It began with a phone call. Beasley Broadcast Group Interim CEO and CFO Caroline Beasley called Greater Media Chairman and CEO Peter Smyth asking if the Bordes family would be interested in a deal.
Caroline Beasley told RBR+TVBR in an interview there were several meetings since November and teams of people working especially late and on weekends in the last month to get the $240 million finalized. They signed the transaction papers Tuesday afternoon.
“Even though we’re a public company, we’re a family owned company. I think the fact that both of our companies are family-owned businesses, we have a true passion for radio and want to see radio continue to be a vibrant business” probably contributed to what about the deal attracted the Bordes family, she said.
Smyth told RBR+TVBR the Bordes family “wanted to make sure their father’s legacy is protected” as well as having a “great respect” for the Beasley family and felt it was a good time to exit the business.
At a basic level, getting larger as a company “helps us in terms of our digital assets, reach” and the number of people.
“We have to change in order to compete effectively going forward,” she said.
Her father is “over the moon” about the deal and Caroline Beasley credits company founder George Beasley for giving his children his confidence and inspiration “and passion for radio.”
“Just by working with him for 30+ years,” he’s provided the framework for this kind of a deal, Beasley said.
One broker told us the deal is a positive event to see two “heritage groups” combining their strength.
Caroline Beasley stressed: “We’re so honored to be able to purchase Greater Media. It is a great, great company run by very professional people. We’re honored and humbled.”