Beasley Broadcast Group Closes on WDMK Detroit for $13.5M
|RADIO ONLINE | Friday, August 30, 2019|
Beasley Broadcast Group has closed on its previously announced acquisition of 20kW Urban WDMK-FM (105.9 Kiss FM) and three translators in Detroit from Urban One for $13.5 million. Beasley also owns Classic Rock WCSX, Rhythmic AC WMGC and Active Rock WRIF there. Beasley funded the acquisition through borrowings under its credit facility and cash generated from operations.
Commenting on the transaction when it was announced, CEO Caroline Beasley said, "The accretive acquisition of WDMK-FM significantly enhances our revenue and competitive position in Detroit. Detroit is undergoing an exciting renaissance as a result of billions of dollars of new investments in the city's residential, commercial, entertainment and cultural centers, all of which are driving new residents, businesses, tourists, employment and economic activity."
She added, "We look forward to realizing the strategic benefits of the WDMK-FM transaction in 2020 as we continue to advance our initiatives focused on leveraging our premium local programming and brands, while aggressively rolling out our digital offerings and distribution capabilities to reinforce and grow Beasley's leadership position across all audio platforms in our markets."
Michael J. Bergner of Bergner & Co. brokered the transaction.