As expected, the Beasley purchase of Greater Media closed Tuesday. It was July 19 when Beasley announced it was purchasing the 21 Greater Media stations in seven markets for $240 million. Last month, Beasley divested four stations in Charlotte to Entercom for $24 million. Interim CEO & Chief Financial Officer Caroline Beasley sent out the following letter, welcoming the former Greater Media employees into their new company.
Dear Beasley Media Group family,
It is my great honor to share with you that we have officially closed on the transaction with Greater Media, Inc. Please join me in welcoming our new employees to the Beasley Media Group family.
This transaction joins two family-founded companies that have always taken great pride in serving our communities into a brand new, multi-platform broadcast and digital company that will expand our united presence in the radio industry. We will be working together to significantly broaden our reach, our scale and our revenue base.
Of course, this deal has demanded the highest level of dedication, focus and teamwork. I am grateful to our founder and Chairman George Beasley, our President Bruce Beasley, and our COO Brian Beasley. They, along with our tireless corporate team members, have dedicated every single day since our acquisition announcement to ensure this successful closing. I’d like to extend my sincere thanks to Joyce Fitch and Marie Tedesco, who have worked days, nights and weekends during these last several months.
Today, I thank each and every one of you for creating and sustaining the continued success of Beasley Media Group. I invite you to remember this day, to share in our joy, and to celebrate this longstanding, outstanding radio company.
We hope to perform beyond your expectations, provide leadership with extraordinary vision, and ensure that you will have a future that is brighter than ever, at Beasley Media Group.
Interim CEO & Chief Financial Officer