Beasley is Acquiring Greater Media


Beasley Broadcast Group, Inc.Greater Media, Inc.Last night came word that Beasley Broadcast Group and Greater Media have reached an agreement for Beasley to acquire the Braintree, Massachusetts-based Greater Media. Beasley would acquire Greater Media’s outstanding stock for about $240 million.

Under the terms, Greater Media shareholders would receive about $100 million in cash and some $25 million in shares of the company’s Class A common stock at a fixed value of $4.61 per share.

In exchange, Greater Media shareholders would receive the net cash proceeds from the sale of the company’s towers which are pegged at about a $20 million value. Beasley would refinance about $80 million of Greater Media debt.

Beasley would gain 21 new radio stations in seven markets. Four of those markets would be new for Beasley: Detroit, Middlesex, NJ, Monmouth, NJ and Morristown, NJ.