Beasley is Acquiring Greater Media

By on Jul, 19 2016 with Comments 0

Beasley Broadcast Group, Inc.Greater Media, Inc.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.

 

About The Author: Leslie Stimson has been a reporter for 35+ years, starting in radio news. She’s spent the last 20 years reporting for radio trades.

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