Beasley Broadcast Group to Acquire WJBR-FM in Wilmington, Delaware for $42 Million
October 03 2006 - 10:37AM
Business Wire
Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a large- and mid-size
market radio broadcaster, announced today that it has entered into
a definitive asset purchase agreement with NextMedia Group, Inc. to
acquire WJBR-FM 99.5 Mhz in Wilmington, Delaware for approximately
$42 million. Wilmington is the nation�s 75th largest radio market
when ranked by revenue. The transaction, expected to close in the
first quarter of 2007, is subject to FCC approval and other
customary conditions to closing. Beasley Broadcast Group began
operating the station under a local marketing agreement as of
October 1, 2006. Beasley Broadcast Group intends to fund the
purchase price with borrowings under its existing credit facility.
Star Media Group and Bergner & Co. served as the brokers for
the transaction. George G. Beasley, Chairman and Chief Executive
Officer of Beasley Broadcast Group, Inc., commented, �We expect
that the acquisition of WJBR-FM will prove to be an attractive
strategic and financial transaction. With a 50,000 watt signal, the
station reaches listeners in Delaware, Pennsylvania, Maryland and
New Jersey and represents a solid addition to our radio station
portfolio and good complement to our existing Philadelphia station
cluster. WJBR has a well-established adult contemporary format
featuring �Today's Hits and Yesterday's Favorites,� serves the 25 -
54 year-old demographic and has developed strong listenership in
office settings. In addition, WJBR-FM's News Center brings
listeners local news, sports and weather coverage and the area's
only daily local airborne traffic report.� Founded in 1961, Beasley
Broadcast Group, Inc. is a radio broadcasting company that owns or
operates 42 stations (26 FM and 16 AM) located in ten large- and
mid-size markets in the United States. 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 Securities and Exchange Commission (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 our large-market radio
stations, the Company�s substantial debt levels, and changes in the
radio broadcast industry generally. The Company�s or WJBR�s 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� 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 October 03, 2006, and the
Company undertakes no obligation to update the information
contained herein to actual results or changes to the Company�s
expectations. Beasley Broadcast Group, Inc. (Nasdaq: BBGI), a
large- and mid-size market radio broadcaster, announced today that
it has entered into a definitive asset purchase agreement with
NextMedia Group, Inc. to acquire WJBR-FM 99.5 Mhz in Wilmington,
Delaware for approximately $42 million. Wilmington is the nation's
75th largest radio market when ranked by revenue. The transaction,
expected to close in the first quarter of 2007, is subject to FCC
approval and other customary conditions to closing. Beasley
Broadcast Group began operating the station under a local marketing
agreement as of October 1, 2006. Beasley Broadcast Group intends to
fund the purchase price with borrowings under its existing credit
facility. Star Media Group and Bergner & Co. served as the
brokers for the transaction. George G. Beasley, Chairman and Chief
Executive Officer of Beasley Broadcast Group, Inc., commented, "We
expect that the acquisition of WJBR-FM will prove to be an
attractive strategic and financial transaction. With a 50,000 watt
signal, the station reaches listeners in Delaware, Pennsylvania,
Maryland and New Jersey and represents a solid addition to our
radio station portfolio and good complement to our existing
Philadelphia station cluster. WJBR has a well-established adult
contemporary format featuring 'Today's Hits and Yesterday's
Favorites,' serves the 25 - 54 year-old demographic and has
developed strong listenership in office settings. In addition,
WJBR-FM's News Center brings listeners local news, sports and
weather coverage and the area's only daily local airborne traffic
report." Founded in 1961, Beasley Broadcast Group, Inc. is a radio
broadcasting company that owns or operates 42 stations (26 FM and
16 AM) located in ten large- and mid-size markets in the United
States. 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 Securities and Exchange Commission
(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 our
large-market radio stations, the Company's substantial debt levels,
and changes in the radio broadcast industry generally. The
Company's or WJBR's 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" 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
October 03, 2006, and the Company undertakes no obligation to
update the information contained herein to actual results or
changes to the Company's expectations.
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