Florida Broadcaster Acquires Magic 106.7, Radio 92.9 Owner
There’s another shakeup in the Boston radio landscape, and for once, it isn’t Jam’n 94.5’s morning show.
Braintree-based Greater Media, which owns Magic 106.7 FM and Radio 92.9 FM, has been acquired by Beasley Broadcast Group, headquartered in Naples, Florida, for roughly $240 million, the Boston Business Journal reports.
Greater Media, whose portfolio includes 16 stations across Philadelphia, New Jersey, Charlotte, and Detroit, also owns Boston’s Country 102.5, hip hop and R&B station Hot 96.9, and classic rock station WROR 105.7. Beasley currently owns one Boston station, WRCA 1330 AM, which has an ethnic and religious focus.
“This transaction will create a powerful union of two outstanding companies with successful, family-owned roots,” Carol Beasley, chief financial officer and interim chief executive officer, wrote in a letter to employees. “It is exceedingly rare for radio companies to claim this kind of growth in one transaction. As Beasley expands its footprint, we will broaden our broadcasting and digital platforms significantly, and boost our company’s breadth and depth.”
Beasley will pay $100 million in cash and $25 million in stock, while sharing net proceeds of the sale of Greater Media’s radio owners, an expected $20 million. Beasley, publicly traded on the Nasdaq, will also refinance Greater Media’s debt.
“Our employees have provided the skills and talent necessary to drive our ongoing growth and success over the years and we are proud of this heritage,” Greater Media CEO Peter Smyth said in a statement. “I am thankful for their hard work and dedication and am confident they will continue to make many valuable contributions as part of a larger organization.”
The deal still awaits approval from federal regulators, which may require Beasley to divest from some of its stations in Charlotte.