Beasley Broadcast Group Enters Into Definitive Agreement to Acquire WXTU-FM in Philadelphia, PA for $38 Million
Beasley Broadcast Group, Inc. - Class A (BBGI)
US:NASDAQ Investor Relations:
bbgi.com/investors-2
Company Research
Source: GlobeNewswire
NAPLES, Fla., July 19, 2018 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI) (“Beasley” or “the Company”), a large- and mid-size market radio broadcaster, announced today that it entered into a definitive agreement to acquire WXTU-FM in Philadelphia, PA from Entercom Communications Corp. (NYSE:ETM) (“Entercom”) for $38.0 million in cash. Excluding one-time transaction costs, the acquisition of WXTU-FM is expected to be immediately accretive to Beasley’s free cash flow without materially altering the Company’s leverage. Beasley intends to fund the acquisition through borrowings under its credit facility and cash generated from operations. The acquisition of WXTU-FM highlights Beasley’s focus on premium local programming and content and is complementary to the Company’s six other radio stations and digital operations in the Philadelphia market, the ninth largest designated marketing area in the country. Commenting on the proposed transaction, Caroline Beasley, Chief
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- Beasley Broadcast Group, Inc. (NASDAQ: BBGI) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
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