Greater Media has entered the radio industry graveyard, joining Chancellor Media, Citadel, AMFM, American Radio Systems, Malrite Communications, Paxson and a long list of other companies who have faded into the history books following a merger acquisition made possible by the Telecommunications Act of 1996.
In a letter distributed to Beasley Media Group staff this morning, interim CEO Caroline Beasley confirmed that her company has officially closed on its roughly $240 million acquisition of the broadcast company.
Beasley announced in mid-June that it was buying Greater Media, founded in 1956 by two Yale classmates.
In welcoming former Greater Media employees to the Beasley family, Caroline Beasley said, “This transaction joins two family-founded companies that have always taken great pride in serving our communities into a brand new, multi-platform broadcast and digital company that will expand our united presence in the radio industry. We will be working together to significantly broaden our reach, our scale and our revenue base.”
Noting that the deal “has demanded the highest level of dedication, focus and teamwork,” Caroline Beasley saluted founder and Chairman George Beasley, President Bruce Beasley, and COO Brian Beasley for ensuring a successful closing.
She then invited the newly united staff to “remember this day, to share in our joy, and to celebrate this longstanding, outstanding radio company.”
To make the union happen, Beasley placed three Charlotte stations — News/Talk WBT-AM & FM and Hot AC WLNK-FM — in a trust. On Oct. 18, the company announced that it has sold the duo — along with Sports WFNZ-AM and W273DA, a class D translator at 102.5 MHz in Charlotte for WFNZ, to Entercom Communications for $24 million cash.
Meanwhile, not all Greater Media staffers may want to remember this day, as severance packages have been handed out to at least one individual RBR + TVBR spoke with; an offer to move to Florida to stay with Beasley was turned down.