Entercom Greensboro, LLC and Entercom License, LLC completed the acquisition of WBT-FM, WLNK-FM, WBT-AM, WFNZ-AM radio stations and an FM translator in Charlotte from Beasley Broadcast Group Inc..
January 06, 2017
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Entercom Greensboro, LLC and Entercom License, LLC entered into a definitive agreement to acquire WBT-FM, WLNK-FM, WBT-AM, WFNZ-AM radio stations and an FM translator in Charlotte from Beasley Broadcast Group Inc. (NasdaqGM:BBGI) for $24 million in cash on October 17, 2016. Pursuant to the terms of the agreement, Entercom will acquire WBT-FM, WLNK-FM and WBT-AM, all of which are currently owned by Greater Media and held in trust pending the completion of Beasley’s acquisition of Greater Media. Entercom will also acquire Beasley’s WFNZ-AM in Charlotte and an FM translator. The deal is subject to FCC approval, other regulatory approvals, the closing of Beasley’s acquisition of Greater Media and other customary closing conditions. As announced on November 2, 2016, Beasley Broadcast completed the acquisition of Greater Media. The transaction is expected to close in either late fourth quarter of 2016 or early in the first quarter of 2017. Beasley intends to use the net proceeds from the sale of the four stations to reduce the borrowings required to complete the Greater Media transaction. Michael J. Bergner of Bergner & Co. acted as the broker in the transaction.
Entercom Greensboro, LLC and Entercom License, LLC completed the acquisition of WBT-FM, WLNK-FM, WBT-AM, WFNZ-AM radio stations and an FM translator in Charlotte from Beasley Broadcast Group Inc. (NasdaqGM:BBGI) on January 6, 2017.
Beasley Broadcast Group, Inc. is a multi-platform media company. The Company's primary business is operating radio stations throughout the United States. It offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Companyâs segments include Audio and Digital. The Company owns and operates radio stations in various radio markets, including Atlanta, Augusta, Boston, Charlotte, Detroit, Fayetteville, Fort Myers-Naples, Las Vegas, Middlesex, Monmouth, Morristown, Philadelphia, and Tampa-Saint Petersburg. The Company owns approximately 59 amplitude modulation (AM) and frequency modulation (FM) stations in 13 large- and mid-size markets in the United States. Its subsidiaries include Beasley Mezzanine Holdings, LLC, Beasley Media Group, LLC, Beasley Media Group Licenses, LLC and OutlawsXP, Inc.
Entercom Greensboro, LLC and Entercom License, LLC completed the acquisition of WBT-FM, WLNK-FM, WBT-AM, WFNZ-AM radio stations and an FM translator in Charlotte from Beasley Broadcast Group Inc..