RadioInsight

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Inner Banks Takes It Easy In Greenville NC

Posted: 20 Jul 2016 11:46 AM PDT
https://radioinsight.com/blog/headli...greenville-nc/



Inner Banks Media has flipped Variety Hits G97.9 W250CJ Winterville/94.3
WRHD-HD2 Farmville NC to Soft AC Easy 97.9.

The new format is positioning itself as Songs You Know, By Artists You Love
with hits from the 70s through today. Core artists are being listed as Rod
Stewart, Elton John, Celine Dion, Adele, The Bee Gees, Billy Joel, Michael
Buble, Bryan Adams, Chicago, The Eagles, and Eric Clapton.

The wide-ranging Greenville-New Bern-Jacksonville market which W250CJ is
part of has not had a Mainstream AC since Beasley Medias V103.3 WMGV segued
to Hot AC. The new format positions the translator between WMGV and sister
Classic Hits 107.9 WNCT.



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Zoe Communications Acquires Five In Wisconsin

Posted: 20 Jul 2016 07:11 AM PDT
https://radioinsight.com/blog/headli...-in-wisconsin/



Michael Obergs Zoe Communications is doubling in size with the acquisition
of five Wisconsin stations from Red Rock Radio.

Zoe will acquire Country Muskie 101.1 WHSM-FM Hayward, Variety Hits Mix 105
104.9 WLMX-FM Balsam Lake, Sports 105.7 The Fan WXCX Siren, Sports Red Zone
910 WHSM Hayward, and Sports Red Zone 1260 WXCE Amery for an undisclosed
amount.

Zoe currently owns four stations and two translators in Northwest
Wisconsin. Red Rock will retain its twenty radio stations in Minnesota and
seven television stations in Duluth and the Dakotas. Kalil Co. served as
broker of the deal.



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Jerry Padden Named WLEV PD; Sets New Lineup

Posted: 20 Jul 2016 06:58 AM PDT
https://radioinsight.com/blog/headli...ts-new-lineup/



Cumulus AC 100.7 WLEV Allentown PA has named Jerry Padden as its new
Program Director.

Padden already serves as cluster OM and PD/afternoon host of sister Cat
Country 96 WCTO Easton and fills the position previously filled by Laura
St. James prior to her exit last week. Padden has been with WCTO since
2004, rising to PD in 2011. He previously spent 22 years at Entercom CHR
98.5 WKRZ Scranton including a run as Program Director.

Along with Paddens appointment, WLEV is restructuring its on-air lineup.
Josh Guers moves from mornings to fill St. James previous afternoon shift.
Co-host Scott Evans will remain in mornings while a search for a new
co-host begins. Kelly K remains in middays.

Cumulus Media announces thatÂ*it has appointed broadcasting professional and
Cumulus Media-Allentown-Bethlehem-Easton Operations Manager Jerry Padden to
Program Director of 100.7 LEV/WLEV-FM. Padden will continue to program
sister station CAT Country 96/WCTO-FM and will retain his Operations
Manager duties for Cumulus Media’s Allentown-Bethlehem-Easton station group.

Cumulus concurrently announces a new weekday programming line-up for
WLEV-FM. Beginning immediately, on-air personality Josh Guers returns to
100.7 LEV as host of Afternoon Drive, while Scott Evans continues as host
of Mornings, followed by Kelly K, who fills the Midday shift. A search will
be underway shortly to find an AM Drive co-host.Â*

Mike McVay, Senior Vice President, Content and Programming, Cumulus Media
said: It is a rare opportunity when a programmer of Jerry Paddens skill
level is available, let alone in-house. We consider ourselves blessed to be
able to use Jerry on both WCTO and WLEV.Â*

Elizabeth Pembleton, Vice President/Market Manager of Cumulus
Media-Allentown-Bethlehem-Easton, said: “Jerry has demonstrated a strong
commitment to our Cumulus FORCE Values.Â*Over the last decade, I’ve had the
opportunity to work side by side with him in Allentown and witnessed his
commitment to both brand strategy and client support.Â*He is a veteran, with
a history of fostering talent, delivering exceptional product and
generating revenue opportunities. “

Â*

Padden said: Id like to thank Elizabeth Pembleton, Ron Giovanniello, Gary
Pizzati and Mike McVay for their confidence to lead the programming efforts
in Allentown. Our goal is to keep our brands a strongÂ*FORCE in the Lehigh
Valley!




