Beasley to Acquire Greater Media's 21 Stations in Seven Markets for $240 Million. The two communications firms surprised the industry last night with an end-of-the-workday announcement that Beasley Broadcast Group, Inc. will acquire Greater Media, Inc. The deal is being structured so that Beasley will acquire all of the outstanding stock of Greater Media for an "aggregate consideration of approximately $240 million, subject to adjustments." Greater Media shareholders are expected to receive approximately $100 million in cash and approximately $25 million in shares of the company's Class A common stock (at a fixed value of $4.61 per share). In addition, the shareholders of Greater Media will receive the net cash proceeds from the sale of its tower assets, estimated to be approximately $20 million. Beasley will refinance approximately $80 million of debt of Greater Media. The deal will add Greater Media's 21 radio stations to Beasley's portfolio and gives Beasley entrance into the major market of Detroit with rock WRIF, classic rock WCSX, and classic hip hop and R&B WMGC. It seriously beefs up its Boston presence by adding five stations to current property ethnic WRCA-AM. Those stations are: classic hits WROR, country WKLB, rhythmic AC WBQT, adult contemporary WMJX, and alternative WBOS. It bolsters Beasley's Philly and Charlotte holdings with the addition of sports talk WPEN, classic rock WMGK, rock WMMR, and adult hits WBEN in the former and news/talk WBT-AM/FM and hot AC WLNK in the latter. Six New Jersey stations are also part of the package. Beasley says it intends to fund the acquisition through borrowings under a new credit facility that it expects to enter into in connection with the closing of the acquisition, together with cash and cash equivalents available to the company and the issuance of Class A common stock as described above. RBC Capital Markets and U.S. Bank have provided committed financing in support of the acquisition. Upon closing, Beasley's portfolio of stations that it owns and operates will expand to 73 stations (52 FM and 21 AM) in 16 markets. BBG interim CEO and CFO Caroline Beasley says, "The acquisition of Greater Media's broadcasting and related digital assets represents a transformational growth opportunity for Beasley and is strategically and financially compelling for our shareholders. The transaction increases our broadcast portfolio by approximately 40% and more than doubles our audience reach, giving us both market leading stations and great brands."