Beasley Broadcast Group announced today that it completed the previously announced asset exchange with Entercom Communications, whereby Beasley exchanged WMJX (106.7)/Boston and $12 million cash for WBZ (98.5)/Boston.
Caroline Beasley, Chief Executive Officer of Beasley Broadcast Group, commented, “The addition of WBZ-FM to our broadcast portfolio highlights Beasley’s focus on premium local programming and content and is complementary to our five other radio stations and digital operations in the Boston market. Throughout Beasley Broadcast Group’s 56 year history, we have actively managed our station portfolio with the goal of serving the communities where we operate with the best local programming and brands, diversifying our operations, managing risk and improving financial results. The addition of WBZ-FM to our portfolio addresses all of these strategic objectives as it strengthens our company’s presence and commitment to locally originated content in the Boston market.” She continued, “Focusing on strong core programming and targeted original local content is the foundation of Beasley’s operating strategy and has proven vital to the Company’s long-term ratings strength and success. Professional sports are unique in that strong bonds are formed between local fans across multiple generations based on shared traditions and a continued passion for their teams. This transaction further diversifies our Boston market content offerings with marquee sports programming and live game broadcasts of several of the most prominent and competitive professional sports teams in the country.”
Beasley concluded, “The asset exchange is also expected to be accretive to the company’s financial results and represents another unique and innovative means for Beasley Broadcast Group to enhance shareholder value. We look forward to leveraging our knowledge of the Boston market for the benefit of WBZ-FM listeners while creating an even stronger marketing platform for local area advertisers and businesses.”
