Beasley Divests Greenville, NC
• Beasley Media Group, Inc. has entered into an asset purchase agreement to sell WNCT-AM, WNCT-FM, WSFL-FM, WIKS-FM, WMGV-FM and WXNR-FM/Greenville-New Bern-Jacksonville, NC, to CMG Coastal Carolina, LLC, a subsidiary of Curtis Media Group, for $11 million in cash. Beasley intends to use that dough to reduce debt. CMG Coastal Carolina already announced it intends to spin-off WNCT-FM to Inner Banks Media, LLC.
Caroline Beasley, CEO of Beasley Broadcast Group, commented, “Last November we completed the accretive acquisition of Greater Media, adding 17 stations (net of divestitures) and four attractive new markets to our operating footprint. We are making continued progress with the integration of the new stations as we apply our proven strategies that focus on strong core programming and targeted localism to support ratings and market leadership. We are confident that the stations being divested will continue to offer listeners in Greenville-New Bern-Jacksonville great local programming.”
The sale of the six stations should be completed in Q2 and is subject to the usual FCC approval and other closing conditions. Michael Bergner of Bergner and Company served as the broker in the transaction.
