Beasley Broadcast Group Completes Exchange of WMJX-FM, Boston for WBZ-FM, Boston
December 20 2017 - 10:15AM
Beasley Broadcast Group, Inc. (Nasdaq:BBGI) (“Beasley” or “the
Company”), a large- and mid-size market radio broadcaster,
announced today that it completed the previously announced asset
exchange with Entercom Communications Corp. (NYSE:ETM)
(“Entercom”), whereby Beasley exchanged WMJX-FM, 106.7MHz Boston
and $12 million cash for WBZ-FM, 98.5 MHz Boston.
Caroline Beasley, Chief Executive Officer of
Beasley Broadcast Group, commented, “The addition of WBZ-FM to our
broadcast portfolio highlights Beasley’s focus on premium local
programming and content and is complementary to our five other
radio stations and digital operations in the Boston market.
Throughout Beasley Broadcast Group’s 56 year history, we have
actively managed our station portfolio with the goal of serving the
communities where we operate with the best local programming and
brands, diversifying our operations, managing risk and improving
financial results. The addition of WBZ-FM to our portfolio
addresses all of these strategic objectives as it strengthens our
company’s presence and commitment to locally originated content in
the Boston market.
“Focusing on strong core programming and
targeted original local content is the foundation of Beasley’s
operating strategy and has proven vital to the Company’s long-term
ratings strength and success. Professional sports are unique
in that strong bonds are formed between local fans across multiple
generations based on shared traditions and a continued passion for
their teams. This transaction further diversifies our Boston market
content offerings with marquee sports programming and live game
broadcasts of several of the most prominent and competitive
professional sports teams in the country.
“The asset exchange is also expected to be
accretive to the Company’s financial results and represents another
unique and innovative means for Beasley Broadcast Group to enhance
shareholder value. We look forward to leveraging our knowledge of
the Boston market for the benefit of WBZ-FM listeners while
creating an even stronger marketing platform for local area
advertisers and businesses.”
About Beasley Broadcast
GroupCelebrating its 56th anniversary this year, Beasley
Broadcast Group, Inc., (www.bbgi.com) was founded in 1961 by George
G. Beasley, who remains the Company’s Chairman of the Board.
Beasley Broadcast Group owns and operates 63 stations (45 FM and 18
AM) in 15 large- and mid-size markets in the United States.
Beasley radio stations reach approximately 19.0 million unique
consumers weekly over-the-air, online and on smartphones and
tablets, and millions regularly engage with the Company’s brands
and personalities through digital platforms such as Facebook,
Twitter, text, apps and email. For more information, please
visit www.bbgi.com.
Note Regarding Forward-Looking
Statements:
Statements in this release that are
“forward-looking statements” are based upon current expectations
and assumptions, and involve certain risks and uncertainties within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Words or expressions such as “believe,” “intends,”
“expects,” “expected,” “anticipates” or variations of such words
and similar expressions are intended to identify such
forward-looking statements. Key risks are described in our
reports filed with the SEC including in our Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. Readers should note
that forward-looking statements are subject to change and to
inherent risks and uncertainties and may be impacted by several
factors, including, but not limited to: external economic forces
that could have a material adverse impact on our advertising
revenues and results of operations; our radio stations may not be
able to compete effectively in their respective markets for
advertising revenues; our ability to successfully combine our
business with Greater Media’s business (the “Merger”) and the
potential for unexpected delays, costs, or liabilities relating to
the integration of Greater Media; the incurrence of significant
Merger-related fees and costs; the risk that the Merger may prevent
us from acting on future opportunities to enhance stockholder
value; we may not remain competitive if we do not respond to
changes in technology, standards and services that affect our
industry; audience acceptance of our content, particularly our
radio programs; our substantial debt levels; our dependence on
federally issued licenses subject to extensive federal regulation;
the risk that our FCC broadcasting licenses and/or goodwill,
including those assets recorded due to the Merger, could become
impaired; the failure or destruction of the internet, satellite
systems and transmitter facilities that we depend upon to
distribute programming; disruptions or security breaches of our
information technology infrastructure; actions by the FCC or new
legislation affecting the radio industry; the fact that we are
controlled by the Beasley family, which creates difficulties for
any attempt to gain control of us; the effect of future sales of
Class A common stock by the Beasley family or the former
stockholders of Greater Media; and, the loss of key
personnel.
Our actual performance and results could differ
materially because of these factors and other factors discussed in
the “Management’s Discussion and Analysis of Results of Operations
and Financial Condition” in our SEC filings, including but not
limited to our Annual Report on Form 10-K or Quarterly Reports on
Form 10-Q, copies of which can be obtained from the SEC,
www.sec.gov, or our website, www.bbgi.com. All information in
this release is as of the date of this press release, and we
undertake no obligation to update the information contained herein
to actual results or changes to our expectations.
CONTACT:
Heidi
Raphael
Vice President of Corporate
Communications
Beasley Broadcast Group,
Inc.
239/659-7332
heidi.raphael@bbgi.com
Joseph Jaffoni, Jennifer NeumanJCR
212/835-8500 or bbgi@jcir.com
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