Beasley Media has announced it is selling their Greenville-New Bern-Jacksonville NC stations to Curtis Media Group for $11 million.
Curtis subidiary CMG Coastal Carolina will acquire Rock “99X” 99.5 WXNR Grifton, Urban AC “101.9 Kiss-FM” WIKS New Bern, Hot AC “V103.3” WMGV Newport, Classic Rock 106.5 WSFL New Bern, and Beach/Oldies 1070 WNCT Greenville. Classic Hits 107.9 WNCT-FM Greenville will be spun-off to Inner Banks Media for an undisclosed amount.
Beasley intends to use the proceeds from the sale to reduce debt created from its acquisition of Greater Media. Inner Banks, which will acquire WNCT-FM owns four FMs in the market.
Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (the “Company”), a large- and mid-size market radio broadcaster, announced today that 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, which serve the Greenville-New Bern-Jacksonville, North Carolina market, for $11 million in cash to CMG Coastal Carolina, LLC, a subsidiary of Curtis Media Group. Beasley Broadcast Group intends to use proceeds from the divestiture to reduce debt. CMG Coastal Carolina, which is affiliated with Curtis Media Group, intends to spin-off WNCT-FM to Inner Banks Media, LLC.
Caroline Beasley, Chief Executive Officer of Beasley Broadcast Group, commented, “Since the Company’s founding in 1961, Beasley has established a long-term record of successfully optimizing its station portfolio through both strategic acquisitions and divestitures to drive returns for our shareholders. 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 Greenville-New Bern-Jacksonville stations, expected to be completed in the second quarter of 2017, is subject to FCC approval and other customary closing conditions. Michael Bergner of Bergner and Company served as the broker in the transaction.