| Beasley Broadcast Group, Inc. was founded in 1961 when George G. Beasley built
WPYB-AM in Benson, North Carolina. In 1966, Beasley sold WPYB to purchase the
larger WFMC-AM in Goldsboro, North Carolina, a ‘trade-up’ transaction
that was to recur numerous times over the next four decades.
Early on, the Beasley Broadcast Group developed a knack for acquiring and
improving under-performing radio stations. During the 1960’s and early
1970’s, it purchased stations in Virginia, Kentucky, Georgia, South Carolina,
Alabama, Indiana and Ohio. A highlight was the 1976 purchase of WDMT-FM in
Cleveland, which marked Beasley Broadcast Group’s first operation of
a major market station.
In the following years, Beasley Broadcast Group continued to expand, adding
stations primarily in the eastern United States, as well as in markets like
Austin, Texas and Little Rock, Arkansas.
In 1989, Beasley Broadcast Group entered the nation’s top 10 radio markets
through the acquisition of KRTH AM/FM in Los Angeles, a purchase that generated
substantial revenue and cash flow for the company. Since that time, Beasley
Broadcast Group has broadened and refined its large market operations, entering
leading markets including Philadelphia, Miami, Las Vegas and Atlanta, while
divesting its Los Angeles assets.
In 1996 following passage of the Telecommunications Act, the Beasley Broadcast
Group aggressively expanded its station clusters. Today, 42 stations are now “On
Air,” grouped by clusters in Philadelphia, Miami, Las Vegas, Fort Myers-Naples, Wilmington,
Greenville-New Bern, Fayetteville and Augusta.
Early in the new millennium, Beasley took a leadership a role in the radio
industry as one of the first broadcasters to embrace and invest in HD Radio™,
a new technology that enables AM and FM radio stations to broadcast their programs
digitally, providing listeners with radically improved audio quality, better
signal reception, song and artist information, as well as the ability to choose
between multiple programming options on the same FM frequency. We have now
converted nearly 50% of our stations to HD Radio with plans to convert over
90% of the portfolio by the end of 2008.
Beasley Broadcast Group, Inc. completed its initial public offering on February
11, 2000 and trades on the NASDAQ National Market under the symbol “BBGI”.
The Company is headquartered in Naples, Florida.
|
Overview
