Last night came word that Beasley Broadcast Group and Greater Media have reached an agreement for Beasley to acquire the Braintree, Massachusetts-based Greater Media. Beasley would acquire Greater Media’s outstanding stock for about $240 million.
Under the terms, Greater Media shareholders would receive about $100 million in cash and some $25 million in shares of the company’s Class A common stock at a fixed value of $4.61 per share.
In exchange, Greater Media shareholders would receive the net cash proceeds from the sale of the company’s towers which are pegged at about a $20 million value. Beasley would refinance about $80 million of Greater Media debt.
Beasley would gain 21 new radio stations in seven markets. Four of those markets would be new for Beasley: Detroit, Middlesex, NJ, Monmouth, NJ and Morristown, NJ.