, with WMMR and WMGK consistently ranking among the top 10 in Nielsen ratings for adults 25-54, and WXTU performing strongly in the country format. The cluster also holds valuable sports broadcasting rights for the Philadelphia Flyers and Sixers.
Speculation on Potential Sale: The article notes that Beasley’s Philadelphia stations are valuable assets, but selling them could be challenging due to a lack of buyers in a contracting radio industry. Industry observers suggested that while Beasley might consider divesting WPEN (The Fanatic), which has faced recent layoffs, including high-profile host Mike Missanelli, the station’s sports rights complicate any sale.
Beasley entered the Philadelphia market through its 2016 acquisition of Greater Media for $240 million, which included the current station cluster. The article highlighted past layoffs and cost-cutting measures, such as a 2020 reduction of 70 employees and a 10% pay cut for salaried staff, indicating ongoing financial strain.
The article cited a Reddit thread from May 2025 expressing fan frustration with Beasley’s management of WMMR, home to the popular Preston and Steve Show, with some users hoping for a sale to preserve the station’s legacy. However, no concrete plans for a Philadelphia sale were confirmed, and Beasley’s leadership, including CEO Caroline Beasley, did not comment directly on the Philadelphia market’s future in the Q2 earnings call.
The Philadelphia Business Journal speculated that Beasley’s focus on debt reduction and digital growth might lead to further station sales, but the Philadelphia cluster’s strong market performance makes it a less likely candidate compared to smaller markets like Fort Myers.