This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Beasley Broadcast Group to Divest an AM and FM Station in Las Vegas for $15.25 Million Cash 2009-05-29 13:15 ET - News Release NAPLES, Fla. and LAS VEGAS, May 29, 2009 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI), a large- and mid-size market radio broadcaster, announced today it has entered into a definitive agreement with Silver State Communications LLC to sell KBET-AM 790 kHz and certain assets of KCYE-FM and KFRH-FM in Las Vegas for total consideration of approximately $15.25 million cash. Michael J. Bergner of Bergner & Co. acted as the exclusive broker in the transaction.
Under the terms of the agreement, in addition to acquiring KBET-AM, Silver State Communications will acquire the signal and frequency of KCYE-FM 104.3 MHz and certain assets of KFRH-FM 102.7 MHz. Beasley will retain ownership of the programming of KCYE-FM and, upon consummation of the transaction, will move the country music format of KCYE-FM, known as "The Coyote," to KFRH-FM's current dial position at 102.7 MHz.
Commenting on the agreement, Beasley Chairman and CEO George Beasley stated, "This transaction reflects our long-term commitment to the Las Vegas market as well as our focus on further de-leveraging our balance sheet. Upon completion of the transaction, Beasley Broadcast Group, Inc. will own three stations in Las Vegas, including Coyote Country 102.7 KCYE-FM, Classic Hits 96.3 KKLZ-FM, and NewsTalk 720 KDWN-AM. Notwithstanding the current economic and market challenges, we continue to believe that Las Vegas remains one of the most vibrant and promising radio markets in the country and that our cluster will be well positioned as the economy and industry rebounds."
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