BBGI Beasley Broadcast Group Inc

Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a large- and mid-size market radio broadcaster, today announced that its Board of Directors declared a quarterly cash dividend of $0.0625 for each share of its Class A and Class B common stock. The dividend is payable on July 20, 2006, to shareholders of record on June 30, 2006. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. The Company's Board of Directors also increased the Company's previous share repurchase program to authorize repurchases of up to $25 million of Beasley Broadcast Group common stock. Through March 31, 2006, the Company repurchased 265,000 shares of Beasley Broadcast Group common stock, resulting in $21.3 million remaining under the prior authorization. Repurchases will be made from time to time in open market transactions in compliance with the SEC's Rule 10b-18 and in privately negotiated transaction, subject to market conditions, applicable legal requirements, the requirements of Beasley's credit facility and other factors. This plan does not obligate Beasley to acquire any specific amount of common stock and the plan may be suspended or reinstated at any time at the Company's discretion. As of March 31, 2006, Beasley had approximately 7.4 million Class A shares outstanding and approximately 16.7 Class B shares outstanding and cash or cash equivalents of approximately $14.1 million. Founded in 1961, Beasley Broadcast Group, Inc. is a radio broadcasting company that owns or operates 41 stations (26 FM and 15 AM) located in ten large- and mid-size markets in the United States. In March 2006, Beasley Broadcast Group agreed to acquire KDWN-AM in Las Vegas with the transaction, subject to FCC approval, expected to close in the third quarter. 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 "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 the Company's reports filed with the SEC. Readers should note that these statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including: economic and regulatory changes, the loss of key personnel, a downturn in the performance of the Company's radio stations, the Company's substantial debt levels, changes in affecting the trading price of the Company's common stock, and changes in the radio broadcast industry generally. The results of the Company's common stock repurchase program could be affected by these factors and other factors discussed in the "Management's Discussion and Analysis of Results of Operations and Financial Condition" of our SEC filings, including but not limited to annual reports 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 May 26, 2006, and the Company undertakes no obligation to update the information contained herein to actual results or changes to the Company's expectations.