The Board of Directors at Beasley Broadcast Group, which trades under the BBGI symbol, has declared a quarterly cash dividend of $0.045 per share of its Class A and Class B common stock.
The dividend is payable on October 7, 2016, to shareholders of record on September 30, 2016.
While Beasley intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.
Celebrating its 55th anniversary, Beasley was founded in 1961 by George G. Beasley, the company’s Chairman/CEO. It owns and operates 34 FM and 18 AM stations in twelve large- and mid-size markets.
In July 2016, Beasley entered into an agreement to acquire Greater Media and its 21 radio stations in seven markets, including four in Detroit, MI; Middlesex, NJ; Monmouth-Ocean, NJ; and Morristown, NJ and three in markets where Beasley has existing operations (Philadelphia, PA; Boston, MA; and Charlotte, NC).
Beasley intends to divest certain radio stations in Charlotte, NC to obtain FCC approval of the proposed transaction.