Beasley to Divest Six Outlets in Greenville-New Bern

RADIO ONLINE | Friday, February 3, 2017 | 12:39pm CT

Beasley Broadcast Group has agreed to sell WNCT-AM, WNCT-FM, WSFL-FM, WIKS-FM, WMGV-FM and WXNR-FM serving Greenville-New Bern-Jacksonville, NC, for $11 million in cash to CMG Coastal Carolina, a subsidiary of Curtis Media Group. Beasley intends to use proceeds from the divestiture to reduce debt. CMG Coastal Carolina, which is affiliated with Curtis Media Group, intends to spin-off WNCT-FM to Inner Banks Media LLC.

Beasley Broadcast Group CEO Caroline Beasley commented, "Since the company's founding in 1961, Beasley has established a long-term record of successfully optimizing its station portfolio through both strategic acquisitions and divestitures to drive returns for our shareholders. Last November we completed the accretive acquisition of Greater Media, adding 17 stations (net of divestitures) and four attractive new markets to our operating footprint."

She continued, "We are making continued progress with the integration of the new stations as we apply our proven strategies that focus on strong core programming and targeted localism to support ratings and market leadership. We are confident that the stations being divested will continue to offer listeners in Greenville-New Bern-Jacksonville great local programming."

The sale of the six Greenville stations, expected to be completed in the second quarter of 2017, is subject to FCC approval. Michael Bergner of Bergner and Company served as the broker in the transaction.