This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Beasley Broadcast Group Enters Into Agreement To Manage Two Las Vegas Radio Stations

                     Transaction Expected to be Immediately Additive to Operating Results        Beasley Broadcast Group Secures Option to Purchase Managed Stations for $8.5 Million

NAPLES, Fla. and LAS VEGAS, May 28, 2010 (GLOBE NEWSWIRE) -- Beasley Broadcast Group, Inc. (Nasdaq:BBGI) ("Beasley Broadcast"), a large- and mid-size market radio broadcaster, announced today that it entered into an agreement with GGB Las Vegas, LLC, whereby Beasley Broadcast Group will provide management services for KOAS-FM and KVGS-FM in Las Vegas. Beasley Broadcast Group, which currently owns three radio stations in the Las Vegas market, expects that the transaction will be immediately additive to its operating results.

GGB Las Vegas, LLC is an entity formed by George Beasley, Chairman and CEO of Beasley Broadcast Group, for the purpose of acquiring KOAS-FM and KVGS-FM from Riviera Broadcast Group, LLC for approximately $8.5 million. GGB Las Vegas' acquisition of KOAS-FM and KVGS-FM is expected to be completed in the third quarter of 2010 and is subject to FCC approval and other customary closing conditions. During the period prior to the consummation of the acquisition, GGB Las Vegas will provide services to Riviera Broadcast Group for KOAS-FM and KVGS-FM pursuant to a local marketing agreement.

Beasley Broadcast and GGB Las Vegas have entered into a management agreement whereby Beasley Broadcast will receive 40% of any advertising revenue sold by its existing Las Vegas sales teams for KOAS-FM and KVGS-FM until such time that GGB Las Vegas completes the acquisition of the stations. Once the stations are acquired by GGB Las Vegas, Beasley Broadcast will provide both stations with sales and other management services and will be entitled to the greater of 50% of the aggregate monthly station operating income generated by KOAS-FM and KVGS-FM or a total of $10,000 per month. Station operating income is defined as net revenue less operating expenses including cost of services and selling, general and administrative expenses.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,100.47 +13.84 0.08%
S&P 500 1,990.33 +3.32 0.17%
NASDAQ 4,481.0790 +7.3820 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs