Beasley Media Group is pulling out of the Diamond State. The company is selling its lone signal in Wilmington, DE, WJBR, to Christian broadcaster VCY America for $5 million. The sale of the station marks a significant devaluation compared to its previous sale price of $42 million in 2007.
Known as Mix 99.5, WJBR was founded in January 1957 and was an early standalone FM station. The station’s history includes changing hands from its first owner, John B. Reynolds, to Commodore Media, Capstar, NextMedia Group, and finally Beasley Media Group. It has historically served Delaware and some parts of Pennsylvania, but has never been considered a part of Beasley’s Philadelphia station group.
The deal was brokered by Michael J. Bergner. The transaction includes a 10% escrow deposit held at Truist Bank. Legal counsel for the deal involved Sally Buckman of Lerman Senter for Beasley and Kathryne Dickerson of Wiley LLP for VCY America.
