Beasley to Acquire Greater Media’s 21 Stations in Seven Markets for $240 Million. The two communications firms surprised the industry last night with an end-of-the-workday announcement that Beasley Broadcast Group, Inc. will acquire Greater Media, Inc. The deal is being structured so that Beasley will acquire all of the outstanding stock of Greater Media for an “aggregate consideration of approximately $240 million, subject to adjustments.” Greater Media shareholders are expected to receive approximately $100 million in cash and approximately $25 million in shares of the company’s Class A common stock (at a fixed value of $4.61 per share). In addition, the shareholders of Greater Media will receive the net cash proceeds from the sale of its tower assets, estimated to be approximately $20 million. Beasley will refinance approximately $80 million of debt of Greater Media. The deal will add Greater Media’s 21 radio stations to Beasley’s portfolio and gives Beasley entrance into the major market of Detroit with rock WRIF, classic rock WCSX, and classic hip hop and R&B WMGC. It seriously beefs up its Boston presence by adding five stations to current property ethnic WRCA-AM. Those stations are: classic hits WROR, country WKLB, rhythmic AC WBQT, adult contemporary WMJX, and alternative WBOS. It bolsters Beasley’s Philly and Charlotte holdings with the addition of sports talk WPEN, classic rock WMGK, rock WMMR, and adult hits WBEN in the former and news/talk WBT-AM/FM and hot AC WLNK in the latter. Beasley will be over the station ownership limit in Charlotte and will have to divest a couple of FM signals. Six New Jersey stations are also part of the package. Beasley says it intends to fund the acquisition through borrowings under a new credit facility that it expects to enter into in connection with the closing of the acquisition, together with cash and cash equivalents available to the company and the issuance of Class A common stock as described above. RBC Capital Markets and U.S. Bank have provided committed financing in support of the acquisition. Upon closing, Beasley’s portfolio of stations that it owns and operates will expand to 73 stations (52 FM and 21 AM) in 16 markets. BBG interim CEO and CFO Caroline Beasley says, “The acquisition of Greater Media’s broadcasting and related digital assets represents a transformational growth opportunity for Beasley and is strategically and financially compelling for our shareholders. The transaction increases our broadcast portfolio by approximately 40% and more than doubles our audience reach, giving us both market leading stations and great brands.”
WPHT, Philadelphia Personalities Report from RNC. Covering the Republican National Convention this week are WPHT, Philadelphia personalities Chris Stigall (AM drive) and Rich Zeoli (PM drive). Zeoli tells TALKERS magazine that on Tuesday, the CBS Philadelphia booth drew a big crowd as Breitbart’s Milo Yiannopoulos and author and conservative pundit Ann Coulter joined him for the entire 5:00 pm hour, live from media row (pictured at right). This interview happened just before Yiannopoulos was permanently suspended from Twitter for comments he made about Ghostbusters actress Leslie Jones. Meanwhile, Chris Stigall has been pulling double duty at the RNC, first hosting his morning show from 6:00 to 9:00, then serving as a correspondent for the company’s KYW-TV “CBS3” live from the convention floor for the station’s evening news (pictured above).
Rumors of Possible FOX News Talent Exodus If Ailes Forced Out. Coming on the heels of widespread media reports of Fox News chief Roger Ailes’ potential ouster from his long-held position, is a report in Breitbart that indicates some of Ailes’ faithful talent at FNC would be willing to follow him out the door, ostensibly to start a new, competing network. Ailes is being accused by former FNC personality Gretchen Carlson of sexual harassment. Other reports indicate Megyn Kelly has also said Ailes harassed her. The Breitbart piece states that the FNC talent referenced includes Bret Baier, Shepard Smith, Sean Hannity, Greta Van Susteren, and, possibly Bill O’Reilly. However, the piece concludes by saying none of the report is certain and that the situation could change quickly. Read it here.
The Presidential Race/Republican National Convention, Baton Rouge Cop Slayings, Black Lives Matter Movement, Turkey Coup Attempt, Twitter Bans Milo Yiannopoulos, FOX News-Ailes Case, Rio Olympics Troubles, and Garry Marshall Dies Among Top News/Talk Stories Yesterday (7/19). The activities of presidential candidates Hillary Clinton and Donald Trump tied with the action at the Republican National Convention; the aftermath of the slaying of three Baton Rouge police officers; criticism of the Black Lives Matter movement; the failed attempt to overthrow Turkey’s President Recep Tayyip Erdoğan; conservative media figure Milo Yiannopoulos is banned from Twitter after attacks on Ghostbusters actress Leslie Jones; the controversy surrounding Roger Ailes’ status with FOX News; the problems facing Rio De Janeiro as it prepares to host the Olympics; and the death of television’s Garry Marshall were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Odds & Sods. At the Tulsa operations of Cox Media Group, Mary Garcia is promoted to digital sales manager. In this role, Garcia will work directly with the Cox Local Solutions team, a collaborative effort between Tulsa TV, its six radio stations, and its cable platform. She joined the company 16 months ago as a digital sales specialist. In Tulsa, CMG operates news/talk KRMG-AM/FM, country KWEN “K95.5,” adult contemporary KRAV “Mix 96,” classic rock KJSR “The Eagle 103.3,” and contemporary Christian K289CC “Spirit 105.7.”…..Cumulus Media fills the 6:00 pm to 8:00 pm slot on sports talk WJOX-FM, Birmingham with Alabama natives Joe Hunk and Jon Lunceford. Their new show – “JOX Primetime” – replaces the previous 6:00 pm to 9:00 pm show hosted by Matt McClearin and Scot Harrison…..The NHL’s Florida Panthers and CBS RADIO’s sports talk WQAM, Miami have reached a multi-year contract extension to continue to broadcast play-by-play of Panthers games. Doug Plagens and analyst Bill Lindsay return to the broadcast booth…..Futuri Media announces that broadcast news pro Jill Manuel is joining the company as director, TopicPulse partnership development. The company says her “expertise with broadcast newsroom digital integration and successful history blending compelling journalism and engagement will provide a unique and specialized strategic resource for Futuri’s TopicPulse partners.”
Radio and TV Pro Pat O’Brien New Host of ‘Business Rockstars.’ The “Business Rockstars” media franchise has a new feature talent as radio and television pro Pat O’Brien becomes lead anchor. The company says O’Brien will play an “integral role in the newly revamped daily show that targets the 30 million entrepreneurs and ‘wantrepreneurs’ interested in starting and growing a business.” The company also notes that “Business Rockstars” is available on TV in more than 40 million homes and airs in 150 radio markets. Plus it’s streamed on numerous digital and social media platforms. O’Brien will join a team of hosts including five-time Emmy award winning TV news anchor Thuy Vu, best-selling author and entrepreneur Mark Lack, and correspondents Laurel Mintz (CEO of Elevate My Brand), Darren Kavinoky (“Investigation Discovery” host), Rachel McCord (The McCord List), James Sun (BBC TV’s “Sun Tzu’s ART OF WAR”), and Jessica Naziri (tech expert and content strategist). Business Rockstars chairman and co-founder Steve Lehman says, “Pat is a long-time friend and one of the greatest broadcasters on the planet. He brings a fresh new approach to business interviews with some of the world’s biggest CEOs, disruptors, and entrepreneurs. From hosting six Olympics, to anchoring “Access Hollywood” and “The Insider,” Pat brings a unique perspective in his approach and style to “Business Rockstars.”