Beasley Media Group Enters Into Exchange Agreement With Audacy
07 Ottobre 2022 - 1:30AM
Beasley Media Group, LLC (Nasdaq: BBGI) (“Beasley” or the
“Company”), a multi-platform media company, announced today that it
entered into an asset exchange agreement with Audacy, Inc. (NYSE:
AUD) whereby Beasley will exchange the radio station 720 AM KDWN-AM
and the translator for 101.5 FM for Alternative 107.5 KXTE-FM, in
Las Vegas.
As part of the agreement, longtime Las
Vegas-based syndicated morning personalities Dave and Mahoney will
continue to be heard weekdays from 6 a.m. - 10 a.m. on KXTE-FM
under Beasley’s ownership.
The asset exchange highlights Beasley’s focus on
premium local programming and content and is complementary to the
Company’s four other radio stations and digital operations in Las
Vegas, the 31st largest designated market in the country.
Commenting on the proposed transaction, Caroline
Beasley, Chief Executive Officer said, “Throughout Beasley
Broadcast Group’s 61-year history, we have actively managed our
station portfolio with the goal of serving the communities where we
operate with the best local programming and brands, diversifying
our operations, managing risk and improving financial results. The
agreement to exchange KDWN AM/FM translator for KXTE-FM addresses
all of these strategic objectives and upon completion, will
complement our Las Vegas market presence and content with five
strong signals in the market.”
The transaction is expected to close in the
fourth quarter of 2022 subject to Federal Communications Commission
approval and other customary closing conditions.
About Beasley Broadcast
GroupCelebrating its 61st anniversary this year, Beasley
Broadcast Group, Inc., (www.bbgi.com) was founded in 1961 by George
G. Beasley. Beasley Broadcast Group owns and operates 61 AM and FM
stations in 15 large- and mid-size markets in the United States.
Beasley radio stations reach approximately 20 million unique
consumers weekly over-the-air, online and on smartphones and
tablets, and millions regularly engage with the Company’s brands
and personalities through digital platforms such as Facebook,
Twitter, text, apps and email. For more information, please visit
www.bbgi.com.
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
“believe,” “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 our reports filed with the SEC including in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Readers should note
that forward-looking statements are subject to change and to
inherent risks and uncertainties and may be impacted by several
factors, including, but not limited to: external economic forces
that could have a material adverse impact on our advertising
revenues and results of operations; our radio stations may not be
able to compete effectively in their respective markets for
advertising revenues; our ability to successfully combine our
business with Greater Media’s business (the “Merger”) and the
potential for unexpected delays, costs, or liabilities relating to
the integration of Greater Media; the incurrence of significant
Merger-related fees and costs; the risk that the Merger may prevent
us from acting on future opportunities to enhance stockholder
value; we may not remain competitive if we do not respond to
changes in technology, standards and services that affect our
industry; audience acceptance of our content, particularly our
radio programs; our substantial debt levels; our dependence on
federally issued licenses subject to extensive federal regulation;
the risk that our FCC broadcasting licenses and/or goodwill,
including those assets recorded due to the Merger, could become
impaired; the failure or destruction of the internet, satellite
systems and transmitter facilities that we depend upon to
distribute programming; disruptions or security breaches of our
information technology infrastructure; actions by the FCC or new
legislation affecting the radio industry; the fact that we are
controlled by the Beasley family, which creates difficulties for
any attempt to gain control of us; the effect of future sales of
Class A common stock by the Beasley family or the former
stockholders of Greater Media; and, the loss of key personnel.
Our 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” in our SEC filings, including but not
limited to our Annual Report 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 the date of this press release, and we undertake
no obligation to update the information contained herein to actual
results or changes to our expectations.
CONTACT: |
|
Heidi Raphael Vice President of Corporate Communications
Beasley Broadcast Group, Inc. 239-263-5000 or
email@bbgi.com |
Joseph Jaffoni, Jennifer
NeumanJCIR212-835-8500 or bbgi@jcir.com |
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