Beasley Media Group has released its Q4 2025 and year-end financial report.
Beasley noted that for the year of 2025, net revenue dropped from $240.3 million in 2024 to $205.9 million in 2025. Operating income netted a loss of 229.7 million following a profit of $13.1 million in 2024, while its net loss for the year was 196.5 million. Adjusted EBITDA was $10.5 million. The company attributes the loss primarily to a non-cash FCC license impairment charge of $224.8 million, reflecting the company’s updated assessment of the fair value of its broadcast licenses in light of continued secular pressures on the radio industry, as well as $1.7 million in other operating expenses.
The company highlighted that for the year, local revenue, including digital packages sold locally, accounted for 72% of net revenue. Revenue from new business accounted for 13% of net revenue. Digital revenue increased 5.9% year-over-year to $49.5 million, or 21.0% on a same-station basis to account for 24.0% of net revenue
Beasley CEO Caroline Beasley commented:
2025 was a year of meaningful transformation for Beasley. Against a persistently challenging advertising environment — marked by continued secular pressure on traditional audio and the ongoing contraction of agency-driven revenue channels — we made tangible progress reshaping this company for long-term value creation. Our digital business delivered record performance, with digital revenue representing approximately 24% of net revenue, up from roughly 19% of net revenue in 2024, and digital segment operating margins reached record levels as our continued shift toward owned-and-operated and programmatic products gained traction across our markets.
Operationally, we have fundamentally restructured the cost profile of this business. Over the past 18 months, we have executed approximately $30 million in annualized cost reductions — permanent, structural changes that reflect a leaner and more focused organization built for today’s revenue environment.
We also took deliberate steps to strengthen our balance sheet and sharpen our portfolio. The sale of WPBB in Tampa, which closed in the third quarter of 2025, and the subsequent sale of our Fort Myers market earlier this year, together generated approximately $26 million in proceeds and reflect our continued focus on concentrating capital behind our highest-performing, highest-potential assets.
Building on this progress, we recently announced a debt exchange transaction with our second lien bondholders, pursuant to which we expect to reduce our second lien debt by approximately 50% and repay roughly $15 million of our first lien debt. Upon completion of the transaction, which is subject to bondholder participation and expected to close by the end of April, we anticipate total outstanding debt will be reduced to approximately $110 million from $220 million today. We believe this transaction will meaningfully strengthen our balance sheet, enhance financial flexibility, and better position the Company to execute on its strategic priorities. Following its completion, our focus will shift toward further deleveraging through EBITDA growth and continued portfolio optimization.
We remain focused on what we can control — our cost structure, our digital roadmap, our direct local revenue relationships, and the strength of our brands in every market we serve.
