Beasley Sells Pair In Vegas, Moves Coyote Format To 102.7
May 29, 2009 at 11:22 AM (PT)
BEASLEY BROADCAST GROUP is selling two stations and the format and calls of another to ED STOLZ' SILVER STATE COMMUNICATIONS LLC for $15.25 million cash. BEASLEY is selling Classic Country-Sports (transitioning to all-Sports) KBET-A and the signal and frequency of Country KCYE (104.3 THE COYOTE)/LAS VEGAS to SILVER STATE, but is also selling the format and calls of Top 40 KFRH (102.7 NOW FM). BEASLEY will retain the KCYE calls and COYOTE format and will move then to the present 102.7 FM facility of KFRH, which it will also retain.
Chairman and CEO GEORGE BEASLEY said, "This transaction reflects our long-term commitment to the LAS VEGAS market as well as our focus on further de-leveraging our balance sheet. Upon completion of the transaction, Beasley Broadcast Group, Inc. will own three stations in Las Vegas, including COYOTE COUNTRY 102.7 KCYE-FM, Classic Hits 96.3 KKLZ-FM, and NewsTalk 720 KDWN-AM. Notwithstanding the current economic and market challenges, we continue to believe that LAS VEGAS remains one of the most vibrant and promising radio markets in the country and that our cluster will be well positioned as the economy and industry rebounds."
STOLZ added, "The acquisition of KBET-AM and KFRH-FM marks SILVER STATE's entree into the LAS VEGAS market, the nation's 33rd largest radio market when ranked by revenue. We look forward to offering LAS VEGAS listeners entertaining programming and local and national advertisers effective on-air and online marketing solutions."
MICHAEL J. BERGNER of BERGNER AND CO. served as broker for the deal.