Beasley Q4 Net Revenue Rises 29.1% to $75.6M
|RADIO ONLINE | Monday, February 11, 2019|
Beasley Broadcast Group, Inc. today announced operating results for the three-month and twelve-month periods ended December 31, 2018.
As previously reported, on May 1, 2017, the Company completed the sale of six stations in Greenville-New Bern-Jacksonville, and on December 19, 2017, Beasley completed an asset exchange transaction whereby the Company exchanged its Boston adult contemporary station WMJX-FM and $12.0 million for Boston's sports station WBZ-FM. On September 27, 2018, Beasley completed the acquisition of WXTU-FM in Philadelphia from Entercom Communications Corp. for $38.0 million. Prior to the acquisition closing, on July 23, 2018, the Company began operating WXTU-FM under a local marketing agreement ("LMA"). During the term of the LMA, the Company included net revenues and station operating expenses, including the associated LMA fee from operating WXTU-FM, in its consolidated financial statements.
The results presented herein reflect the operations and results from WBZ-FM in the three and twelve months ended December 31, 2018 and WMJX-FM in the three and twelve months ended December 31, 2017, prior to its divestiture. The results also reflect a full quarter's contribution from WXTU-FM in the three months ended December 31, 2018 and approximately five months of contribution from WXTU-FM in the twelve months ended December 31, 2018 and four months of contribution from the Greenville-New Bern-Jacksonville stations in the twelve month period ended December 31, 2017. The pro-forma revenue for the three months ended December 31, 2018 compared to the same period in 2017 presented herein reflects the exchange in Boston and the acquisition of WXTU-FM.