NAPLES, Florida, October 24, 2014 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley,” “Beasley Broadcast” or the “Company”), a large- and mid-size market radio broadcaster, today announced operating results for the three and nine month periods ended September 30, 2014.
On October 1, the Company entered into an Asset Exchange Agreement with CBS Radio whereby Beasley will exchange a total of five radio stations in the Philadelphia and Miami-Fort Lauderdale markets for a total of fourteen CBS Radio stations in the Tampa-St. Petersburg, Charlotte and Philadelphia markets. As a result of the proposed transaction, the Company is required to report the stations that CBS Radio will assume ownership of as “discontinued operations” on its income statement and as “assets held for sale” on its balance sheet. Read More…
