Acquisition Of Greater Media Makes Beasley The Ninth Largest U.S. Radio Company
September 8, 2016 at 4:42 AM (PT)
In a "Lender Presentation," BEASLEY BROADCAST GROUP charts the future of the company, now the 9th largest U.S. radio group by revenue, after acquiring GREATER MEDIA. The company detailed the agreement in cash and stock with GREATER MEDIA, explained how the transaction "is a strategically and financially transformative event for BEASLEY," required asset divenitures in CHARLOTTE, and how repayment of both companies' existing debt and cash consideration will be financed "with a new $285 million Senior Secured Credit Facility."
BEASLEY also explained how it expects to save $7.1 million in “cost synergies.” Those include "reduced headcount" and "benefits."
Read the full SEC filing here.