Being able to spin off four stations to Entercom in Charlotte for $24 million as part of the Greater Media transaction will play a big part in helping Caroline Beasley bring down the company’s debt. And that’s what she plans to use that money for. Keeping debt low is why Beasley says the outlook for more growth is attractive.
Beasley told investors on Wednesday’s earning call that the company is an industry leader based on its disciplined approach. “We have a prudent track record of reducing leverage. Our goal is to be under 4X by the end of next year.” Beasley also called the Greater Media purchase “a transformational growth opportunity and an inflection point in Beasley’s 55-year history.”
She also said that Greater Media had about $8 million in corporate overhead and only about $3 million of that will be coming over to Beasley. There has been only one announcement of a corporate employee moving over to the bigger Beasley family. Buzz Knight was named corporate VP of Programming back on October 26.
