Beasley trades fives major market stations, two in Philadelphia and three in Miami for 14 CBS stations. Beasley picks up six in Tampa, just up the road from the company's home base in Naples, seven in Charlotte, and Sports Radio WIP-AM in Philadelphia.
Beasley CEO George Beasley said, "Throughout Beasley Broadcast Group's 53-year history, we have actively managed our station portfolio with the goal of serving the local communities where we operate, diversifying our operations, managing risk, and improving financial results. The asset exchange agreement with CBS Radio addresses all of these strategic objectives as, upon completion we will expand our station base by nine stations and add completed clusters in Tampa and Charlotte which complement our already strong mid-Atlantic presence. Furthermore, the transaction is also consistent with our long-term strategy to operate leading clusters in large- and mid-size markets."
Here are the stations in the deal...
Beasley Broadcast Stations to be Exchanged to CBS RadioCBS Radio Stations to be Exchanged to Beasley Broadcast
The transaction is expected to close in the fourth quarter.
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