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Beasley Acquires Greater Media

Posted: 19 Jul 2016 02:52 PM PDT
https://radioinsight.com/blog/headli...greater-media/



Beasley Media has announced it has agreed to acquire Greater Media and its
21 stations for $240 million.

Greater Media stockholders will receive $100 million in cash and a 19%
stake in Beasley. The deal will temporarily grow Beasley to 73 stations in
16 markets, although multiple stations in Charlotte NC will need to be
divested to get Beasley back under the ownership limits in that market. It
makes Beasley the ninth largest radio operator based on 2015 revenue
projections.

The deal combines Beasleys brokered AM operations in Boston and
Philadelphia with Greater Medias FM stations while the company enters
Detroit and the three suburban New Jersey markets
(Middlesex/Somerset/Union, Monmouth/Ocean, and Morristown). Both companies
have clusters in Charlotte.

The newly acquired Beasley stations a

Boston: Alternative Alt 92.9 WBOS, Rhythmic Hot AC Hot 96.9 WBQT, Country
102.5 WKLB, Classic Hits 105.7 WROR, and AC Magic 106.7 WMJX (Beasley owns
Brokered 1330 WRCA)

Charlotte: Hot AC 107.9 The Link WLNK and News/Talk 1110 WBT/99.3 WBT-FM
(Beasley owns CHR Kiss 95.1 WNKS, Urban Power 98 97.9 WPEG, Urban AC V101.9
WBAV, Country 103.7 WSOC, AC K104.7 WKQC, Sports 610 The Fan WFNZ and
Conservative Talk 1660 WBCN)

Detroit: Classic Rock 94.7 WCSX, Rock 101.1 WRIF and Classic Hip-Hop 105.1
The Bounce WMGC

Middlesex/Somerset/Union: AC Magic 98.3 WMGQ and Talk 1450 WCTC

Monmouth/Ocean: Rock 95.9 The Rat WRAT and Classic Hits 100.1 WJRZ

Morristown: Rock 105.5 WDHA and Oldies 1250 WMTR

Philadelphia: Rock 93.3 WMMR, Variety Hits 95.7 Ben-FM WBEN-FM, Sports 97.5
The Fanatic WPEN-FM and Classic Rock 102.9 WMGK (Beasley owns Sports 610
WTEL, Christian 800 WTMR, Brokered Talk 860 WWDB and AC 99.5 WJBR in the
adjacent Wilmington DE market)

Greater Media exits radio for the first time since its founding in 1956.
Pre-consolidation the company included stations in Los Angeles, Washington
DC, and Long Island as well as holdings in print, cable television, and
telephone. The company currently owns 10 weekly newspapers in New Jersey,
but no word yet on if they are included in the Beasley acquisition.

Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“the Company� or “Beasley�),
a large- and mid-size market radio broadcaster, and Greater Media, Inc.
(“Greater Media�) today announced that they have entered into a definitive
agreement pursuant to which Beasley will acquire all of the outstanding
stock of Greater Media for an aggregate consideration of approximately $240
million, subject to adjustments.

