Entercom Swaps 98.5 The Sports Hub Boston To Beasley For Magic 106.7
WBZ-FM will join a Beasley cluster that includes Alternative “Alt 92.9” WBOS, Rhythmic Hot AC “Hot 96.9” WBQT, Country 102.5 WKLB, Classic Hits 105.7 WROR, and Brokered Business 1330 WRCA/106.1 W291CZ.
Entercom will add WMJX to its mix of former CBS Radio and Entercom stations that include Sports 93.7 WEEI-FM, CHR “103.3 Amp Radio” WODS, Hot AC “Mix 104.1” WBMX, Rock 107.3 WAAF, Sports “ESPN Radio 850” WEEI and WEEI-FM simulcast 1440 WVEI.
Both companies will take over operations of their acquired stations via LMA when the CBS Radio/Entercom merger closes.
Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or
“the Company”), a large- and mid-size market radio broadcaster, announced today that it entered into an asset exchange agreement with Entercom Communications Corp. (NYSE: ETM) (“Entercom”), whereby Beasley will exchange WMJX-FM, 106.7MHz Boston and $12 million cash for WBZ-FM, 98.5 MHz Boston. In addition, pursuant to a local marketing agreement, Entercom will begin operating WMJX-FM upon the completion of its pending merger with CBS Radio.
The planned asset exchange highlights Beasley’s focus on premium local programming and content and is complementary to the Company’s five other radio stations and digital operations in the Boston market, the tenth largest designated marketing area in the country.
Commenting on the proposed transaction, Caroline Beasley, Chief Executive Officer said, “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 agreement to add WBZ-FM to our portfolio addresses all of these strategic objectives as, upon completion, we will complement our already strong Boston market presence and content with the market’s best and most listened-to professional sports programming.
“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 will further diversify 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.
“Boston fans love their strong local teams and 98.5 The Sports Hub was the first Boston FM Sports Talk Radio Station to address this interest. Not only is The Sports Hub the flagship station for the New England Patriots, the Boston Bruins, the Boston Celtics and the New England Revolution, but it also features an outstanding line-up of on-air talent to keep Boston sports fans on top of all of their favorite teams every day, at any time and on any device.
“The asset exchange is expected to be accretive to the Company at closing. Overall, we believe this transaction represents another unique and innovative means for Beasley Broadcast Group to enhance shareholder value.”
The transaction is expected to close in the first quarter of 2018, subject to Federal Communications Commission approval and other customary closing conditions.