Entercom Communications has struck a deal with the Beasley Broadcast Group to purchase two FM and two AM stations in Charlotte for $24 million dollars cash. The deal includes three stations Beasley had agreed to purchase from Greater Media, plus an additional AM station and FM translator. The sale was first reported by Inside Radio.
The stations involved in the sale are Hot AC “107.9 The Link” WLNK, News/Talk WBT-FM and AM (99.3, 1110) and sports radio station “The Fan” WFNZ-AM and its FM translator. Beasley had to sell some stations in the market due to FCC ownership limits.
Entercom will start operating the three stations under a time brokerage agreement upon the closing of Beasley’s acquisition of Greater Media, beginning November 1. They plan to take over WFNZ-AM under a TBA on January 1, 2017 if the Charlotte deal has not already closed.
Entercom CEO David Field said “We are excited about the opportunity to enter the rapidly growing Charlotte market and acquire these very strong brands. We look forward to expanding the Entercom team and working hard to serve our new listeners and customers and the Charlotte community.”
Beasley has confirmed they will use the proceeds from the sale to reduce the borrowings needed to complete the Greater Media transaction.