Under the terms of the agreement, Greater Media shareholders are expected
to receive approximately $100 million in cash and approximately $25 million
in shares of the Company’s Class A common stock (at a fixed value of $4.61
per share). In addition, the shareholders of Greater Media will receive the
net cash proceeds from the sale of its tower assets, estimated to be
approximately $20 million. Beasley will refinance approximately $80 million
of debt of Greater Media. In connection with the acquisition, Beasley will
initially acquire 21 radio stations in seven markets including four new
markets (Detroit, MI; Middlesex, NJ; Monmouth, NJ; and, Morristown, NJ) and
three markets where the Company has existing operations (Philadelphia, PA;
Boston, MA; and, Charlotte, NC).

Excluding transaction costs, the transaction is expected to be accretive to
Beasley’s operating results immediately upon closing (inclusive of expected
financial and operating synergies and the planned divestiture of certain
stations). Beasley intends to fund the acquisition through borrowings under
a new credit facility that Beasley expects to enter into in connection with
the closing of the acquisition, together with cash and cash equivalents
available to the Company and the issuance of Class A common stock as
described above. RBC Capital Markets and U.S. Bank have provided committed

The acquisition of Greater Media is expected to significantly broaden
Beasley’s local radio broadcasting and digital platform, scale and revenue
base by adding stations that are geographically complementary to the
Company’s operating base while presenting the opportunity for significant
financial and operating synergies with its existing station portfolio and
digital operations. Upon closing, Beasley’s portfolio of stations that it
owns and operates (prior to planned divestitures) is expected to expand to
73 stations (52 FM and 21 AM) in 16 markets.

Giving effect to the transaction on a pro forma basis as of December 31,
2015, Beasley’s net revenue would have increased from approximately $106
million to approximately $247 million. Beasley intends to divest certain
radio stations in Charlotte, NC to obtain FCC approval of the proposed
transaction.

Caroline Beasley, Interim Chief Executive Officer Chief Financial Officer
of Beasley Broadcast Group, commented, “The acquisition of Greater Media’s
broadcasting and related digital assets represents a transformational
growth opportunity for Beasley and is strategically and financially
compelling for our shareholders. The transaction increases our broadcast
portfolio by approximately 40% and more than doubles our audience reach,
giving us both market leading stations and great brands.

“Throughout Beasley Broadcast Group’s 55-year history, we have actively
managed our station portfolio with the goal of providing our local
communities with great entertainment and critical information, diversifying
our operations, managing risk and improving financial results. Similarly,

Greater Media and the Bordes family have a 60-year track record of serving
local communities and developing new technology and services to improve
media communications. A focus on strong core programming and targeted
localism has been the foundation of both companies’ operating philosophies,
ratings strength and market leadership. As such, we intend to implement our
proven strategy of focusing on local programming and effective digital
media marketing solutions across the two companies as well as best
practices from our existing operations with those from Greater Media.�

Greater Media Chairman and Chief Executive Officer Peter H. Smyth
commented, “We share with Beasley a common appreciation for the enduring
strength of local radio broadcasting and we are delighted that our stations
will become part of Beasley’s expanded footprint. As part of the Beasley
portfolio, we believe our stations will be positioned extremely well for
future growth and that our team members, customers and the communities we
serve will continue to thrive.

“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. 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. I look forward to working with the Beasley team to bring our
companies together to realize the power of this compelling combination and
ensure a smooth transition.�

The transaction, which has been approved by the boards of directors of both
Beasley and Greater Media, is subject to FCC approval and other regulatory
approvals (including the termination or expiration of the applicable
Hart-Scott-Rodino waiting period) and other customary closing conditions.

Upon completion of the transaction, expected in the fourth quarter of 2016,
Beasley shareholders and Greater Media shareholders will hold approximately
81% and 19%, respectively, of Beasley’s outstanding shares. In addition,
Greater Media shareholders will have the right to appoint one member to the
Beasley Board of Directors which will expand the size of the Board to nine
members.

RBC Capital Markets is acting as financial advisor to Beasley Broadcast
Group and Latham Watkins LLP is acting as its legal counsel. Rockdale
Partners is acting as financial advisor to Greater Media and Debevoise
Plimpton LLP is acting as its legal counsel.