The management agreement between Beasley Broadcast and GGB Las Vegas will have an initial term of three years. In addition, GGB Las Vegas has granted Beasley Broadcast an option, with a term concurrent with the management agreement, to purchase KOAS-FM and KVGS-FM for $8.5 million (its cost) plus any losses incurred until such time that Beasley Broadcast elects to exercise the option. The management agreement and other terms of the transaction were first approved by the Audit Committee of the Board of Directors of Beasley Broadcast Group, Inc. and then by the full Board.Commenting on the agreement, George Beasley, stated, "This transaction allows Beasley Broadcast Group to leverage its existing Las Vegas operating and management capabilities to immediately generate new cash flow through a structure that requires no capital commitment.
Beasley Broadcast Group Enters Into Agreement To Manage Two Las Vegas Radio Stations
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